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    2623 Sunrise Dr Springfield, IL 62703

    Sponsored
    For Sale
    $1,600,000

    Fully Leased Class A Office, High NOI

    Property size:
    8,250 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional Class A office building, located at 2623 Sunrise Dr in Springfield, Illinois, presents a compelling investment opportunity. Built in 2007, the single-story structure boasts 8,250 square feet situated on a generous 50,530 square foot lot, zoned B. Currently operating at 100% occupancy with a multi-tenant lease structure, the property generates a substantial net operating income (NOI) of $133,113, representing an attractive 8.32% capitalization rate. The asking price is $1,600,000, translating to $193.94 per square foot. The gross lease structure simplifies management. The building benefits from a convenient location just off Dirksen Parkway, providing easy access to Interstate highways. Its proximity to numerous restaurants, hotels, the Secretary of State's office, and the Illinois Department of Transportation (IDOT) enhances its appeal. Ample parking is available with over ten concrete parking spaces. This property offers a strong, stable income stream with significant upside potential for a discerning investor. The APN is 22-12.0-101-027.

    Property Features for 2623 Sunrise Dr

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    8,250 SF
    Class
    A

    Building Details

    Year Built
    2007
    Buildings
    1
    Stories
    1
    Property Profile Location Intelligence

    Current Use by Public Records

    US Farm Services ... Conservation Department US Consolidated Farm ... Conservation Department US Agricultural Department Government Office Natural Resources Conservation Conservation Department US Soil Survey ... Conservation Department

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon 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
    -89.6092909
    Latitude
    39.7673724

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    FAQs

    What type of property is this?
    Office Property / Space - Fully Leased Class A Office, High NOI
    Where is this office property / space located?
    The property is located at 2623 Sunrise Dr Springfield, IL.
    What is the asking price?
    The asking price for this property is $1,600,000.
    Request Owner's contact information
    2623 Sunrise Dr Springfield, IL 62703
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    Springfield, IL 62703
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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
    2623 Sunrise Dr Springfield, IL 62703
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