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

Request Offering Memorandum

UNDER CONTRACT

Market Summary

Price                               $950,000

Cap Rate                        11.74%

NOI                                 $111,501 

Rentable SF                   18,506 SF

Price per SF                   $51.33

Year Built / Renovated  1928 / 1998

Lot Size                           .27 Acres

Description

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.

Contact Us


The Saia | Andrew Group of Marcus & Millichap

Tammy Saia Info
(630) 570-2226
tsaia@marcusmillichap.com

Tami Andrew Info

(630) 570-2179

tandrew@marcusmillichap.com

© 2020 by Marcus & Millichap Saia | Andrew Group.