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    2917 Taylor Ave Springfield, IL 62703

    • Commercial real estate
    • 12,864 SF
    For Sale
    View listing
    $30,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-5436034
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 2917 Taylor Ave

    Property size
    12,864 SF
    Property type
    Commercial real estate

    Description

    This exceptional 12,864 square foot development site presents a unique opportunity for investors and developers. Located at 2917 Taylor Avenue in Springfield, Illinois, this vacant lot is situated conveniently north of the intersection of Stevenson Drive and Taylor Avenue. The property encompasses approximately one-third of an acre and is zoned PUD (Planned Unit Development), offering considerable flexibility for a variety of potential projects. The asking price is $30,000, translating to a price per square foot of $2.33. This represents a compelling value proposition given the property's location and zoning potential within the Springfield, Illinois market. The address is precisely 2917 Taylor Ave, Springfield, IL 62703, with GPS coordinates of 39.7636257 latitude and -89.6172317 longitude. This parcel is ready for immediate development, making it an attractive investment for those seeking a strategic entry point into the Springfield real estate market. The PUD zoning allows for a range of development options, subject to local planning and permitting approvals. Serious inquiries are encouraged to explore the full potential of this exceptional development opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.6172317
    Latitude
    39.7636257

    Comparable in this City

    • $599,000

      Springfield Warehouse Investment Opportunity

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    • $340,000
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      Springfield Commercial Land For Sale

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    • $59,900

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      Residential Land in Springfield, IL

      Buildable residential lot for sale in Springfield, Illinois.
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    • $400,000
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      Springfield Commercial Land For Sale

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    Similar Nearby for Sale

    • $599,000

      Springfield Warehouse Investment Opportunity

      High-visibility warehouse; strong income stream.
      2713 Stevenson Dr, Springfield, IL 62703
      View Details
    • $340,000
      2.07 Acres

      Springfield Commercial Land For Sale

      Commercial land in mixed-use development with interstate access.
      Park Dr S, Springfield, IL 62703
      View Details
    • $59,900

      Commercial Land in Springfield, IL

      Two parcels of land totaling 24,320 SF for development.
      1325 S 5Th St, Springfield, IL 62703
      View Details
    • Contact for pricing

      Corner Lot in Historic Neighborhood

      9,143 sq ft lot in Springfield's Old Aristocracy Hill.
      800 E Clay St, Springfield, IL 62703
      View Details
    • Contact for pricing

      Residential Land in Springfield, IL

      Buildable residential lot for sale in Springfield, Illinois.
      2041 E Cedar St, Springfield, IL 62703
      View Details
    • $400,000
      2.17 Acres

      Springfield Commercial Land For Sale

      Commercial land in mixed-use development with high traffic and accessibility.
      Park Dr S, Springfield, IL 62703
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      Pending

      Versatile Commercial Land in Springfield

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      1216 S 5Th St, Springfield, IL 62703
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    • Contact for pricing

      Springfield Commercial Land Opportunity

      1.31-Acre Lot, Single Tenant Potential
      1035 Lejune Dr, Springfield, IL 62703
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    • $13 SF/Yr
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      Prime Commercial Land Stevenson Drive

      1,750 sq ft remodeled commercial space
      1439 Stevenson Dr, Springfield, IL 62703
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    • $14 SF/Yr
      6,241 SF

      Springfield Restaurant Space For Lease

      Well-equipped, 6,241 sq ft restaurant building
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    • $1,250 /Mo
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      Professional Office Space Available

      Lower-level office suite with open space and private offices.
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    • $375 /Mo
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      Downtown Springfield Office Space Available

      Two individual offices for lease near Downtown Springfield.
      1209 S 4Th St, Springfield, IL 62703
      View Details
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    2917 Taylor Ave
    Springfield, IL 62703
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    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
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