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    1736 Peoria Rd Springfield, IL 62702

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    For Sale
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    Springfield, IL commercial lot, high visibility.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional 5,520 sq ft commercial land parcel presents a unique investment opportunity in Springfield, Illinois. Located on Peoria Road and Republic Street, this property boasts excellent visibility due to its dual street frontage (40ft on each street). The lot is 40ft wide by 138ft deep, totaling approximately 0.126 acres. Currently zoned for MDR, Multifamily, and Apartments, there's potential for a zoning change to general commercial zoning, given the adjacent property's commercial designation. The property offers 15 parking spaces and is being sold fee simple. The asking price is $10,998, translating to $2 per square foot. All cash offers will receive a prompt response. Owner financing may be considered. This high-traffic location makes it ideal for a variety of commercial ventures. The APN is 14-220-260-020. This is a rare opportunity to acquire a strategically located property with significant development potential. Serious inquiries only.

    Property Features for 1736 Peoria Rd

    General Information

    Property type
    Land

    HighLights

    • 5,520 sq ft commercial lot in Springfield, IL, with dual street frontage (40 ft on Peoria Rd and 40 ft on Republic St).
    • 0.126‑acre lot (40 ft x 138 ft), currently zoned MDR, Multifamily, and Apartments, with potential for commercial rezoning.
    • 15 parking spaces; fee simple ownership.
    • Asking price: $10,998 ($2/sq ft); all cash offers considered; owner financing may be available.
    • APN: 14‑220‑260‑020.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    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
    -89.641496
    Latitude
    39.824584

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    FAQs

    What type of property is this?
    Land - Springfield, IL commercial lot, high visibility.
    Where is this land located?
    The property is located at 1736 Peoria Rd Springfield, IL.
    What is the asking price?
    The asking price for this property is $10,998.
    What are key features of this property?
    This property features: 5,520 sq ft commercial lot in Springfield, IL, with dual street frontage (40 ft on Peoria Rd and 40 ft on Republic St).; 0.126-acre lot (40 ft x 138 ft), currently zoned MDR, Multifamily, and Apartments, with potential for commercial rezoning.; 15 parking spaces; fee simple ownership.
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    1736 Peoria Rd Springfield, IL 62702
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    Springfield, IL 62702
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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
    1736 Peoria Rd Springfield, IL 62702
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