910 2Nd StSpringfield, IL 62704

Property Details for 910 2Nd St

Lot size

0.15 AC

Property type

Commercial real estate

APN

14-34.0-309-008

APU

14340309008

Description

This exceptional value-add opportunity presents a fully renovated two-unit apartment building located at 910 S 2nd St, Springfield, IL 62704. The property, built in 1960 and extensively renovated in 2024, boasts a total of 2,700 square feet on a 6,300 square foot lot, zoned R-5B. Each of the two units features three bedrooms and two full bathrooms, updated with modern finishes. The comprehensive renovation included new central air conditioning units, electrical systems, and plumbing. A new asphalt parking lot in the rear provides four parking spaces. The property is currently vacant, offering immediate potential for rental income. The asking price is $340,000, translating to $170,000 per unit and $126.25 per square foot. A pro-forma cap rate of 8.55% projects a net operating income (NOI) of approximately $29,000 annually. The property is being sold as-is. Construction tools and equipment are not included in the sale. Please refer to the provided proforma for detailed financial information. A virtual tour and floor plans are available online. This is an excellent investment opportunity for those seeking strong cash flow and appreciation potential in a desirable Springfield location.

• Alternative Use

  Use

  Valuation

  Residential

  $1,962,029

  Hospitality

  $1,797,208

  Educational

  $1,495,256

  Medical

  $1,546,680

  Retail

  $2,325,954

Location Insight

City

Springfield

County

Sangamon

State

Illinois

Latitude

39.7919

Longitude

-89.6531

CBSA code

44100

CBSA name

SPRINGFIELD, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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