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    427 Monroe St Springfield, IL 62701

    Sponsored
    For Sale
    $750,000

    18,000 SF Office, $750,000

    Property size:
    18,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional Class B office building, located at 427 E. Monroe in Springfield, Illinois, presents a compelling investment opportunity. The property boasts 18,000 square feet of space, currently 67% occupied, offering significant potential for increased revenue. Priced at $750,000, or $41.67 per square foot, this building provides a strong return on investment. The building is zoned S-3 and is owned by an LLC. Conveniently situated in the heart of downtown Springfield, the property includes 12 parking spaces located to the west of the building, providing ample parking for tenants and visitors. A sizable basement offers valuable storage space, adding to the property's functionality and appeal. The building's current occupancy rate presents a solid foundation for future growth, with opportunities to lease the remaining vacant space. This is an excellent chance to acquire a well-located, established office building in a thriving downtown area. The property's features, including ample parking and storage, make it an attractive option for a variety of professional tenants. The strategic location in Springfield, Illinois, ensures high visibility and accessibility. This is a turnkey opportunity for an investor seeking a stable and potentially high-growth commercial real estate asset.

    Property Features for 427 Monroe St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    18,000 SF
    Class
    B

    HighLights

    • Class B office building, 18,000 square feet, located at 427 E. Monroe, Springfield, IL.
    • 67% occupancy, offering significant upside potential.
    • Priced at $750,000 ($41.67/SF).
    • S‑3 zoning, owned by an LLC.
    • 12 parking spaces and a large basement for storage.
    • Prime downtown Springfield location.
    Property Profile Location Intelligence

    Current Use by Public Records

    Brown Management Corp. Business Management Consultant Coldwell Banker Commercial ... Commercial Real Estate Agency Upper Echelon Marketing ... Marketing Agency Veloxinet Internet Service Provider Kristi Mitchell Photography Photographer

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Law Firm 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
    -89.6496353
    Latitude
    39.7996318

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    FAQs

    What type of property is this?
    Office Property / Space - 18,000 SF Office, $750,000
    Where is this office property / space located?
    The property is located at 427 Monroe St Springfield, IL.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: Class B office building, 18,000 square feet, located at 427 E. Monroe, Springfield, IL.; 67% occupancy, offering significant upside potential.; Priced at $750,000 ($41.67/SF).
    Request Owner's contact information
    427 Monroe St Springfield, IL 62701
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    Springfield, IL 62701
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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
    427 Monroe St Springfield, IL 62701
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