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    100 Martin Luther King Jr Dr Springfield, IL 62703

    Sponsored
    For Lease
    $7 SF/Yr

    5,892 SF Industrial Space, Excellent Location

    Lot size:
    5,892 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This Springfield, Illinois industrial property, located at 100 S Martin Luther King Jr Drive, offers ±5,892 square feet of leasable space in a single-tenant building. The ±22,800 square foot building sits on a ±1.74-acre lot (approximately 75,600 square feet) and enjoys a high-visibility corner location at the intersection of Washington Street and Martin Luther King Jr Drive. Benefit from excellent access to Interstates 55 and 72 via Clear Lake Avenue. The property boasts abundant parking and a daily traffic count of 8,150 vehicles (per IDOT). The building features a new roof installed in 2014 by Meyer Roofing, currently under warranty. The owner, a building contractor, is willing to perform below-market-cost renovations. Pass-through expenses (real estate taxes, insurance, and maintenance) will be capped at $3.50 per square foot for the first five years of the lease. The property's zoning is I-1, and the 2022 real estate taxes totaled $19,081.34. This presents a unique opportunity for businesses seeking a well-located, adaptable industrial space with a cooperative owner.

    Property Features for 100 Martin Luther King Jr Dr

    General Information

    Property type
    Distribution properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    5,892 SF

    Unit(s) available at that property

    Space
    Size
    5,892 SF
    Rate per SF
    $7
    Property Profile Location Intelligence

    Current Use by Public Records

    State of Illinois Office State Government Office

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.6305393
    Latitude
    39.800968

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    FAQs

    What type of property is this?
    Distribution property - 5,892 SF Industrial Space, Excellent Location
    Where is this distribution property located?
    The property is located at 100 Martin Luther King Jr Dr Springfield, IL.
    What is the lease rate?
    The lease rate is $7 SF/Yr.
    Request Owner's contact information
    100 Martin Luther King Jr Dr Springfield, IL 62703
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    Springfield, IL 62703
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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
    100 Martin Luther King Jr Dr Springfield, IL 62703
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