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

    700 2nd St Springfield, IL 62702

    • Commercial real estate
    • 3.38 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2941401
    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

    • Illinois Health and Hospital Association / Medical Clinic

    Property Details for 700 2nd St

    Lot size
    3.38 lot acres
    Property type
    Commercial real estate
    APN
    14-27.0-157-035
    APU
    14270157035

    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
    -89.6524
    Latitude
    39.8097
    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
    $26,089
    $279,557
    $15,532
    $295,089
    -
    $838,671
    $46,596
    $885,267

    Comparable in this City

    • Value Estimation by Request

      2200 Hilton Head Dr

      Specialty properties
      2200 Hilton Head Dr, Springfield, IL 62702
      View Details
    • Value Estimation by Request

      222 Reynolds St

      Commercial real estate
      222 Reynolds St, Springfield, IL 62702
      View Details
    • Value Estimation by Request
      24,600 SF

      2040 Hill Meadows Dr

      Commercial real estate • 24,600 SF
      2040 Hill Meadows Dr, Springfield, IL 62702
      View Details
    • Value Estimation by Request
      0.15 Acres

      114 Mason St

      COMMERCIAL (GENERAL) • 0.15 Acres
      114 Mason St, Springfield, IL 62702
      View Details
    • Value Estimation by Request
      0.18 Acres

      1309 Patton St

      COMMERCIAL (GENERAL) • 0.18 Acres
      1309 Patton St, Springfield, IL 62702
      View Details
    • Value Estimation by Request
      0.46 Acres

      3206 Elm St

      COMMERCIAL (GENERAL) • 0.46 Acres
      3206 Elm St, Springfield, IL 62702-6239
      View Details

    Similar Nearby for Sale

    • $1,100,000
      10,600 SF

      Prime Springfield Commercial Space

      10,600 SF, High-Traffic Location, $1.1M
      3100 Atlanta St, Springfield, IL 62702
      View Details
    • $489,000

      Springfield Restaurant & Land Sale

      Prime Springfield location, restaurant/bar with potential.
      301 Grand Ave, Springfield, IL 62702
      View Details
    • $660,000
      1.68 Acres

      Prime Springfield Commercial Land

      1.68 Acres, I-55 Access, Amazon Proximity
      2875 Dirksen Pkwy, Springfield, IL 62702
      View Details
    • $738,000
      43,425 SF

      Springfield Commercial Building - Huge Potential

      Large industrial space, ample office area, great location.
      750 19Th St, Springfield, IL 62702
      View Details
    • $230,400
      24,600 SF

      Springfield Office Building - As-Is Sale

      Spacious office building, needs renovation, 1.46 acres.
      2040 Hill Meadows Dr, Springfield, IL 62702
      View Details
    • $395,000
      3,188 SF

      Springfield Restaurant Opportunity

      Prime Corner Lot, High Traffic Area
      425 Grand 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.
    700 2nd St
    Springfield, IL 62702
    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.