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    700 Grand Ave Springfield, IL 62702

    Sponsored
    For Sale
    $265,000

    Vacant auto shop, high visibility location.

    Property size:
    3,074 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This 3,074 square foot building, situated on a 0.3-acre corner lot at the intersection of North Grand Avenue and 7th Street in Springfield, Illinois, presents a compelling commercial investment opportunity. Previously used as a quick lube facility, the property boasts high visibility on North Grand Avenue, a minor arterial road with an average daily traffic count of 11,400 vehicles. The I-1 zoned property offers excellent access from both streets and an adjacent alley, enhanced by a pole sign and overhead doors. The building, constructed in 1962, is a single-story structure. The lot features concrete and asphalt paving. This strategically located property benefits from its position within a Tax Increment Financing (TIF) District, Enterprise Zone, and Opportunity Zone, as well as proximity to the Mid-Illinois Medical District. The asking price is $265,000, translating to $86.21 per square foot. This vacant building offers significant potential for a variety of uses, making it an ideal investment for discerning buyers. The property's prime location and versatile zoning ensure strong potential for future growth and profitability.

    Property Features for 700 Grand Ave

    General Information

    Property type
    Automotive properties
    Square Feet
    3,074 SF

    Building Details

    Year Built
    1962
    Buildings
    1
    Stories
    1

    HighLights

    • $265,000 asking price for a vacant, 3,074 square foot mixed‑use building.
    • Located at 700 N Grand Ave E, Springfield, IL 62702, on a 0.3‑acre corner lot.
    • Previously used as a quick lube facility, with I‑1 zoning.
    • Features high visibility, a pole sign, overhead doors, and street and alley access.
    • Situated in a TIF District, Enterprise Zone, Opportunity Zone, and the Mid‑Illinois Medical District.
    Property Profile Location Intelligence

    Current Use by Public Records

    Anthology Financial Partners ... Financial Planner

    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
    -89.645663187836
    Latitude
    39.81624998264

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    FAQs

    What type of property is this?
    Automotive property - Vacant auto shop, high visibility location.
    Where is this automotive property located?
    The property is located at 700 Grand Ave Springfield, IL.
    What is the asking price?
    The asking price for this property is $265,000.
    What are key features of this property?
    This property features: $265,000 asking price for a vacant, 3,074 square foot mixed-use building.; Located at 700 N Grand Ave E, Springfield, IL 62702, on a 0.3-acre corner lot.; Previously used as a quick lube facility, with I-1 zoning.
    Request Owner's contact information
    700 Grand Ave 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
    700 Grand Ave Springfield, IL 62702
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