Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1614 Macarthur Blvd Springfield, IL 62704

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    High-visibility retail space, ample parking.

    Lot size:
    7,116 SF

    Property Features for 1614 Macarthur Blvd

    General Information

    Property type
    Neighborhood centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    7,116 SF

    Spaces For Lease

    at 1614 Macarthur Blvd, Springfield, IL 62704 Contact us

    We can help!

    Listing Contact
    Matthew Hill

    Listing Agency: Legacy Commercial Properties Listing Agent: Matthew Hill

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This 7,116 square foot retail strip center, located at 1614 S. MacArthur Blvd in Springfield, Illinois (zip code 62704), presents a prime leasing opportunity. The property boasts a total of 46 parking spaces, ensuring ample convenience for customers. Currently, 5,491 square feet of space is available for lease, offering a significant opportunity for a single tenant or multiple smaller businesses. The lot size is a generous 30,800 square feet. The building features a modern architectural design and is well-maintained, creating an inviting and professional atmosphere. The flexible layout allows for easy customization to suit various business needs. Large windows provide abundant natural light, enhancing the overall appeal of the space. This high-visibility location on S. MacArthur Blvd. in Springfield, IL, ensures substantial foot traffic, making it an ideal location for a variety of retail businesses seeking to establish or expand their presence in a thriving market. The property's excellent condition and prime location make it a highly attractive investment opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Little Caesars Restaurant Little Caesars Pizza Restaurant Springfield Roofing Services Roofing Company

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center 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
    -89.668086941341
    Latitude
    39.783903598653

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      IL, Arlington Heights - W Stonegate Blvd

      Discover many ways to work your way in Twin Towers
      3400 Stonegate Blvd, Arlington Heights, IL 60005
      View Details
    • Sponsored
      New
      Contact for pricing

      Westbrook Corporate Center

      Discover many ways to work your way in Westbrook Corporate Center
      1 Westbrook Corporate Ctr, Westchester, IL 60154
      View Details
    • Contact for pricing
      10,019 SF

      Historic Springfield Restaurant Opportunity

      Landmark 7,000 sq ft building near Statehouse for lease.
      620 S 1St St, Springfield, IL 62704
      View Details
    • Contact for pricing
      55,321 SF

      Retail Space in Springfield, IL

      Retail space available for lease in Springfield, Illinois.
      3100 Walton Dr, Springfield, IL 62702
      View Details
    • Contact for pricing

      Retail Space Near Interstate

      Conveniently located retail space with ample parking and easy access.
      3050 Lindbergh Blvd, Springfield, IL 62704
      View Details
    • Contact for pricing
      257,440 SF

      Springfield Office Building For Rent

      First-class office building in a park-like setting with updated landscaping.
      3201 W White Oaks Dr, Springfield, IL 62704
      View Details
    • Contact for pricing
      69,696 SF

      Office Space Near LRS Complex

      Office space available for lease in Springfield, Illinois.
      2651 Farragut Dr, Springfield, IL 62704
      View Details
    • Contact for pricing
      53,579 SF

      Former Pet Center with Kennels

      3,200 SF building with kennels, office, and expansion potential.
      3401 Gateway Dr, Springfield, IL 62711
      View Details
    • Contact for pricing
      Pending

      Office Space in Springfield, IL

      Office space with private restrooms and off-street parking.
      3900 Pintail Dr, Springfield, IL 62707
      View Details
    • Contact for pricing
      98,446 SF

      Springfield Office Space For Lease

      Professional office space for lease near White Oaks Mall.
      2205 W Wabash Ave, Springfield, IL 62704
      View Details
    • Contact for pricing
      98,446 SF

      Professional Office Space For Lease

      Professional office space for lease with elevator access and great exposure.
      2205 W Wabash Ave, Springfield, IL 62704
      View Details
    • Contact for pricing
      98,446 SF

      Springfield Office Space For Lease

      Professional office space for lease near White Oaks Mall.
      2205 W Wabash Ave, Springfield, IL 62704
      View Details

    FAQs

    What type of property is this?
    Neighborhood center - High-visibility retail space, ample parking.
    Where is this neighborhood center located?
    The property is located at 1614 Macarthur Blvd Springfield, IL.
    What are key features of this property?
    This property features: 7,116 SF retail strip center in Springfield, IL (62704), with 46 parking spaces.; 5,491 SF available for lease, suitable for single or multiple tenants.; 30,800 SF lot size, modern building with flexible layout.
    Request Owner's contact information
    1614 Macarthur Blvd Springfield, IL 62704
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1614 Macarthur Blvd
    Springfield, IL 62704
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    1614 Macarthur Blvd Springfield, IL 62704
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Matthew Hill
    Learn more
    Google sign-in failed. Please try again or use another login method.