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    3 Old State Capitol Plz Springfield, IL 62701
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    3 Old State Capitol Plz Springfield, IL 62701

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    • Retail properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Myers Michael A / Law Firm
    • King Technology, Inc. / Marketing & Advertising / (Bike/Boat/Book/etc) Store
    • Superior Unit Corp (Headquarters) / Consultant
    • Downtown Springfield Inc. / Charitable Organization / Social Service Agency
    • eGrain, Inc. / (Bike/Boat/Book/etc) Store / Corporate Office

    Property Details for 3 Old State Capitol Plz

    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    This exceptional Springfield, IL commercial property, located at 3 N Old State Capitol Plaza (zip code 62701), offers approximately 1,950 square feet of versatile space ideal for a variety of businesses. Currently zoned S-2, this single-tenant building boasts a captivating blend of historic charm and modern functionality. The first floor, perfect for professional services (such as legal or accounting firms) or a restaurant/bar, features five separate rooms plus a kitchen prep area. The exposed brick interior creates a unique and inviting atmosphere. Some existing kitchen prep equipment remains. The property's prime downtown location offers unparalleled visibility, situated directly across from the Old State Capitol and near the Lincoln Museum. Convenient underground parking is just steps away. The building, originally Buck's Hats (circa 1855), holds significant historical significance. Landlord pays for sewer and water. The gross lease rate is $12.50 per square foot. An additional 1083 square foot lower level is available for lease separately (see separate listing). This lower level would be a perfect complement to a first-floor business, offering additional space for storage, private offices, or expanded operations. This is a rare opportunity to own a piece of Springfield's rich history while enjoying a highly desirable location and attractive lease terms. The APN is 14-27-0-383-028.

    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
    -89.6482
    Latitude
    39.8019

    Comparable in this City

    • Value Estimation by Request

      3 Old State Capitol Plz

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      14,688 SF

      15 Old State Capitol Plz

      Restaurants • 14,688 SF
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      427 Monroe St

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      251 4Th St

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      8,720 SF

      321 6Th St

      Coworking space • 8,720 SF
      321 6Th St, Springfield, IL 62701
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      18,000 SF

      427 Monroe St

      Office Spaces • 18,000 SF
      427 Monroe St, Springfield, IL 62701
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    Similar Nearby for Sale

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      Historic Springfield Landmark For Sale

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    Similar Nearby for Lease

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      Downtown Springfield Retail/Entertainment Space

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      Downtown Springfield Office Space Available

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      21,780 SF

      Downtown Springfield Office Space Available

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    • $14 SF/Yr
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    Springfield, IL 62701
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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.

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