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    1700 State St Springfield, IL 62704

    Sponsored
    For Sale
    $250,000

    8,008 SF Multi-Tenant Retail Building

    Property size:
    8,008 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 8,008 square foot multi-tenant retail storefront, located at 1700 S State Street in Springfield, Illinois, presents a compelling investment opportunity. Situated just off MacArthur Boulevard on the corner of Laurel Street, this high-visibility property boasts a newly installed roof and excellent mechanical systems. The building currently features a mix of tenancies, with the upper floor fully leased. A significant portion of the ground floor is available, providing an ideal space for owner-occupancy or leasing to a new tenant. The versatile layout is suitable for a wide range of uses, including medical offices, legal practices, insurance agencies, salons, real estate businesses, or non-profit organizations. With approximately 3500 square feet of space currently available, this property offers substantial potential for income generation and business growth. The asking price of $250,000 makes this an exceptional value in a prime Springfield location. Don't miss this chance to acquire a well-maintained, high-traffic commercial property with significant upside. The property is zoned for multiple uses and is ready for immediate occupancy. The 62704 zip code ensures easy access to major transportation routes and a thriving local market.

    Property Features for 1700 State St

    General Information

    Property type
    Individual retail properties
    Square Feet
    8,008 SF

    HighLights

    • High‑visibility corner lot building at MacArthur & Laurel Streets.
    • 3,500 square foot building suitable for various uses including medical, legal, insurance, salon, real estate, or non‑profit.
    • Recently replaced roof and excellent mechanical systems.
    • Upper level fully leased; vacant ground floor unit available for lease or owner‑occupancy.
    • Priced for a quick sale.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    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
    -89.6665242
    Latitude
    39.7825008

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    FAQs

    What type of property is this?
    Individual retail property - 8,008 SF Multi-Tenant Retail Building
    Where is this individual retail property located?
    The property is located at 1700 State St Springfield, IL.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: High-visibility corner lot building at MacArthur & Laurel Streets.; 3,500 square foot building suitable for various uses including medical, legal, insurance, salon, real estate, or non-profit.; Recently replaced roof and excellent mechanical systems.
    Request Owner's contact information
    1700 State St 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
    1700 State St Springfield, IL 62704
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