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

    Business Park Dr Springfield, IL 62701

    • Land
    • 1.16 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Business Park Dr

    Lot size
    1.16 lot acres
    Property type
    Land

    Description

    This exceptional development opportunity presents 1.16 to 19 acres of land within the highly desirable Dirksen Business Park in Springfield, Illinois. Strategically located near the Interstate 55 and South Grand Cloverleaf interchange exit, this property boasts unparalleled accessibility and visibility. The site offers excellent circulation from both Dirksen Parkway and Old Rochester Road, easily accommodating vehicles of all sizes. This makes it ideal for a wide range of business and retail developments. The flexibility of the offering allows for both whole and partial lot sales, ensuring buyers can acquire the precise land area needed to meet their specific project requirements. Whether you're a seasoned developer or a business owner seeking a prime location for expansion, Dirksen Business Park provides the strategic advantage you need to succeed. The property's location in Sangamon County, Illinois, with a Springfield zip code of 62701, ensures easy access to a thriving market and robust infrastructure. This is a rare opportunity to secure land in a highly sought-after business park.

    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
    -89.6107
    Latitude
    39.7833

    Comparable in this City

    • Value Estimation by Request

      3 Old State Capitol Plz

      Restaurants
      3 Old State Capitol Plz, Springfield, IL 62701
      View Details
    • Value Estimation by Request

      427 Monroe St

      Office properties & Spaces
      427 Monroe St, Springfield, IL 62701
      View Details
    • Value Estimation by Request

      3 Old State Capitol Plz

      Restaurants
      3 Old State Capitol Plz, Springfield, IL 62701
      View Details
    • Value Estimation by Request
      0.07 Acres

      319 5th St

      VACANT COMMERCIAL LAND • 0.07 Acres
      319 5th St, Springfield, IL 62701
      View Details
    • Value Estimation by Request
      0.07 Acres

      317 5th St

      VACANT COMMERCIAL LAND • 0.07 Acres
      317 5th St, Springfield, IL 62701
      View Details
    • Value Estimation by Request
      0.07 Acres

      131 5th St

      VACANT COMMERCIAL LAND • 0.07 Acres
      131 5th St, Springfield, IL 62701
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.16 Acres

      Dirksen Business Park Land - Springfield, IL

      Prime Springfield, IL land for development. Excellent location & access.
      0 Business Park Dr, Springfield, IL 62701
      View Details
    • $750,000
      18,000 SF

      Downtown Springfield Office Building

      18,000 SF Office, $750,000
      427 Monroe St, Springfield, IL 62701
      View Details
    • $795,000
      29,168 SF

      Sangamo Club: Downtown Springfield

      Historic Mixed-Use Building, 29,168 sq ft
      227 Adams St, Springfield, IL 62701
      View Details
    • $89,500

      Springfield Commercial Land - 12.78 Acres

      Wooded acreage, ideal hunting, road access.
      3400 Solar Ave, Springfield, IL 62701
      View Details
    • $1,995,000
      0.69 Acres

      Downtown Springfield Class A Office

      Class A office building near courthouses and municipal offices.
      400 S 9Th St, Springfield, IL 62701
      View Details
    • $699,000
      9,000 SF

      Turnkey Restaurant and Entertainment Venue

      Restaurant/entertainment venue with premier location and front-row Governor's Mansion views.
      517 S 4Th St, Springfield, IL 62701
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      1,083 SF

      Buck's Building: Historic Springfield Space

      Prime Retail/Food Service Space Available
      3 Old State Capitol Plz, Springfield, IL 62701
      View Details
    • $12 SF/Yr
      1,948 SF

      Springfield Commercial Gem

      Prime Downtown Office/Retail Space
      3 Old State Capitol Plz, Springfield, IL 62701
      View Details
    • $8 SF/Yr
      940 SF

      Downtown Springfield Commercial Gem

      940 sq ft, high ceilings, raw space
      208 5Th St, Springfield, IL 62701
      View Details
    • $6 SF/Yr
      111,000 SF

      Downtown Springfield Office Space

      Prime Springfield Office: 111,000 SF
      400 Jefferson St, Springfield, IL 62701
      View Details
    • $11 SF/Yr
      4,900 SF

      Jefferson Street Restaurant & Land

      Turnkey Restaurant, 4900 sq ft
      400 Jefferson St, Springfield, IL 62701
      View Details
    • $12 SF/Yr
      55,640 SF

      Downtown Springfield Office Space

      Prime location, two suites available, high-growth area.
      251 4Th St, Springfield, IL 62701
      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.
    Business Park Dr
    Springfield, IL 62701
    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!