Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4349 Conestoga Dr Springfield, IL 62711

    • Retail properties
    • 12,185 SF
    • 1.30 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Starcrest Cleaners / (Bike/Boat/Book/etc) Store

    Property Details for 4349 Conestoga Dr

    Year built
    2007
    Lot size
    1.30 lot acres
    Property size
    12,185 SF
    Property type
    Retail properties
    Property subtype
    Office Properties & Spaces

    Description

    This exceptional 3,850 sq ft end-cap office space in Springfield, IL's Prairie Crossing development offers unparalleled visibility. Situated on Conestoga Drive with high signage exposure to Veterans Parkway, it benefits from one of the city's highest traffic counts, further enhanced by electronic signage. The 2007-built, single-tenant space is part of a larger 12,185 sq ft building on a 1.3-acre lot in Sangamon County. Its strategic location in the southwest quadrant of I-72 and Veterans Parkway places it within a thriving retail area, alongside major retailers like Meijer, Menards, Target, and Walmart (less than a mile north). The property includes a convenient drive-thru area on the west side, ideal for various business models. The building consists of two structures, offering ample space and potential for expansion. This is a remarkable opportunity to establish or expand your business in a high-traffic, high-visibility location within a well-established retail district. A total of 3,850 square feet is currently vacant, presenting a unique chance to customize the space to your specific needs. The property's location near restaurants, hotels, and automobile dealerships further enhances its appeal and accessibility.

    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
    -89.7052
    Latitude
    39.7356

    Comparable in this City

    • Value Estimation by Request

      3244 Pleasant Run

      Retail properties
      3244 Pleasant Run, Springfield, IL 62711
      View Details
    • Value Estimation by Request
      1,306,800 SF

      Wabash Ave

      Land • 1,306,800 SF
      0 Wabash Ave, Springfield, IL 62711
      View Details
    • Value Estimation by Request
      0.87 Acres

      4705 Wabash Ave

      VACANT COMMERCIAL LAND • 0.87 Acres
      4705 Wabash Ave, Springfield, IL 62711-9694
      View Details
    • Value Estimation by Request
      2.99 Acres

      4041 Yucan Dr

      COMMERCIAL (GENERAL) • 2.99 Acres
      4041 Yucan Dr, Springfield, IL 62711-6488
      View Details
    • Value Estimation by Request
      2.01 Acres

      3851 Yucan Dr

      VACANT COMMERCIAL LAND • 2.01 Acres
      3851 Yucan Dr, Springfield, IL 62711-6240
      View Details
    • Value Estimation by Request
      1.41 Acres

      1401 Pne Crk Dr

      VACANT COMMERCIAL LAND • 1.41 Acres
      1401 Pne Crk Dr, Springfield, IL 62711-9302
      View Details

    Similar Nearby for Sale

    • $2,860,000
      5,100 SF

      IHOP NNN Lease Investment Opportunity

      NNN leased IHOP with established sales and rental increases.
      4001 Wabash Ave, Springfield, IL 62711
      View Details
    • $515,000

      Springfield Office Building - $515K

      Fully Leased, 6,000 SF Office Building
      3920 Pintail Dr, Springfield, IL 62711
      View Details
    • $515,000
      Pending

      Springfield Office Building For Sale

      6,000 SF office building in Springfield, Illinois.
      3921 Pintail Dr, Springfield, IL 62711
      View Details
    • $1,450,000
      1.25 Acres

      Professional Office Space in Springfield

      Single-tenant office space in Pleasant Park, Springfield, Illinois.
      3243 Meadowbrook Ave, Springfield, IL 62711
      View Details
    • $1,100,000
      Pending

      Springfield Executive Office Building For Sale

      Executive office building on Springfield's west side.
      3731 Wabash Ave, Springfield, IL 62711
      View Details
    • $289,000
      Pending

      Former Pet Daycare with Kennels

      3,200 SF building with kennels on 1.23 acres.
      3401 Gateway Dr, Springfield, IL 62711
      View Details

    Similar Nearby for Lease

    • $2 SF/Yr
      2,119 SF

      Springfield Office Space for Lease

      Modern Office Suite, 2,250 sq ft
      3131 Greenhead Dr, Springfield, IL 62711
      View Details
    • $2,500 /Mo
      2,022 SF

      Professional Office Space For Lease

      Prime office space in Springfield's Ginger Creek Office Park.
      3330 Ginger Creek Dr, Springfield, IL 62711
      View Details
    • $20 SF/Yr
      114,158 SF

      Hollis Drive Office Space Available

      Sublease opportunity ideal for corporate, healthcare, or administrative users.
      3051 Hollis Dr, Springfield, IL 62711
      View Details
    • $19 SF/Yr
      1,715 SF

      Springfield Office Condo For Lease

      1,715 SF office space with reception and private offices.
      2925 Meadowbrook Rd, Springfield, IL 62711
      View Details
    • Contact for pricing
      51,836 SF

      Furnished Office Space Available

      Professional, furnished office space for rent in Springfield, Illinois.
      3243 Meadowbrook Rd, Springfield, IL 62711
      View Details
    • Contact for pricing

      Springfield Retail Space For Rent

      2,800 SF retail space in a rapidly growing area.
      3252 Ginger Creek Dr, Springfield, IL 62711
      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.
    4349 Conestoga Dr
    Springfield, IL 62711
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!