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    3 Old State Capitol Plz Springfield, IL 62701

    Sponsored
    For Lease
    $12 SF/Yr

    Prime Downtown Office/Retail Space

    Lot size:
    1,948 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    395
    This exceptional Springfield, IL commercial property, located at 3 N Old State Capitol Plaza (zip code 62701), offers approximately 1,950 square feet of versatile space ideal for a variety of businesses. Currently zoned S-2, this single-tenant building boasts a captivating blend of historic charm and modern functionality. The first floor, perfect for professional services (such as legal or accounting firms) or a restaurant/bar, features five separate rooms plus a kitchen prep area. The exposed brick interior creates a unique and inviting atmosphere. Some existing kitchen prep equipment remains. The property's prime downtown location offers unparalleled visibility, situated directly across from the Old State Capitol and near the Lincoln Museum. Convenient underground parking is just steps away. The building, originally Buck's Hats (circa 1855), holds significant historical significance. Landlord pays for sewer and water. The gross lease rate is $12.50 per square foot. An additional 1083 square foot lower level is available for lease separately (see separate listing). This lower level would be a perfect complement to a first-floor business, offering additional space for storage, private offices, or expanded operations. This is a rare opportunity to own a piece of Springfield's rich history while enjoying a highly desirable location and attractive lease terms. The APN is 14-27-0-383-028.

    Property Features for 3 Old State Capitol Plz

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    1,948 SF

    Building Details

    Buildings
    1

    Unit(s) available at that property

    Space
    Size
    1,948 SF
    Rate per SF
    $12
    Property Profile Location Intelligence

    Current Use by Public Records

    Myers Michael A Attorney King Technology, Inc. Website Designer Superior Unit Corp ... Consultant Downtown Springfield Inc. Non-Profit Organization eGrain, Inc. Software Company

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Law Firm 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
    -89.6482016
    Latitude
    39.8019201

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    FAQs

    What type of property is this?
    Restaurant - Prime Downtown Office/Retail Space
    Where is this restaurant located?
    The property is located at 3 Old State Capitol Plz Springfield, IL.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    Request Owner's contact information
    3 Old State Capitol Plz Springfield, IL 62701
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    Springfield, IL 62701
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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
    3 Old State Capitol Plz Springfield, IL 62701
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