Renovated Mixed-Use
New
For Sale
Contact for pricing
720 W S GRAND AVE, Springfield, IL 62704
Flexible commercial layout with refreshed finishes, updated building systems, and zoning designated S-2.
Property Size2,150 SF
Price / SF$179.07
Days on Market5
Property Features for 720 W S GRAND AVE
General Information
Standard status
Active
Size
2,150 SF
Total Parking Spaces
11
Property subtype
Retail, Office, Mixed Use
Zoning
S-2
Investment Type
Owner/User
Additional Details
Road Access
Yes
Amenities
new exterior façade
re-striped parking lot
new flooring
freshly painted walls
modern Pella windows & door
LED panel lighting
new HVAC system
rest room
open-concept layout
Building Details
Year Built
1984
Buildings
1
Stories
1
Units
1
Listing Agency:
Todd P Smith Real Estate Inc
(217) 553-5439
Listed By:
Todd Smith · License #IL 471004523
Source:
Crexi
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 7:14AM
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 Todd P Smith Real Estate Inc
Investment Insights
Based on property information with market context.
This 2,150-square-foot mixed-use building combines an open main area with two additional rooms featuring cabinetry and sinks, plus smaller storage or closet areas. The property was built in 1984 and has undergone extensive renovations, including a new exterior facade, flooring, wall finishes, Pella windows and doors, LED panel lighting, HVAC equipment and ductwork, restroom improvements, and parking lot restriping. The configuration supports retail, office, showroom, medical, and professional service uses described for the property.
Located at 720 W S Grand Ave in Springfield, IL, the building provides access along South Grand with connections toward MacArthur Blvd and 5th and 6th streets. S-2 zoning adds a defined land-use designation for evaluation by prospective owners or occupants.
Located at 720 W S Grand Ave in Springfield, IL, the building provides access along South Grand with connections toward MacArthur Blvd and 5th and 6th streets. S-2 zoning adds a defined land-use designation for evaluation by prospective owners or occupants.
Key Highlights
- 2,150 SF mixed‑use building at 720 W S GRAND AVE, SPRINGFIELD, IL 62704
- S‑2 zoning designation
- Renovated with new HVAC system and ductwork, flooring, LED panel lighting, windows, doors, and exterior facade
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
$28,328
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
7.36%
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%
$566,560
$566.6K
Cap Rate 7%
$404,686
$404.7K
Cap Rate 9%
$314,756
$314.8K
Market Conditions
NOI Build-Up for 2,150 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
$47.2K $21.96/SF
− Vacancy
−$9.4K −$4.39/SF
EGI
$37.8K $17.57/SF
− OpEx
−$9.4K −$4.39/SF
NOI
$28.3K $13.18/SF
Area
Springfield, IL
Vacancy
20.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$566,560
Cap Rate 7%
$404,686
Cap Rate 9%
$314,756
Alternative Uses
Best Use
Office B
$404.7K
$354.1K – $472.1K
NOI $28,328 @ 7.0% cap · market cap 7.36%
Second Best
Retail
$356.0K
$311.5K – $415.4K
NOI $24,923 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$527.9K
$461.9K – $615.9K
NOI $36,951 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
170
Businesses Nearby
Explore this area
Business Placement
Demographics for 62704, IL
39,157
Population
20,706
Households
1.9
Avg Household Size
40
Median Age
42%
College-Educated
95%
High-School Grad
12.2 sq mi
ZIP Area
3,210
Density / Sq Mi
$66,352
Median Household Income
$44,793
Median Earnings
$924
Median Rent
$166,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial layout with refreshed finishes, updated building systems, and zoning designated S-2.
Where is this mixed-use property located?
The property is located at 720 W S GRAND AVE Springfield, IL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 2,150 SF mixed‑use building at 720 W S GRAND AVE, SPRINGFIELD, IL 62704; S‑2 zoning designation; Renovated with new HVAC system and ductwork, flooring, LED panel lighting, windows, doors, and exterior facade
