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    740 Ash St Springfield, IL 62703

    Sponsored
    For Lease
    $10 SF/Yr

    Class A office, 36,631 sq ft, ample parking.

    Lot size:
    36,631 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional Class A office building, located at 740 E Ash St, Springfield, IL 62703, offers 36,631 square feet of space, currently vacant and available for sale or lease. Built in 1965 and extensively renovated in 2008 (including a major addition), this single-story building features high-end finishes throughout. The property sits on a 2.39-acre lot and includes 135 parking spaces. Conveniently located near S. 6th St (12,400 AADT), Interstate 55 & 72, and close to the Springfield Clinic Main Campus, the Governor's Mansion, and Lincoln Home National Historic Site, this property boasts excellent visibility and accessibility. Building amenities include a fully operational wet sprinkler system, a robust 450 AMP 3-Phase electric supply, and a 7' x 7' roll-up door. The property is zoned S-2, Community Shopping & Office District (APN: 22-03.0-303-004) and is situated in an Enterprise Zone, potentially offering tax exemptions on building materials for future improvements and abatement on city property taxes. This property is ideal for a large-scale end-user or institutional entity seeking a prestigious and functional address in a serene park-like setting. The property taxes are $0.85 per square foot. There are no elevators.

    Property Features for 740 Ash St

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    36,631 SF
    Class
    A
    Total Rate
    30525.83

    Building Details

    Year Built/Renovated
    1965/2008
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Size
    36,631 SF
    Rate per SF
    $10

    HighLights

    • 36,631 SF Class A office building available for sale or lease at 740 E Ash St, Springfield, IL.
    • Single‑story building on a 2.39‑acre lot with 135 parking spaces. Built in 1965, extensively renovated in 2008.
    • High‑end finishes throughout.
    • Excellent location near major roadways, Springfield Clinic, and historic sites.
    • Situated in an Enterprise Zone, offering potential tax benefits.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical offices

    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
    -89.646562569837
    Latitude
    39.779221992279

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    FAQs

    What type of property is this?
    Medical office - Class A office, 36,631 sq ft, ample parking.
    Where is this medical office located?
    The property is located at 740 Ash St Springfield, IL.
    What is the lease rate?
    The lease rate is $10 SF/Yr.
    What are key features of this property?
    This property features: 36,631 SF Class A office building available for sale or lease at 740 E Ash St, Springfield, IL.; Single-story building on a 2.39-acre lot with 135 parking spaces. Built in 1965, extensively renovated in 2008.; High-end finishes throughout.
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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
    740 Ash St Springfield, IL 62703
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