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    Rt 54 & Gatlin Dr Springfield, IL 62704

    Sponsored
    For Sale
    $821,000

    6.28-acre lot, ideal for commercial development.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This 6.28-acre commercial land parcel, located at the intersection of RT 54 and Gatlin Drive in Springfield, Illinois (zip code 62704), is offered at $821,000. The land is zoned I-1 (Light Industrial) and presents a significant opportunity for commercial development. The property's strategic location offers excellent visibility and accessibility. Situated near the I-55 and Sangamon Avenue cloverleaf exchange, a high-traffic area experiencing robust commercial and retail growth, the site benefits from proximity to established businesses such as Walmart, Lowe's, Menards, and numerous restaurants and gas stations. The land value is $3 per square foot. The property is within the Springfield/Sangamon County Enterprise Zone, providing access to various state and local business incentives. The 2021 real estate taxes are available upon request. The seller will consider dividing the parcel. This prime location and favorable zoning make this property an attractive investment for developers seeking a foothold in a thriving commercial corridor. Detailed information regarding the Enterprise Zone incentives is available.

    Property Features for 0 Rt 54 & Gatlin Dr

    General Information

    Property type
    Land
    Lot Size
    273,557 SF

    HighLights

    • 6.28‑acre land parcel.
    • Prime location at the I‑55 & Sangamon Ave. interchange, a high‑growth area.
    • Strong surrounding commercial development including Walmart, Lowe's, Menards, and numerous restaurants and retailers.
    • Excellent visibility and access from I‑55 and Sangamon Ave.
    • Situated within the Springfield/Sangamon County Enterprise Zone, offering various tax incentives.
    • Currently zoned City I:1 Light Industrial.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.6722171
    Latitude
    39.7853965

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    FAQs

    What type of property is this?
    Land - 6.28-acre lot, ideal for commercial development.
    Where is this land located?
    The property is located at Rt 54 & Gatlin Dr Springfield, IL.
    What is the asking price?
    The asking price for this property is $821,000.
    What are key features of this property?
    This property features: 6.28-acre land parcel.; Prime location at the I-55 & Sangamon Ave. interchange, a high-growth area.; Strong surrounding commercial development including Walmart, Lowe's, Menards, and numerous restaurants and retailers.
    (217) 494-0800
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    Rt 54 & Gatlin Dr Springfield, IL 62704
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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
    Rt 54 & Gatlin Dr Springfield, IL 62704
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