Sign Up Successful!
You now have access to more from Realmo!
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

    2205 W Wabash Ave, Unit 280 Springfield, IL 62704

    • Commercial real estate
    • 2.26 lot acres
    For Lease
    View listing
    Last Sale
    Apr 17, 2023
    $975,000
    Value Estimations
    $975,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2889484
    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

    • Flooring of Springfield Inc. / Carpet & Flooring Store / Hardware & Home Improvement
    • Loren W. Richie, DC / Alternative Medicine Practice
    • Suite 108 Hair Salon / Hair Salon
    • Titan Games - Springfield / Electronics & Wireless Store / (Bike/Boat/Book/etc) Store
    • Knit Wits / (Bike/Boat/Book/etc) Store

    Property Details for 2205 W Wabash Ave

    Lot size
    2.26 lot acres
    Property type
    Commercial real estate
    APN
    22-07.0-252-006
    APU
    22070252006

    Description

    This exceptional Class A commercial property, located at 2205 Wabash Ave, Springfield, IL, offers 39,000 square feet of versatile space across multiple suites within a single building. The property sits on 2.2 acres of land with prominent city street frontage and boasts 62 parking spaces. Currently, 11,000 square feet of vacant space is available, divisible into units as small as 2,236 square feet and up to a contiguous 11,000 square feet. The building, constructed in 1989 and extensively renovated in 2023, features an 11-foot ceiling height, elevators, and is zoned S-2. Recent improvements include a new exterior paint job, a new roof, and a resurfaced parking lot. Individual suites offer features such as private baths and separately metered utilities. Adjacent suites can be combined for larger spaces, with one example totaling 4,785 square feet. The location benefits from high daily traffic counts exceeding 21,000 vehicles. The property's Modified Net lease rate is $15.00 per square foot (CAM and separately metered utilities included). The cross street is Montvale Dr, and the APN is 22-07.0-252-006.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $980,000
      ML approach
      $975,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.6953
    Latitude
    39.7646
    CBSA code
    44100
    CBSA name
    SPRINGFIELD, IL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $30,005
    $317,367
    $22,012
    $339,379
    -
    $952,101
    $66,036
    $1,018,137

    Comparable in this City

    • Value Estimation by Request
      6.28 Acres

      Rt 54 & Gatlin Dr

      Land • 6.28 Acres
      0 Rt 54 & Gatlin Dr, Springfield, IL 62704
      View Details
    • Value Estimation
      $550,000
      21.61 Acres

      2733 Veterans Pkwy

      COMMERCIAL (GENERAL) • 21.61 Acres
      2733 Veterans Pkwy, Springfield, IL 62704-6402
      View Details
    • Value Estimation by Request
      0.07 Acres

      218 Vine St

      COMMERCIAL (GENERAL) • 0.07 Acres
      218 Vine St, Springfield, IL 62704
      View Details
    • Value Estimation by Request
      0.17 Acres

      1515 Wabash Ave

      COMMERCIAL (GENERAL) • 0.17 Acres
      1515 Wabash Ave, Springfield, IL 62704-5308
      View Details
    • Value Estimation
      $655,000
      24.91 Acres

      2501 Wabash Ave

      COMMERCIAL (GENERAL) • 24.91 Acres
      2501 Wabash Ave, Springfield, IL 62704-4276
      View Details
    • Value Estimation by Request

      1750 Wabash Ave, Unit 7

      COMMERCIAL (GENERAL)
      1750 Wabash Ave, Springfield, IL 62704-5302
      View Details

    Similar Nearby for Sale

    • $195,000

      Springfield Medical Office Building

      Prime location, 5 offices, great visibility
      526 Grand Ave, Springfield, IL 62704
      View Details
    • $195,000
      2,348 SF

      Springfield Commercial Office Building

      Prime Office Space, High Visibility, 2,348 sq ft
      526 Grand Ave, Springfield, IL 62704
      View Details
    • $821,000
      6.28 Acres

      Springfield Commercial Land - I-1 Zoning

      6.28-acre lot, ideal for commercial development.
      0 Rt 54 & Gatlin Dr, Springfield, IL 62704
      View Details
    • $599,000

      Springfield Restaurant & Land Sale

      Established Springfield eatery, prime location. High-potential investment.
      1577 Wabash Ave, Springfield, IL 62704
      View Details
    • $700,000
      7,000 SF

      Springfield Commercial Building Opportunity

      7,000 SF Commercial Space - $700,000
      2625 Macarthur Blvd, Springfield, IL 62704
      View Details
    • $799,000

      Springfield Warehouse - $799,000

      Large Warehouse w/ Office Space & Drive-Thru
      1030 Grand Ave, Springfield, IL 62704
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      11,000 SF

      Wabash Plaza Office Space For Lease

      Prime Office Space, Flexible Layout, High Visibility
      2205 Wabash Ave, Springfield, IL 62704
      View Details
    • $13 SF/Yr
      8,624 SF

      Grand Avenue Office Space

      Springfield, IL: Office Suites Available
      0 Grand Ave, Springfield, IL 62704
      View Details
    • Contact for pricing
      1,329 SF

      Springfield Retail Land Opportunity

      Prime Springfield location, 1,329 sq ft.
      2301 Monroe St, Springfield, IL 62704
      View Details
    • Contact for pricing
      54,878 SF

      White Oaks Plaza Retail Space

      Springfield, IL retail space for lease. High visibility location.
      3003 Veterans Pkwy, Springfield, IL 62704
      View Details
    • $14 SF/Yr
      4,487 SF

      Office Space Near White Oaks

      Office suites available near White Oaks Mall in Springfield, IL.
      2509 W Iles Ave, Springfield, IL 62704
      View Details
    • Contact for pricing
      1,528 SF

      Retail Opportunities Near White Oaks

      Retail spaces available across from White Oaks Mall.
      2601-2857 S Veterans Pkwy, Springfield, IL 62704
      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.
    2205 W Wabash Ave, Unit 280
    Springfield, IL 62704
    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.