3500 Wabash Ave Springfield, IL 62711-8287
- Commercial real estate
- 1.69 lot acres
Current Use by Public Records
- General Services Administration / Federal Government Office
- US Agricultural Department / Sustainability Organization
Property Details for 3500 Wabash Ave
- Lot size
- 1.69 lot acres
- Property type
- Commercial real estate
- APN
- 21-12.0-351-026
- APU
- 21120351026
Description
This exceptional investment opportunity presents a 18,693 square foot, single-tenant office building located at 3500 Wabash Ave, Springfield, IL 62711. The property, built in 2011 and extensively renovated in 2023 ($1M investment), is currently 100% occupied by the US Department of Agriculture (USDA), holding an S&P AA+ credit rating. The lease, a modified type, is a firm lease with four years remaining, expiring March 31, 2028. This is the executive director's office overseeing all 93 USDA offices across Illinois, making it a mission-critical location. The building sits on a 1.69-acre lot and features 81 parking spaces. The asking price is $3,180,000, representing a compelling cap rate of 8.50% and a price per square foot of $170.12. The well-maintained, single-story masonry building offers a strong, risk-adjusted return for investors seeking a stable, government-backed asset in a thriving agricultural region within the state capital. The property benefits from a brand-new interior completed in 2023, ensuring modern and functional workspace for the tenant. This is a rare opportunity to acquire a high-quality, mission-critical government-leased property with significant remaining lease term and a strong tenant.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Springfield
- County
- Sangamon
- State
- Illinois
- Longitude
- -89.7175
- Latitude
- 39.7576
- CBSA code
- 44100
- CBSA name
- SPRINGFIELD, IL METROPOLITAN STATISTICAL AREA
