1124 Walnut StSpringfield, IL 62702

For Sale
$2,155,270

High-Occupancy Office Building in Springfield, IL

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional investment opportunity presents a 19,755-square-foot, single-story office building located at 1124 N Walnut St, Springfield, IL 62702. The property, built in 1989, boasts a 100% occupancy rate with a strong, long-term tenant: the Illinois Department of Children and Family Services (DCFS). DCFS recently renewed their lease in 2023, securing a remaining lease term of 3.83 years. The building is all brick and benefits from consistent preventive maintenance, ensuring the roof, HVAC, and exterior are in excellent condition. Situated on a 1.29-acre lot, this property offers a compelling 8.50% cap rate and a net operating income (NOI) of $183,198, with an asking price of $2,155,270 ($109.10/sq ft). The strategic location in Springfield, the Illinois state capital, provides exceptional stability and long-term tenant retention potential. The state's financial strength, evidenced by upgraded Illinois bonds to A-, further enhances the investment's security. This property is an ideal investment for those seeking a stable, high-return asset with a reliable, long-term tenant in a prime location. The building's use as a 24-hour intake facility for children in need underscores its importance and the commitment of the state to its continued operation. The current owners are divesting due to retirement, presenting a unique opportunity for a discerning investor.

Highlights

  • $2,155,270 asking price for a 19,755 SF office building.
  • 100% occupancy with a strong 8.50% cap rate and $183,198 NOI.
  • Fully occupied by the Illinois Department of Children and Family Services (DCFS) under a lease with 3.83 years remaining.
  • Excellent condition due to ongoing preventative maintenance.
  • Located in Springfield, IL, the state capital, offering strong long-term tenant retention.

Property Details for 1124 Walnut St

Property type
Other office properties, Office properties
Square Feet
19,755 SF
Year Built
1989
Buildings
1
Lot Size (sq. ft)
56,192 SF
Units
1

Location Insight

City
Springfield
County
Sangamon
State
Illinois
Latitude
39.815049
Longitude
-89.6633322
1124 Walnut St, Springfield, Illinois

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1124 Walnut St
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