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    920 N Grand Ave E Springfield, IL 62702

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    High-visibility retail property with ample parking and strategic location.

    Type:Retail
    Property size:
    15,251 SF
    Added:
    Nov 5, 2024
    Days on Market:
    530
    Last Refresh:
    Mar 17 at 1:13 pm

    Property Features for 920 N Grand Ave E

    General Information

    Standard status
    Active
    Size
    15,251 SF
    Property subtype
    Retail

    Building Details

    Year Built
    2001

    We can help!

    Listing Contact
    Blake Pryor

    Listing agent Blake Pryor License #475159138

    Listing office Coldwell Banker Commercial Devonshire Realty

    Listing date Nov 5, 2024

    Source Crexi

    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 Coldwell Banker Commercial Devonshire Realty

    Overview

    Freestanding Retail Property on Corner Lot

    This freestanding 15,251 square foot property, formerly a CVS Pharmacy, offers high visibility on a hard corner lot. Situated at a bustling intersection with an average annual daily traffic count of 20,550, the location features prominent pylon signs and convenient traffic-signal access. The building, constructed with durable precast concrete, includes a spacious open sales area with 12-foot ceilings, suitable for flexible layout options. Supporting facilities include a small office, photo room with an eye-washing station, a wet-sprinkler-equipped back stock room, an 18 foot 6 inch by 11 foot walk-in cooler, three restrooms, a lounge area, a pharmacy, and an additional office. A 5,000 lb hydraulic dock lift enhances the property’s functionality. The property is located within the Enos Park TIF District and the Springfield/Sangamon County Enterprise Zone, making it eligible for incentives that offer advantages for new or expanding businesses. Springfield, the Capital of Illinois and the county seat of Sangamon County, is located in central Illinois and is accessed by Interstate 55 and 72. The city is approximately 202 miles southwest of Chicago and 92 miles northeast of St. Louis, MO. The historic US Route 66 crosses Illinois from Chicago to East St. Louis, which includes Springfield. Springfield is home to the University of Illinois at Springfield (UIS), the Southern Illinois (SIU) School of Medicine, and Lincoln Land Community College.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Coinstar Big Box & Wholesale Store Coinhub Bitcoin ATM ... Atm LibertyX Bitcoin ATM Atm MoneyGram Bank CDReload - Online Bitcoin ... Atm

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Similar Places Nearby

    • Health Mart — 210 E Carpenter St, Springfield, IL 62702
    • County Market Pharmacy 225 — 210 E Carpenter St, Springfield, IL 62702
    • Dhs Bureau of Pharm & Clinic — 401 N 4th St N1s, Springfield, IL 62702
    • Randy D. Malan, RPh — 401 North 4th Street, Springfield, IL 62702, Springfield, IL 62701
    • illinois prescription monitoring program — 401 N 4th St, Springfield, IL 62702

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.642136
    Latitude
    39.816223

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    FAQs

    What type of property is this?
    Drug store - High-visibility retail property with ample parking and strategic location.
    Where is this drug store located?
    The property is located at 920 N Grand Ave E Springfield, IL.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: High‑visibility hard corner location with 20,550 AADT and traffic‑signal access.; Located in Enos Park TIF District and Springfield/Sangamon County Enterprise Zone, offering multiple incentives.; Spacious 15,251 SF building with flexible open sales area and 12' ceilings.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Blake Pryor
    Real Estate License ID: 475159138
    Learn More
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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