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    2524 Farragut Dr Springfield, IL 62704

    Sponsored
    For Sale
    $1,200,000

    18,000 SF Multi-Tenant Medical Office

    Property size:
    18,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional Springfield, Illinois medical office building presents a compelling investment opportunity. Priced at $1,200,000 ($66.67/SF), this multi-tenant property boasts a total of 18,000 square feet, situated on two parcels (APN 14310256007 & 14310256008) and zoned R-5A. The building is partially leased, offering immediate income potential and the flexibility to lease available medical office suites. A significant portion of the building (12,000 SF) features a recently installed roof and HVAC system, ensuring efficient and cost-effective operation. A sizable basement provides ample storage space. This prime location in Springfield, IL (2524 Farragut Dr, 62704) offers excellent visibility and accessibility for both patients and staff. The property's strong foundation, coupled with its strategic location and existing infrastructure, makes it an ideal investment for those seeking a stable and potentially high-growth asset in the thriving healthcare sector. This is a rare opportunity to acquire a well-maintained medical office building with significant upside potential. The property is located in Sangamon County.

    Property Features for 2524 Farragut Dr

    General Information

    Property type
    Medical offices
    Square Feet
    18,000 SF

    HighLights

    • $1,200,000 asking price ($66.67/SF).
    • 18,000 square foot multi‑tenant medical office building.
    • Located in Springfield, IL (2524 Farragut Dr, 62704) on two parcels (APN 14310256007 & 14310256008), zoned R‑5A.
    • Partially leased with immediate income and lease‑up potential.
    • 12,000 SF with recently updated roof and HVAC.
    • Large basement for ample storage.
    Property Profile Location Intelligence

    Current Use by Public Records

    OSF Children's Hospital ... Children'S Hospital OSF Children's Hospital ... Medical Center OSF Children's Hospital ... Medical Center Prairie Speech & Language Speech Pathologist Pettit Tamara Nursing Agency

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.6969338
    Latitude
    39.7951587

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    FAQs

    What type of property is this?
    Medical office - 18,000 SF Multi-Tenant Medical Office
    Where is this medical office located?
    The property is located at 2524 Farragut Dr Springfield, IL.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: $1,200,000 asking price ($66.67/SF).; 18,000 square foot multi-tenant medical office building.; Located in Springfield, IL (2524 Farragut Dr, 62704) on two parcels (APN 14310256007 & 14310256008), zoned R-5A.
    Request Owner's contact information
    2524 Farragut Dr Springfield, IL 62704
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    Springfield, IL 62704
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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
    2524 Farragut Dr Springfield, IL 62704
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