Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    704 SLOAN Drive Springfield, IL 62711

    View on Map
    Claim this Listing
    For Sale
    $99,000

    LAND - Springfield, IL

    Lot size:
    0.41 Acres
    Added:
    Apr 4, 2025
    Days on Market:
    400
    Last Refresh:
    May 8 at 12:06 am

    Property Features for 704 SLOAN Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    13-35.0-376-006
    Lot size
    0.41 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    Lot 51 Sloan Crossing 1st Addn (18,001 Sf)

    Utilities

    Utilities
    Cable Available
    Water source
    Public

    We can help!

    Listing Contact
    Kyle Killebrew
    Kyle Killebrew

    Listing agent Kyle Killebrew License #475109198

    Listing office The Real Estate Group, Inc. 3701 West Wabash, Springfield, IL

    Listing date Apr 4, 2025

    MLS# CA1035533 Listing URL

    Copyright © 2026 RMLS Alliance. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Build‑ready lot with walkout basement potential.
    • Backs to mature tree line for privacy and scenic views.
    • Located in the desirable Pleasant Plains school district.
    • Convenient to Springfield utilities and amenities.
    • Newer, luxury‑filled subdivision (Sloan Crossing).
    • Bring your own builder to create a custom home.

    Overview

    Residential Lot in Sloan Crossing

    This build-ready single family lot is located in Sloan Crossing, a newer subdivision on the west side of Springfield, near Salem Estates and Olde Bradfordton Place. The lot offers potential for a walkout basement and backs to a mature tree line, creating a private, scenic setting with space to maximize square footage and natural light. Situated in the Pleasant Plains school district, this homesite provides convenient Springfield utilities and amenities while maintaining a quiet, country-view setting on the outskirts of town. The lot size is 0.41 acres. Covenants are on file, allowing buyers to bring their own builder to construct a dream home in Sloan Crossing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.74175
    Latitude
    39.789888

    Nearby Similar for Sale

    • $460,000

      Versatile Commercial Property in Springfield

      7,200 sq ft commercial property with office and warehouse space.
      3112 NORMANDY Road, Springfield, IL 62703
      View Details
    • $695,000

      Well-Maintained Office Building in Springfield

      Move-in ready office building with ample parking and functional layout.
      801 S Durkin Drive, Springfield, IL 62704
      View Details
    • $999,999

      Springfield Commercial Package Deal

      Remodeled Subway franchise and commercial building for sale in Springfield.
      1295 TORONTO Road, Springfield, IL 62707
      View Details
    • $2,500,000

      Springfield Strip Mall For Sale

      Strip mall in high-traffic location with reliable tenants.
      2940 CONSTITUTION Drive, Springfield, IL 62704
      View Details
    • $699,000

      Turnkey Restaurant and Entertainment Venue

      Restaurant/entertainment venue with premier location and front-row Governor's Mansion views.
      517 S 4TH Street, Springfield, IL 62701
      View Details
    • $675,000

      Springfield Industrial Park Warehouse Building

      Warehouse building with commercial kitchen space for sale.
      4753 Jeffory Street, Springfield, IL 62703
      View Details
    • $450,000

      Commercial Space in Springfield, IL

      Located off Interstate 55, convert to your liking.
      6444 6th Street Frontage Road, Springfield, IL 62703
      View Details
    • $6,500,000

      Class A Office Building

      Class A office building with on-site parking in Springfield.
      400 W MONROE Street, Springfield, IL 62704
      View Details
    • $365,000

      Updated Office Space, Springfield, IL

      Move-in-ready office space on a visible corner lot.
      1625 S 6TH Street, Springfield, IL 62703
      View Details
    • $749,800

      Springfield Multifamily Investment Opportunity

      Fully occupied 10-unit property on 6.5 acres with development potential.
      2510 & 2518 W JEFFERSON Street, Springfield, IL 62702
      View Details
    • $490,000

      Springfield Commercial Property For Sale

      Commercial property with showroom, shop, and high traffic location.
      2595 S MACARTHUR Boulevard, Springfield, IL 62704
      View Details
    • $800,000

      Multi-Purpose Building with Basketball Court

      15,000 sq ft multi-purpose building with full basketball court.
      1200 N Bradfordton Road, Springfield, IL 62711
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Build-ready lot in a luxury Springfield subdivision.
    Where is this residential land & home lot located?
    The property is located at 704 SLOAN Drive Springfield, IL.
    What is the asking price?
    The asking price for this property is $99,000.
    What are key features of this property?
    This property features: Build‑ready lot with walkout basement potential.; Backs to mature tree line for **privacy and scenic views.**; Located in the desirable Pleasant Plains school district.
    (217) 741-4040
    We can help!
    Listing Contact
    Kyle Killebrew
    Kyle Killebrew
    Real Estate License ID: 475109198
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    704 SLOAN Drive, Springfield, IL 62711
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!