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    3131 Greenhead Dr Springfield, IL 62711

    Sponsored
    For Lease
    $2 SF/Yr

    Modern Office Suite, 2,250 sq ft

    Lot size:
    2,119 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional commercial property at 3131 Greenhead Drive, Springfield, IL 62711, offers a newly remodeled 2,250 square foot office suite ideal for a variety of businesses. Located in a tranquil office park, the single-tenant space boasts new paint and carpeting throughout. The suite includes 1-4 offices currently available for lease, ranging from $470 to $815 per office, with internet and utilities included. The building features ample parking with 20 spaces and shares the lot with two established tenants. This versatile space offers several attractive features, including three exterior doors, multiple offices with built-in bookcases, and one large office with a fireplace. One spacious office is adaptable for cubicles, a conference room, or extra storage. The property is zoned B-2 and has an APN of 21130428005. Floor plans are available upon request. This is a fantastic opportunity to secure a well-maintained, conveniently located office space in a desirable Springfield setting. The property consists of one building on a land parcel with a total building area of 2,119 square feet.

    Property Features for 3131 Greenhead Dr

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    2,119 SF

    Building Details

    Buildings
    1

    Unit(s) available at that property

    Space
    D
    Size
    2,119 SF
    Rate per SF
    $2

    We can help!

    Listing Contact
    Matt DeBackere

    Learn more

    Property Insight Report

    HighLights

    • Newly remodeled 2,250 sq ft office suite in Springfield, IL.
    • Single‑tenant occupancy available for lease; $470-$815/office, utilities & internet included.
    • Ample parking (20 spaces) in a tranquil office park setting.
    • Features multiple offices, built‑in bookcases, one fireplace, and three exterior doors; one large adaptable office.
    • Zoned B‑2, APN 21130428005, located at 3131 Greenhead Drive, Springfield, IL 62711.
    Property Profile Location Intelligence

    Current Use by Public Records

    US Insurance Company ... Insurance Company

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Auto Repair Shop 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
    -89.7139066
    Latitude
    39.7437784

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    FAQs

    What type of property is this?
    Office Property / Space - Modern Office Suite, 2,250 sq ft
    Where is this office property / space located?
    The property is located at 3131 Greenhead Dr Springfield, IL.
    What is the lease rate?
    The lease rate is $2 SF/Yr.
    What are key features of this property?
    This property features: Newly remodeled 2,250 sq ft office suite in Springfield, IL.; Single-tenant occupancy available for lease; $470-$815/office, utilities & internet included.; Ample parking (20 spaces) in a tranquil office park setting.
    Request Owner's contact information
    3131 Greenhead Dr Springfield, IL 62711
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    Springfield, IL 62711
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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.

    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
    3131 Greenhead Dr Springfield, IL 62711
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    We can help!
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    Matt DeBackere
    Learn more
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