Storefront Property with New
For Sale
Contact for pricing
720 W S GRAND AVE, Springfield, IL 62704
Recent interior and building-system upgrades include new flooring, LED panel lighting, and ductwork.
Property Size2,150 SF
Price / SF$179.07
Days on Market74
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
Amenities
Re-striped Parking Lot
LED Panel Lighting
New Flooring Throughout
New HVAC System & Ductwork
Building Details
Year Built
1984
Buildings
1
Stories
1
Units
1
Listing Agency:
Todd P Smith Real Estate Inc
Listed By:
Todd Smith · License #IL 471004523
(217) 553-5439
Source:
Crexi
Added: Aug 7
Changed: Oct 15
Last Checked: Oct 19 at 7:07AM
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
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Investment Insights
Based on property information with market context.
This 2,150-square-foot storefront property has received several recent improvements. The interior includes new flooring throughout, while LED panel lighting provides updated illumination. A new HVAC system and ductwork further update the building’s mechanical infrastructure.
The property also includes a re-striped parking lot and access to MacArthur, 5th, and 6th Streets. These improvements and access points support the existing retail-oriented configuration.
The property also includes a re-striped parking lot and access to MacArthur, 5th, and 6th Streets. These improvements and access points support the existing retail-oriented configuration.
Key Highlights
- 2,150‑square‑foot storefront property
- New HVAC system and ductwork
- New flooring throughout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,923
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$498,460
$498.5K
Cap Rate 7%
$356,043
$356.0K
Cap Rate 9%
$276,922
$276.9K
Market Conditions
NOI Build-Up for 2,150 SF
Gross rent
$38.7K $18.00/SF
− Vacancy
−$3.1K −$1.44/SF
EGI
$35.6K $16.56/SF
− OpEx
−$10.7K −$4.97/SF
NOI
$24.9K $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 Rate 5%
$498,460
Cap Rate 7%
$356,043
Cap Rate 9%
$276,922
Alternative Uses
Best Use
Retail
$356.0K
$311.5K – $415.4K
NOI $24,923 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
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.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,681
Businesses Nearby
Under-served
Demand for This Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- Flower Connection — 1027 W Jefferson St, Springfield, IL 62702
Frequently Asked Questions
What type of property is this?
Storefront property - Recent interior and building-system upgrades include new flooring, LED panel lighting, and ductwork.
Where is this storefront 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‑square‑foot storefront property; New HVAC system and ductwork; New flooring throughout
