Versatile Commercial Building Near Veterans
For Sale
Contact for pricing
3034 LINDBERGH Boulevard, Springfield, IL 62704
Single-store building suitable for retail, office, restaurant, or light industrial.
Property Size6,664 SF
Price / SF$178.72
Days on Market709
Property Features for 3034 LINDBERGH Boulevard
General Information
Standard status
Active
Size
6,664 SF
Property subtype
Office, Retail, Industrial
Zoning
I-1
Building Details
Year Built
1996
Listing Agency:
RMLS Alliance
(217) 725-3402
Listed By:
Jay Clark · License #475103848
Source:
Crexi
Added: Sep 11, 2024
Changed: Aug 14
Last Checked: Aug 14 at 7:20AM
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 RMLS Alliance
Investment Insights
Based on property information with market context.
This single-store building presents an excellent opportunity for various uses, including retail, office space, a restaurant, or even light industrial applications. The property is in like-new condition. An additional, newer 1,440-square-foot building is located on the premises, currently used for equipment storage. Situated just off Veterans Parkway (IL4), the location offers proximity to Walmart, Target, Aldi, Wendy's, Starbucks, Verizon, Taco Bell, McDonalds, and Portillos. The immediate traffic count is 6,900, while Veterans Parkway experiences a traffic count of 31,800.
Key Highlights
- High‑traffic location: Situated just off Veterans Parkway (IL4), boasting an immediate traffic count of 6,900 and Veterans traffic count of 31,800.
- Prime location near major retailers: Adjacent to Walmart, Target, Aldi, Wendy's, Starbucks, Verizon, Taco Bell, McDonalds, and Portillos.
- Versatile single‑story building: Suitable for retail, office, restaurant, or light industrial use.
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
$77,249
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
6.49%
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%
$1,544,980
$1.5M
Cap Rate 7%
$1,103,557
$1.1M
Cap Rate 9%
$858,322
$858.3K
Market Conditions
NOI Build-Up for 6,664 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
$120.0K $18.00/SF
− Vacancy
−$9.6K −$1.44/SF
EGI
$110.4K $16.56/SF
− OpEx
−$33.1K −$4.97/SF
NOI
$77.2K $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%
$1,544,980
Cap Rate 7%
$1,103,557
Cap Rate 9%
$858,322
Alternative Uses
Best Use
Retail
$1.10M
$965.6K – $1.29M
NOI $77,249 @ 7.0% cap · market cap 6.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,530 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
683
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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Frequently Asked Questions
What type of property is this?
Storefront property - Single-store building suitable for retail, office, restaurant, or light industrial.
Where is this storefront property located?
The property is located at 3034 LINDBERGH Boulevard Springfield, IL.
What is the asking price?
The asking price for this property is $1,191,000.
What are key features of this property?
This property features: High‑traffic location: Situated just off Veterans Parkway (IL4), boasting an immediate traffic count of 6,900 and Veterans traffic count of 31,800.; Prime location near major retailers: Adjacent to Walmart, Target, Aldi, Wendy's, Starbucks, Verizon, Taco Bell, McDonalds, and Portillos.; Versatile single‑story building: Suitable for retail, office, restaurant, or light industrial use.
