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    251 4Th St Springfield, IL 62701

    Sponsored
    For Lease
    $12 SF/Yr

    Prime location, two suites available, high-growth area.

    Lot size:
    55,640 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional commercial property, located at 251 N 4th Street in Springfield, Illinois, presents a unique investment opportunity. The property consists of two buildings totaling 55,640 square feet, offering multiple suites within a vibrant mixed-use development. Currently, 1,560 square feet of space is immediately available, with additional space potentially available up to 2,750 square feet. Built in 2016, this Class D property features one-story buildings and is situated in a high-traffic area between the central business district and the Mid-Illinois Medical District. The S-3 zoning allows for a wide range of uses, including restaurant, retail, and office spaces, providing significant flexibility for potential tenants. The property's strategic location within a new development encompassing over 75 residential apartments ensures a consistent flow of potential customers and employees. This is an ideal opportunity to establish a presence in a rapidly developing area of Springfield, Illinois, benefiting from the synergy of a thriving residential community and a dynamic commercial environment. The property is conveniently located near Madison Street. This is a rare chance to secure a foothold in a burgeoning downtown area.

    Property Features for 251 4Th St

    General Information

    Property type
    Specialty properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    55,640 SF
    Class
    D
    Total Rate
    55640

    Building Details

    Year Built
    2016
    Buildings
    2
    Stories
    1

    Unit(s) available at that property

    Space
    251 N 4th
    Size
    1,560 SF
    Rate per SF
    $12
    Space
    261 N 4th
    Size
    2,750 SF
    Rate per SF
    $12

    HighLights

    • 55,640 SF multi‑tenant office building in Springfield, IL.
    • Two buildings totaling 55,640 square feet, each one story.
    • Class D property built in 2016, located in Sangamon County.
    • 1,560 square feet of vacant space available, with additional space potentially available.
    • Zoned S‑3, allowing for diverse uses including restaurant, retail, and office.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store 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
    -89.650636025287
    Latitude
    39.803816358971

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    FAQs

    What type of property is this?
    Specialty property - Prime location, two suites available, high-growth area.
    Where is this specialty property located?
    The property is located at 251 4Th St Springfield, IL.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: 55,640 SF multi-tenant office building in Springfield, IL.; Two buildings totaling 55,640 square feet, each one story.; Class D property built in 2016, located in Sangamon County.
    Request Owner's contact information
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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
    251 4Th St Springfield, IL 62701
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