5300 6Th St Springfield, IL 62703
- Commercial real estate
- 5.00 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 5300 6Th St
- Lot size
- 5.00 lot acres
- Property type
- Commercial real estate
- APN
- 22-27.0-176-011
- APU
- 22270176011
Description
This 110,000 USD commercial land parcel is ideally situated at 5300 S 6th Street Frontage Road in Springfield, Illinois, zip code 62703. Boasting excellent visibility to Interstate 55, this property offers unparalleled access and exposure for businesses seeking a prime location. Its strategic placement near the crossroads of I-55 and I-72 ensures high traffic volume and easy accessibility for customers and employees. The property's proximity to the University of Illinois Springfield and Lincoln Land Community College provides a substantial pool of potential customers and employees. Furthermore, the abundance of nearby restaurants and hotels adds to the convenience and appeal of this location. Springfield, Illinois presents a robust business environment, supported by a strong labor force within a 60-minute drive. This labor force comprises 669,909 individuals, with a prime-age participation rate of 82.8%. This makes this lot an exceptional investment opportunity for developers and businesses seeking to establish a presence in a thriving market. The property is classified as commercial land and is ready for development. The asking price is $110,000. This is a rare opportunity to acquire a high-visibility commercial lot in a desirable location with strong economic indicators.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,420,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $2,685,000
- 6.5%
- $2,320,000
- 7%
- $2,665,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,215,000
- Geo Method
- $2,800,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,905,000
- Retail
- $2,680,000
- Mixed-Use
- $2,990,000
- Hospitality
- $2,800,000
- Educational
- $2,940,000
- Residential Income
- $2,400,000
- Energy
- $2,765,000
- Income-Based Land
- $3,110,000
- Food Service
- $2,245,000
Location Insight
- Map
- Local Demand
- City
- Springfield
- County
- Sangamon
- State
- Illinois
- Longitude
- -89.6423
- Latitude
- 39.7229
- CBSA code
- 44100
- CBSA name
- SPRINGFIELD, IL METROPOLITAN STATISTICAL AREA
