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

    3401 Gateway Dr Springfield, IL 62711

    • Commercial real estate
    • 1.23 lot acres
    For Sale
    View listing
    $289,000
    Last Sale
    Apr 07, 2022
    $275,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2855572
    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

    • Pampered Pet Center, Inc. / Kennel & Boarding Facility

    Property Details for 3401 Gateway Dr

    Lot size
    1.23 lot acres
    Property type
    Commercial real estate
    APN
    21-15.0-151-021
    APU
    21150151021

    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
    -89.7565
    Latitude
    39.7513
    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
    $8,800
    $57,461
    $62,487
    $119,948
    -
    $172,383
    $187,461
    $359,844

    Comparable in this City

    • Value Estimation by Request
      1,306,800 SF

      Wabash Ave

      Land • 1,306,800 SF
      0 Wabash Ave, Springfield, IL 62711
      View Details
    • Value Estimation by Request
      2.99 Acres

      4041 Yucan Dr

      COMMERCIAL (GENERAL) • 2.99 Acres
      4041 Yucan Dr, Springfield, IL 62711-6488
      View Details
    • Value Estimation by Request
      0.32 Acres

      3020 Happy Lndg Dr

      COMMERCIAL (GENERAL) • 0.32 Acres
      3020 Happy Lndg Dr, Springfield, IL 62711-6259
      View Details
    • Value Estimation by Request
      7.77 Acres

      1451 Bradfordton Rd

      COMMERCIAL (GENERAL) • 7.77 Acres
      1451 Bradfordton Rd, Springfield, IL 62711-6044
      View Details
    • Value Estimation by Request
      0.41 Acres

      2113 Brookstone Dr

      COMMERCIAL (GENERAL) • 0.41 Acres
      2113 Brookstone Dr, Springfield, IL 62711-6466
      View Details
    • Value Estimation by Request
      0.97 Acres

      3516 Ogden Rd

      COMMERCIAL (GENERAL) • 0.97 Acres
      3516 Ogden Rd, Springfield, IL 62711-9471
      View Details

    Similar Nearby for Sale

    • $475,000
      1.85 Acres

      Springfield Commercial Land - 1.8 Acres

      Prime Springfield commercial land, ideal for development.
      1000 Koke Mill Rd, Springfield, IL 62711
      View Details
    • $180,774

      Springfield Commercial Land Investment

      Prime .83-acre lot, ideal commercial development
      2920 Meadowbrook Rd, Springfield, IL 62711
      View Details
    • $629,000

      Springfield Commercial Land - 3.67 Acres

      Prime Springfield location, ideal for office/business.
      2400 Chuckwagon Dr, Springfield, IL 62711
      View Details
    • $8,500,000
      28.79 Acres

      Wabash Ave Springfield Land Investment

      28+ Acres, Multi-Use Development Potential
      0 Wabash Ave, Springfield, IL 62711
      View Details
    • $515,000
      6,000 SF

      Springfield Commercial Office Building

      Fully Leased, 6,000 SF Office Building
      3921 Pintail Dr, Springfield, IL 62711
      View Details
    • $515,000

      Springfield Office Building - $515K

      Fully Leased, 6,000 SF Office Building
      3920 Pintail Dr, Springfield, IL 62711
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      53,579 SF

      Former Pet Center with Kennels

      3,200 SF building with kennels, office, and expansion potential.
      3401 Gateway Dr, Springfield, IL 62711
      View Details
    • Contact for pricing

      Springfield Retail Space with Drive-Thru

      Retail space with drive-thru access in Springfield, Illinois.
      3013 Lindbergh Blvd Unit, Springfield, IL 62711
      View Details
    • $2 SF/Yr
      2,119 SF

      Springfield Office Space for Lease

      Modern Office Suite, 2,250 sq ft
      3131 Greenhead Dr, Springfield, IL 62711
      View Details
    • Contact for pricing
      38,172 SF

      Springfield Retail Center Opportunity

      Prime Springfield retail space, ample parking.
      3201 Iles Ave, Springfield, IL 62711
      View Details
    • $505 /Mo
      12,500 SF

      West Side Office Space For Lease

      West Side Office Space For Lease
      386 S Koke Mill Rd, Springfield, IL 62711
      View Details
    • $16 SF/Yr
      1,145 SF

      Updated Office Space For Rent

      Updated office space in Prairie Crossing development with ample parking.
      4331 Conestoga Dr, Springfield, IL 62711
      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.
    3401 Gateway Dr
    Springfield, IL 62711
    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.