Tammy Saia Contact Info:
Phone: (630) 570-2226
Tami Andrew Contact Info:
Phone: (630) 570-2179
The Edwards Building
The Edwards Building
Currently 78 Percent Occupied - Upside Potential
A Few Blocks From the State Capitol and Other State Offices
Largest Tenant Resident Since 1997 - Occupies Over 40 Percent of Space
Very Aggressive Pricing at 11.74 Percent Going In Cap Rate
Total Levered Return of 23.08 Percent
528 South 5th Street, Springfield, IL 62701
* Sale Price $725,000 $39 psf
* Cap Rate 15.38%
* 71 Days on Market
* Sold at 76% of List
Cap Rate 11.74%
Rentable SF 18,506 SF
Price per SF $51.33
Year Built / Renovated 1928 / 1998
Lot Size .27 Acres
Marcus & Millichap is pleased to present the 528 S 5th in Springfield, Illinois, known as The Edwards Building. The property is a multi-tenant office property located directly across the street from the Governor's mansion in the Illinois state capital. The state capitol, other state offices and historical sites are well within walking distance of the property.
The largest tenant, Windstream (formerly McLeod USA) has been located in the building since 1997. Largely, a data warehouse for the company, there is generally one employee at the most on sight at any given time. They maintain all of their own equipment and space, including the four Liebert units on the roof that provide cooling for the data center. Their attachment to the site is because of the AT&T office, less than a block away which provides high speed internet capability.
Springfield, located in central Illinois, is located about three and one half hours south of Chicago and one and one half hours northeast of St. Louis, Missouri. The state of Illinois is the largest employer in the area with 18,000 people. The healthcare industry employs 13,000 people. Other major employers include the Illinois National Guard, Springfield public schools, Southern Illinois University School of Medicine and Horace Mann Insurance Company.
Due to the association with President Abraham Lincoln, Springfield has a very vibrant tourism market and is home to the Illinois State Fair.