2532 Ridge AveSpringfield, IL 62702

Property Details for 2532 Ridge Ave

Lot size

0.56 AC

Zone code

B3

Property type

Commercial real estate

APN

14-25.0-107-025

APU

14250107025

Description

This exceptional Springfield, Illinois investment opportunity presents a 7700 square foot mixed-use building at 2532 Ridge Avenue, zip code 62702. The property boasts a strong income stream thanks to a new 10-year lease on a 5400 square foot convenience store, generating $1700 per month with a 2% annual escalator clause. In addition to the thriving convenience store, the property includes a former automotive repair shop occupying the remaining 2300 square feet. This section features seven service bays and four lifts, presenting a variety of redevelopment possibilities for a savvy investor. The asking price of $290,000 reflects the value of both the income-producing convenience store and the potential of the automotive repair space. Further enhancing the property's appeal is a newly constructed parking lot completed in 2022. Located in Sangamon County, this property offers a compelling blend of immediate income and future upside potential in a desirable Illinois location. The property is classified as both commercial and warehouse space, offering flexibility for various uses. This is a rare opportunity to acquire a well-maintained, income-generating property with significant upside potential. The property is situated at 39.8160602 latitude and -89.6114425 longitude.

• Alternative Use

  Use

  Valuation

  Residential

  $7,408,060

  Hospitality

  $6,785,744

  Educational

  $5,645,659

  Medical

  $5,839,822

  Retail

  $8,782,136

Location Insight

City

Springfield

County

Sangamon

State

Illinois

Latitude

39.8161

Longitude

-89.6114

CBSA code

44100

CBSA name

SPRINGFIELD, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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