The Yard Shopping Center For Sale

SaleInvestment 49,760 SF
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1650 Wabash Ave
Springfield, IL 62704
Price: $2,775,000.00
Building Size: 49,760 SF
Lot Size (sqft): 6.30 AC
Zoning: B-1, Highway Business District
Tax PIN: 22-08.0-326-017, -021, -033
Cap Rate: 9.63%
NOI: $267,320
Year Built (Remodeled): 1976 (2023)

Property Description

Coldwell Banker Commercial Devonshire Realty (CBCDR), as exclusive advisor, is pleased to present the opportunity to acquire The Yard Shopping Center (“The Property”), a 49,760 SqFt retail center located on the west side of Springfield, IL.

The highly visible asset features a complementary mix of e-commerce resistant, serviced-oriented tenants with the rent roll consisting of national credit and stable local tenants with several years of operating history at the Property. Built in 1976, the Property is 92% occupied and has kept multiple tenants for many years and welcomed newer tenants on long-term leases, showcasing the high desirability of the Property.

The Property is strategically located near the heart of the Springfield, IL retail corridor and benefits from its position near White Oaks Mall, a 930,000 SqFt shopping mall with Macy’s, Esporta Fitness, and Dick’s Sporting Goods as its anchors. Situated along Wabash Ave, the Property has average traffic counts of over 25,000 vehicles per day.

The surrounding area features dense residential housing directly to the west, north, and south of the Property, making its location easily accessible to the rest of the commercial development along Wabash Ave and the residential units. The Property boasts a population of over 113,000 within a 5-mile radius with an average household income of $83,000. Positioned near the intersection of Wabash Ave and Chatham Rd, the Property benefits from a critical mass of nearby big box retailers, QSRs, and other amenities including Schnuck’s, Ashley Furniture, Ace Hardware, McDonald’s, Dairy Queen, Goodwill, Planet Fitness, and USPS among many others.

The Property is in good condition and features newer LED canopy lighting and parking lot lighting, a resurfaced parking lot, and a newly painted facade. The owner completed three tenant buildouts in recent years, ensuring the long-term tenant satisfaction and a stable investment.