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    54 And Colt Rd Springfield, IL 62561

    For Sale
    Contact for pricing

    High-visibility commercial lot, Springfield, IL.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional 7,800 square foot lot is strategically located on Illinois Route 54 and Colt Road in Springfield, Illinois, offering unparalleled visibility and accessibility. Currently zoned MDR, Multifamily, commercial, and mixed use, this property presents a unique opportunity for diverse development. The lot boasts 78 feet of frontage on Illinois 54, extending 100 feet deep, providing ample space for various commercial, industrial, or residential projects. Its prime location near a highway exit ensures high traffic volume and exposure. The asking price is $12,999, translating to a land value of $2.50 per square foot. Parking is estimated at 3 spaces per 1,000 square feet. The property is vacant and ready for immediate development. All cash offers will receive a written response within 24 hours. The property is owned by a private individual and is being sold as-is. Consideration will be given to all offers, and owner financing may be possible. The lot is currently zoned residential, but a zoning change to general commercial or industrial use may be feasible given the presence of other commercial properties on the same road. This is a rare opportunity to acquire a high-traffic, highly visible lot in a prime Springfield location. The property's location at the point where a road widening project ended further enhances its strategic value.

    Property Features for 54 And Colt Rd

    General Information

    Property type
    Land

    HighLights

    • 7,800 SF lot on Illinois Route 54 & Colt Rd, Springfield, IL, offering high visibility and accessibility.
    • MDR zoning (Multifamily, Commercial, Mixed Use) allows for diverse development options.
    • 78' frontage on IL Route 54 x 100' deep, ideal for commercial, industrial, or residential projects.
    • $12,999 asking price ($2.50/SF); estimated 3 parking spaces per 1,000 SF.
    • Vacant and ready for immediate development; all cash offers receive a 24‑hour response.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.58357094991
    Latitude
    39.844269697782

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    FAQs

    What type of property is this?
    Land - High-visibility commercial lot, Springfield, IL.
    Where is this land located?
    The property is located at 54 And Colt Rd Springfield, IL.
    What is the asking price?
    The asking price for this property is $12,999.
    What are key features of this property?
    This property features: 7,800 SF lot on Illinois Route 54 & Colt Rd, Springfield, IL, offering high visibility and accessibility.; MDR zoning (Multifamily, Commercial, Mixed Use) allows for diverse development options.; 78' frontage on IL Route 54 x 100' deep, ideal for commercial, industrial, or residential projects.
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    54 And Colt Rd Springfield, IL 62561
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    Springfield, IL 62561
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    Realmo Value Estimation

    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.

    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.

    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
    54 And Colt Rd Springfield, IL 62561
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