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 Market29
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: Sep 4
Last Checked: Sep 2 at 5:44PM
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 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 = 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
$24,923
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
6.47%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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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
