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    501 Toronto Rd Springfield, IL 62711

    Sponsored
    For Sale
    $949,000

    Prime Springfield commercial land, ideal for development.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    397
    This exceptional 5.227-acre parcel of land, located at 501 Toronto Road in Springfield, Illinois, presents a unique investment opportunity. Zoned B-1, this property boasts convenient access to all utilities, making it ready for immediate development. The expansive acreage offers significant flexibility, with the possibility of subdivision to accommodate multiple projects. Its strategic location in Springfield, within Sangamon County, and its proximity to major transportation routes, ensures high visibility and accessibility. The B-1 zoning allows for a wide range of commercial uses, including but not limited to hotels, restaurants, convenience stores, and financial institutions. This makes it an attractive proposition for developers seeking a versatile site to build a variety of commercial ventures. The property's size and zoning regulations provide ample opportunity for creative development plans, catering to a diverse range of business needs. The asking price for this exceptional commercial land is $949,000. This represents a compelling investment opportunity in a thriving Illinois market. The property is situated at 39.71467 latitude and -89.649314 longitude, with a zip code of 62711. Serious inquiries are encouraged.

    Property Features for 501 Toronto Rd

    General Information

    Property type
    Land

    HighLights

    • $949,000 asking price.
    • 5.227 acres of commercially zoned land (B‑1).
    • All utilities on‑site.
    • Divisible lot.
    • Suitable for various uses including hotel, restaurant, convenience store, or financial institution.
    • Broker has an ownership interest.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.649314
    Latitude
    39.71467

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    FAQs

    What type of property is this?
    Land - Prime Springfield commercial land, ideal for development.
    Where is this land located?
    The property is located at 501 Toronto Rd Springfield, IL.
    What is the asking price?
    The asking price for this property is $949,000.
    What are key features of this property?
    This property features: $949,000 asking price.; 5.227 acres of commercially zoned land (B-1).; All utilities on-site.
    (217) 241-0202
    Request Owner's contact information
    501 Toronto Rd Springfield, IL 62711
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    Springfield, IL 62711
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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
    501 Toronto Rd Springfield, IL 62711
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