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    1650 Wabash Ave Springfield, IL 62704

    Sponsored
    For Lease
    $8 SF/Yr

    49,500 SF Retail Space, Ample Parking

    Lot size:
    49,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    The Yard Shopping Center offers 49,500 square feet of retail space for lease in Springfield, IL. This single-story, Class C building, constructed in 1976, sits on a 4.91-acre lot and features 169 parking spaces. The property is zoned B-1, Highway Business District (APN: 22-08.0-326-017). Multiple suites are available, with a minimum divisible space of 3,750 square feet and a maximum contiguous space of 17,874 square feet. Currently, 8,250 square feet is vacant. Available suites include a 4,500 SF space with an open floor plan and two restrooms; a 9,000 SF space with a large open area, two workrooms, two restrooms, a shower, and ample storage; and a 3,750 SF space with an open floor plan, several back rooms, and two restrooms. The center enjoys a high traffic count of 25,100 AADT, benefiting from its location on Wabash Avenue near White Oaks Mall. Co-tenants include established businesses such as Dollar General, Salon Centric, and others, creating a vibrant retail environment. The area boasts high retail and residential density, with nearby big-box retailers, quick-service restaurants, and other shopping options. Springfield's central Illinois location, accessible via Interstates 55 and 72, and its proximity to major highways and other amenities, makes this a prime location for retail businesses. The property offers an affordable lease rate and ample parking, making it an attractive investment opportunity.

    Property Features for 1650 Wabash Ave

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    49,500 SF
    Class
    C
    Total Rate
    33000

    Building Details

    Year Built
    1976
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Suite F
    Size
    9,000 SF
    Rate per SF
    $8
    Space
    Suite E
    Size
    4,500 SF
    Rate per SF
    $8
    Space
    Suite G
    Size
    3,750 SF
    Rate per SF
    $8

    HighLights

    • Large retail spaces available for lease at The Yard Shopping Center in Springfield, IL.
    • Affordable lease rates available.
    • Ample on‑site parking with 169 spaces.
    • High traffic count of 25,100 AADT.
    • Strong surrounding retail activity including big‑box retailers and QSRs.
    • High retail and residential density in a desirable Springfield location.
    Property Profile Location Intelligence

    Current Use by Public Records

    Driver Services Department ... State Government Office Yard Shopping Center Shopping Mall Masala Mart Indian Grocery Store Betty's Place Video ... Casino

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office 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
    -89.683330310482
    Latitude
    39.76299326265

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    FAQs

    What type of property is this?
    Retail property - 49,500 SF Retail Space, Ample Parking
    Where is this retail property located?
    The property is located at 1650 Wabash Ave Springfield, IL.
    What is the lease rate?
    The lease rate is $8 SF/Yr.
    What are key features of this property?
    This property features: Large retail spaces available for lease at The Yard Shopping Center in Springfield, IL.; Affordable lease rates available.; Ample on-site parking with 169 spaces.
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    1650 Wabash Ave Springfield, IL 62704
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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.

    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
    1650 Wabash Ave Springfield, IL 62704
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