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

    2249 3rd St Springfield, IL 62702-1727

    • Commercial real estate
    • 0.12 lot acres
    OFF-MARKET
    Last Sale
    May 21, 2025
    $115,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-3057286
    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

    • Delaney's Smokehouse / American Restaurant / Bar

    Property Details for 2249 3rd St

    Lot size
    0.12 lot acres
    Zone code
    B1
    Property type
    Commercial real estate
    APN
    14-15.0-356-014
    APU
    14150356014

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.6523
    Latitude
    39.8323
    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
    $1,392
    $1,852
    $14,086
    $15,938
    -
    $5,556
    $42,258
    $47,814

    Comparable in this City

    • Value Estimation by Request
      15,251 SF

      920 Grand Ave

      Commercial real estate • 15,251 SF
      920 Grand Ave, Springfield, IL 62702
      View Details
    • Value Estimation by Request

      1736 Peoria Rd

      Land
      1736 Peoria Rd, Springfield, IL 62702
      View Details
    • Value Estimation by Request
      4.50 Acres

      21-22 Atlanta St. & Farmers Market Rd

      Land • 4.50 Acres
      21-22 Atlanta St. & Farmers Market Rd, Springfield, IL 62702
      View Details
    • Value Estimation by Request
      0.49 Acres

      634 Grand Ave

      Land • 0.49 Acres
      634 Grand Ave, Springfield, IL 62702
      View Details
    • Value Estimation by Request
      0.91 Acres

      1700 Washington St

      COMMERCIAL (GENERAL) • 0.91 Acres
      1700 Washington St, Springfield, IL 62702-4759
      View Details
    • Value Estimation by Request
      0.29 Acres

      1100 Washington St

      COMMERCIAL (GENERAL) • 0.29 Acres
      1100 Washington St, Springfield, IL 62702-4881
      View Details

    Similar Nearby for Sale

    • $213,440
      0.49 Acres

      Springfield Commercial Land - $213,440

      High-visibility corner lot, ideal for redevelopment.
      634 Grand Ave, Springfield, IL 62702
      View Details
    • $1,500,000

      Springfield I-55 Development Land

      10-Acre Commercial Lot, High Traffic
      2200 Hilton Head Dr, Springfield, IL 62702
      View Details
    • $78,500
      0.60 Acres

      Springfield Commercial Land - $78,500

      ±0.6-acre lot, ideal for business development.
      3406 Clear Lake Ave, Springfield, IL 62702
      View Details
    • $79,000

      Springfield Commercial Land Investment

      Prime I-1 Zoned Lots, Excellent Potential
      925 Ridgely Ave, Springfield, IL 62702
      View Details
    • $125,000

      Springfield Corner Lot Investment

      Prime Vacant Land, High Potential
      222 Reynolds St, Springfield, IL 62702
      View Details
    • $78,500

      Springfield Restaurant & Office Complex

      Prime Springfield location, high visibility, .6 acres.
      3404 Clear Lake Ave, Springfield, IL 62702
      View Details

    Similar Nearby for Lease

    • $6 SF/Yr
      26,800 SF

      MacArthur Blvd Warehouse - Springfield, IL

      Spacious Warehouse, Ideal Location, 26,800 SF
      901 Macarthur Blvd, Springfield, IL 62702
      View Details
    • $10 SF/Yr
      2,722 SF

      Retail Space in Sangamon Center

      Retail or office space available in high-traffic Sangamon Center.
      1861 E Sangamon Ave, Springfield, IL 62702
      View Details
    • Contact for pricing

      Springfield Retail Space For Rent

      Well-lit commercial space with parking, near downtown Springfield.
      723 N Bruns Ln, Springfield, IL 62702
      View Details
    • $13 SF/Yr
      3,122 SF

      Sangamon Ave Commercial Property

      Versatile Space, High Traffic Area
      1720 Sangamon Ave, Springfield, IL 62702
      View Details
    • Contact for pricing

      Office Space in Springfield, IL

      400 sq ft office space for rent.
      2372 N Grand Ave, Springfield, IL 62702
      View Details
    • Contact for pricing

      Retail Space in Springfield

      Versatile retail space near downtown Springfield, ideal for small businesses.
      1525 W Jefferson St Unit, Springfield, IL 62702
      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.
    2249 3rd St
    Springfield, IL 62702-1727
    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.