1124 Walnut St Springfield, IL 62702-7301

Property Details for 1124 Walnut St

Lot size

1.29 lot acres

Property type

Commercial real estate

APN

14-28.0-201-073

APU

14280201073

Description

This exceptional investment opportunity presents a 19,755-square-foot, single-story office building located at 1124 N Walnut St, Springfield, IL 62702. The property, built in 1989, boasts a 100% occupancy rate with a strong, long-term tenant: the Illinois Department of Children and Family Services (DCFS). DCFS recently renewed their lease in 2023, securing a remaining lease term of 3.83 years. The building is all brick and benefits from consistent preventive maintenance, ensuring the roof, HVAC, and exterior are in excellent condition. Situated on a 1.29-acre lot, this property offers a compelling 8.50% cap rate and a net operating income (NOI) of $183,198, with an asking price of $2,155,270 ($109.10/sq ft). The strategic location in Springfield, the Illinois state capital, provides exceptional stability and long-term tenant retention potential. The state's financial strength, evidenced by upgraded Illinois bonds to A-, further enhances the investment's security. This property is an ideal investment for those seeking a stable, high-return asset with a reliable, long-term tenant in a prime location. The building's use as a 24-hour intake facility for children in need underscores its importance and the commitment of the state to its continued operation. The current owners are divesting due to retirement, presenting a unique opportunity for a discerning investor.