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State of Illinois - Department of Veterans Affairs
1011 South 2nd Street, Springfield, IL 62704
$741,771
Cap Rate 8.75%
Summary
| Price $741,771 | Built/Renov 1992 | Tenant State of Illinois - Department of Veterans Affairs |
| Cap Rate 8.75% | Lease Type
Modified Gross | Guarantor Corp Rated |
| Size/SF
8,910
| Lease Start
02-01-2022
| #Units
103
|
| Price/SF $83.25 | Expiration
01-31-2027
| Tenant Type Government |
| NOI $64,905 | R. Term 3.1 | Ownership Fee Simple |
| Rent/SF
$7.28
| Increases 2.0%/1/yrs | Pop 5Mi 121,186 |
| Lot/AC 0.45 | Options 1/5yrs/2% | AHHI 5Mi $70,904 |
| | |
Lease Highlights
- IDVA has occupied property since 2022
- Tenant has 3.5+ years remaining in its current term with 1 (5-year) option to extend.
- Lease features 2% rent increases in Year 2 & 4 of current term & Year 1 & 3 in remaining option
- Modified Gross lease | Landlord responsible for general maintenance
- HVAC units replaced within the last 3-5 years
- New roof installed Q4 2021
Location Description
The 6 State of Illinois buildings & The Illinois Coalition Against Domestic Violence building are available as a portfolio or individually. They are strategically positioned three blocks south of the Illinois State Capitol Building. The portfolio is surrounded by a number of state-tenanted buildings such as CyberDrive Illinois, the Illinois State Museum, the Archives, the Library, the Attorney...
...Features
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New roof
-
Dense 100M+ pop 5 mi
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Corporate Guarantee
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Credit rated company
Maps
Tenant
- Tenant: State of IL - Department of Veterans Affairs
- Guarantor:Corp Rated
- Company:State of Illinois
- # Units:103
- Moody’s: A3
- Stock:Private
About Tenant
The Illinois Department of Veterans’ Affairs (IDVA) is the department of the Illinois state government that assists veterans and their families in navigating the system of federal state and local...
...
Demographics
| 1 Miles | 3 Miles | 5 Miles | |
| 2028 Total Population : | 12,536 | 79,459 | 119,395 |
| 2023 Total Population : | 12,765 | 80,473 | 120,353 |
| 2023 Employed Civilian Pop : | 6,235 | 36,528 | 56,156 |
| 2023 Total Businesses : | 1,505 | 4,319 | 6,137 |
| 2023 Average Household Income : | $ 70,177 | $ 69,765 | $ 81,396 |
| 2023 Total Consumer Spending : | $ 386 M | $ 2281 M | $ 3871 M |
| 2023 Median Age : | 36 | 39 | 41 |
| 2023 Total Households : | 6,275 | 37,308 | 54,715 |
| 2023 Pop Age 25+: Bachelor's Degree : | 1,911 | 9,801 | 17,132 |
| 2023 Average Home Value : | $ 156,343 | $ 162,516 | $ 185,502 |
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| S 2nd St | E Allen St | 2017 | 5,150 | 0.06 mi |
| E Allen St | S 2nd St | 2017 | 1,150 | 0.08 mi |
| W Scarritt St | Spring St | 2017 | 550 | 0.09 mi |
| Spring St | W Canedy St | 2017 | 2,550 | 0.14 mi |
| W Canedy St | Spring St | 2017 | 600 | 0.16 mi |
| S 4th St | E Scarritt St | 2017 | 2,050 | 0.16 mi |
| Spring St | W Vine St | 2017 | 2,900 | 0.19 mi |
| S 2nd St | E Canedy St | 2017 | 5,100 | 0.19 mi |
| S College St | W Canedy St | 2017 | 550 | 0.22 mi |
| S College St | W Vine St | 2012 | 250 | 0.23 mi |