Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    924 Grand Ave Springfield, IL 62703
    Back to Search
    Property profile & analytics

    924 Grand Ave Springfield, IL 62703

    View on Map
    • Neighborhood centers
    • 4,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • IHR & Associates Inc / Trade Show Venue / (Bike/Boat/Book/etc) Store

    Property Details for 924 Grand Ave

    Property size
    4,000 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    This exceptional 4,000 square foot retail space is available for lease in Springfield, Illinois. Located at 924 N Grand Avenue (9003), this Class B property boasts a highly visible corner location at the southeast intersection of N Grand Avenue and N MacArthur Boulevard. The building offers ample on-site parking with over 40 spaces, catering to both customers and employees. Currently, the entire 4,000 square feet is vacant, presenting a unique opportunity for a single tenant to establish a significant presence in a well-established Springfield business district. The property benefits from landmark recognition and excellent signage opportunities, ensuring high visibility and attracting potential customers. This prime retail space is ideal for businesses seeking a strong location with high traffic and excellent accessibility. The building's history as a well-known retail staple in the Springfield community adds to its appeal and provides an established foundation for future success. Situated in Sangamon County, this property offers a strategic location within the heart of Springfield's commercial activity. The space is suitable for various retail uses and is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.6424
    Latitude
    39.8157

    Comparable in this City

    • Value Estimation by Request
      6,163 SF

      3201 Horizon Dr

      Individual retail properties • 6,163 SF
      3201 Horizon Dr, Springfield, IL 62703
      View Details
    • Value Estimation by Request
      7,706 SF

      1413-1429 Cook St

      Individual retail properties • 7,706 SF
      1413-1429 Cook St, Springfield, IL 62703
      View Details
    • Value Estimation by Request
      13,350 SF

      3114-3130 6Th St

      Neighborhood centers • 13,350 SF
      3114-3130 6Th St, Springfield, IL 62703
      View Details
    • Value Estimation by Request
      8,344 SF

      500 St Joseph St

      Individual retail properties • 8,344 SF
      500 St Joseph St, Southern View, IL 62703
      View Details
    • Value Estimation by Request

      2601 Stevenson Dr

      Retail properties & Spaces
      2601 Stevenson Dr, Springfield, IL 62703
      View Details
    • Value Estimation by Request
      1.70 Acres

      3240 Horizon Dr

      Land • 1.70 Acres
      3240 Horizon Dr, Springfield, IL 62703
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,600 SF

      Retail Hub in Springfield, IL

      Retail spaces available in established County Market Plaza.
      2723-2779 S 6Th St, Springfield, IL 62703
      View Details
    • $40,000
      6,500 SF

      Versatile Commercial Building with Greenhouses

      B-2 zoned property suitable for commercial or residential use.
      1428 N Macarthur Blvd, Springfield, IL 62703
      View Details
    • $225,000
      2,900 SF

      Renovated Commercial Building in Springfield

      Extensively renovated 2,900 SF commercial building with B-1 zoning.
      901 S 11Th St, Springfield, IL 62703
      View Details
    • $675,000
      1,500 SF

      Springfield Industrial Park Warehouse Building

      Warehouse building with commercial kitchen space for sale.
      4753 Jeffory St, Springfield, IL 62703
      View Details
    • $460,000
      15,000 SF

      Springfield Commercial Multi-Unit Property

      Multi-unit commercial property with office and retail space for sale.
      3111 Normandy Dr, Springfield, IL 62703
      View Details
    • $60,000
      0.31 Acres

      Auto Body Shop with Lot

      Auto body shop with adjacent lot in Springfield, Illinois.
      2172 S 16Th St, Springfield, IL 62703
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      8,320 SF

      Spacious Retail Space in Springfield

      8,320 SF retail space with ample parking and visibility.
      400 S Grand Ave E, Springfield, IL 62703
      View Details
    • $16 SF/Yr
      845 SF

      Retail Space on S 6th

      Retail space with high visibility and strong co-tenancy.
      3114-3126 S 6Th St, Springfield, IL 62703
      View Details
    • Contact for pricing

      Remodeled Commercial Space Available

      Remodeled commercial space ready for a new tenant.
      1439 Stevenson Dr, Springfield, IL 62703
      View Details
    • Contact for pricing

      Retail Space Near I-55

      Retail or office space in Springfield near restaurants and hotels.
      2617 Stevenson Dr, Springfield, IL 62703
      View Details
    • Contact for pricing
      102,627 SF

      Springfield Commercial Warehouse and Kitchen

      Warehouse and commercial kitchen space available for lease or sale.
      4753 Jeffory St, Springfield, IL 62703
      View Details
    • $26 SF/Yr
      3,090 SF

      Restaurant Space with Drive-Thru

      Restaurant space available for rent with drive-thru.
      3150 S 6Th St, Springfield, IL 62703
      View Details
    Request Owner's contact information
    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.
    924 Grand Ave
    Springfield, IL 62703
    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
    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

    Thank You for Inquiry
    924 Grand Ave, Springfield, IL, 62703
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!