Auto Shop with Drive
For Sale
Contact for pricing
700 N Grand Ave E, Springfield, IL 62702
Freestanding auto shop building with overhead doors, paved lot, and access from streets and an adjacent alley.
Property Size2,946 SF
Lot Size0.30 Acres
Price / SF$161.24
Days on Market2427
Property Features for 700 N Grand Ave E
General Information
Standard status
Active
Size
2,946 SF
Lot size
0.30 Acres
Property subtype
RETAIL
Zoning
I-1
Site & Location
Traffic Count
11,400 vehicles/day
Road Access
Yes
Additional Details
Opportunity Zone
Yes
Amenities
pole sign
overhead doors
concrete and asphalt-paved lot
Building Details
Buildings
1
Listing Agency:
Mid-America Real Estate Group | Chicago
(630) 954-7327
Listed By:
Kevin Reinke
(630) 954-7374
Source:
Moodyscre
Added: Jan 22, 2020
Changed: Sep 2
Last Checked: Sep 13 at 6:55AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Mid-America Real Estate Group | Chicago
Investment Insights
Based on property information with market context.
This property is a former Valvoline auto shop with a single building totaling 2,946 square feet. The site includes overhead doors, a pole sign, and a concrete and asphalt-paved lot designed for vehicle access and operations.
The property sits on a corner lot at the intersection of North Grand Ave and 7th St in Springfield, IL. The City of Springfield lists the site as zoned I-1, and the location provides exposure to traffic on North Grand Avenue, with an average of 11,400 cars daily.
The property is also noted as being within multiple redevelopment and opportunity designations, including a TIF District, Enterprise Zone, Opportunity Zone, and the Mid-Illinois Medical District. Street access is available, along with access from an adjacent alley.
The property sits on a corner lot at the intersection of North Grand Ave and 7th St in Springfield, IL. The City of Springfield lists the site as zoned I-1, and the location provides exposure to traffic on North Grand Avenue, with an average of 11,400 cars daily.
The property is also noted as being within multiple redevelopment and opportunity designations, including a TIF District, Enterprise Zone, Opportunity Zone, and the Mid-Illinois Medical District. Street access is available, along with access from an adjacent alley.
Key Highlights
- 2,946 SF former Valvoline/quick lube commercial building
- Freestanding auto shop with overhead doors and pole sign
- 12,872 SF (.03 AC) site on a corner lot at N Grand Ave & 7th St in Springfield, IL
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,150
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$683,000
$683.0K
Cap Rate 7%
$487,857
$487.9K
Cap Rate 9%
$379,444
$379.4K
Market Conditions
NOI Build-Up for 2,946 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$53.0K $18.00/SF
− Vacancy
−$4.2K −$1.44/SF
EGI
$48.8K $16.56/SF
− OpEx
−$14.6K −$4.97/SF
NOI
$34.2K $11.59/SF
Area
Springfield, IL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$683,000
Cap Rate 7%
$487,857
Cap Rate 9%
$379,444
Alternative Uses
Best Use
Retail
$487.9K
$426.9K – $569.2K
NOI $34,150 @ 7.0% cap · market cap 7.19%
Second Best
Industrial
$251.9K
$220.4K – $293.9K
NOI $17,632 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$723.3K
$632.9K – $843.9K
NOI $50,631 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
11,400 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
999
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62702, IL
33,712
Population
17,083
Households
2
Avg Household Size
41
Median Age
20%
College-Educated
90%
High-School Grad
15.4 sq mi
ZIP Area
2,189
Density / Sq Mi
$52,748
Median Household Income
$38,160
Median Earnings
$858
Median Rent
$102,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Auto shop - Freestanding auto shop building with overhead doors, paved lot, and access from streets and an adjacent alley.
Where is this auto shop located?
The property is located at 700 N Grand Ave E Springfield, IL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 2,946 SF former Valvoline/quick lube commercial building; Freestanding auto shop with overhead doors and pole sign; 12,872 SF (.03 AC) site on a corner lot at N Grand Ave & 7th St in Springfield, IL
