Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    1999 Wabash Ave Springfield, IL 62704

    For Sale
    $4,500,000

    High-Cap Rate Office Investment

    Property size:
    51,356 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    362
    This exceptional Springfield, IL office building presents a compelling investment opportunity. Boasting 51,356 square feet across two stories, this Class B property features a blend of executive and traditional office spaces, catering to diverse tenant needs. Built in 1979, the building sits on a 1.82-acre lot with ample parking (225 spaces). The property enjoys high visibility, with tenant signage seen by over 25,000 vehicles daily. Inside, find bright, naturally lit spaces, including collaborative areas within an attractive atrium. The building offers flexibility for tenants of all sizes, and modern amenities such as fiber connectivity and high-speed internet are readily available. The property's S-2 zoning allows for office, retail, and service uses, maximizing its potential. With a 9.50% cap rate and an asking price of $4,500,000 ($87.62/sq ft), this multi-tenant property offers strong potential for significant returns. The APN is 22-07.0-276-025. This is a modified lease property located at 1999 Wabash Ave, Springfield, IL 62704.

    Property Features for 1999 Wabash Ave

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    51,356 SF
    Class
    B
    Lot Size
    79,279 SF

    Building Details

    Year Built
    1979
    Buildings
    1
    Stories
    2

    HighLights

    • Exceptional Springfield, IL investment opportunity: 51,356 SF Class B office building on 1.82 acres.
    • Two‑story building with a mix of executive and traditional office spaces, offering flexibility for various tenant needs.
    • High visibility location with ample parking (225 spaces) and daily traffic exposure exceeding 25,000 vehicles.
    • Bright, naturally lit spaces, including collaborative areas and modern amenities like fiber connectivity and high‑speed internet.
    • S‑2 zoning allows for office, retail, and service uses; 9.50% cap rate; asking price $4,500,000 ($87.62/SF).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Edward Jones - Financial ... Financial Consultant Prairie State Counseling ... Counselor LeadIT Corporation Software Company Safe Haven Hospice Hospice Illinois Primary Health ... Corporate Office

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.689577185287
    Latitude
    39.765320475296

    Nearby Similar for Sale

    • $150,000
      Pending

      Mixed-Use Property with Income Potential

      Mixed-use property with commercial space, apartments, and income potential.
      612 South Grand Ave, Springfield, IL 62704
      View Details
    • $550,000
      5,056 SF

      Springfield Bar and Restaurant For Sale

      Near west side bar and restaurant with gaming room.
      1577 W Wabash Ave, Springfield, IL 62704
      View Details
    • $375,000
      Pending

      Updated Commercial Space in Springfield

      Updated 5,227 sq ft commercial space with high visibility.
      2445 S 5Th St, Springfield, IL 62703
      View Details
    • $795,000
      10,000 SF

      Well-Maintained Office Building For Sale

      Move-in ready office building with ample parking in Springfield, IL.
      801 S Durkin Dr, Springfield, IL 62704
      View Details
    • $199,900
      Pending

      Springfield Commercial Property Near Capitol

      Corner property near State Capital with conversion potential.
      116 E Edwards St, Springfield, IL 62704
      View Details
    • $399,000
      Pending

      Springfield Residential Income Property

      Six-unit apartment building near downtown Springfield.
      1001 S 1St St, Springfield, IL 62704
      View Details

    FAQs

    What type of property is this?
    Office Property / Space - High-Cap Rate Office Investment
    Where is this office property / space located?
    The property is located at 1999 Wabash Ave Springfield, IL.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: Exceptional Springfield, IL investment opportunity: 51,356 SF Class B office building on 1.82 acres.; Two-story building with a mix of executive and traditional office spaces, offering flexibility for various tenant needs.; High visibility location with ample parking (225 spaces) and daily traffic exposure exceeding 25,000 vehicles.
    Request Owner's contact information
    1999 Wabash Ave 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.
    1999 Wabash Ave
    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 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
    1999 Wabash Ave 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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.