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State of Illinois - Department of Veterans Affairs
833-835 South Spring Street, Springfield, IL 62704
$3,090,400
Cap Rate 8.75%
Summary
| Price $3,090,400 | Built/Renov 1989 | Tenant State of Illinois - Department of Veterans Affairs |
| Cap Rate 8.75% | Lease Type
Modified Gross | Guarantor Corp Rated |
| Size/SF
20,782
| Lease Start
01-01-2022
| #Units
103
|
| Price/SF $148.71 | Expiration
12-31-2026
| Tenant Type Government |
| NOI $270,410 | R. Term 3.0 | Ownership Fee Simple |
| Rent/SF
$13.01
| Increases 0.0%/3/yrs | Pop 5Mi 121,186 |
| Lot/AC 1.27 | Options 0/0yrs | AHHI 5Mi $70,904 |
| | |
Lease Highlights
- IDVA has occupied property since 2009
- Tenant has over 3.5 years remaining in the current term and no remaining options
- Lease features rent changes in Year 3 & Year 5. *See OM*
- Modified Gross lease | Landlord responsible for general maintenance
- HVAC replaced within the last 3-5 years
- New roof (2022)
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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Hard corner intersection
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New roof
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In location for years
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Highway location
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Dense 100M+ pop 5 mi
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Long operation history
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Corporate Guarantee
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Credit rated company
...
Maps
Tenant
- Tenant: State of Illinois - 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 : | 12,848 | 79,767 | 119,338 |
| 2023 Total Population : | 13,100 | 80,813 | 120,289 |
| 2023 Employed Civilian Pop : | 6,361 | 36,829 | 56,169 |
| 2023 Total Businesses : | 1,556 | 4,248 | 6,102 |
| 2023 Average Household Income : | $ 69,110 | $ 70,659 | $ 81,338 |
| 2023 Total Consumer Spending : | $ 400 M | $ 2322 M | $ 3865 M |
| 2023 Median Age : | 37 | 39 | 41 |
| 2023 Total Households : | 6,599 | 37,522 | 54,665 |
| 2023 Pop Age 25+: Bachelor's Degree : | 2,007 | 9,992 | 17,145 |
| 2023 Average Home Value : | $ 159,978 | $ 165,310 | $ 186,140 |
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| W Canedy St | Spring St | 2017 | 600 | 0.06 mi |
| W Lawrence Ave | S College St | 2017 | 5,100 | 0.08 mi |
| Spring St | W Canedy St | 2017 | 2,550 | 0.08 mi |
| S College St | W Canedy St | 2017 | 550 | 0.09 mi |
| S College St | W Cook St | 2017 | 1,050 | 0.13 mi |
| S Pasfield St | Fayette Ave | 2017 | 600 | 0.13 mi |
| W Scarritt St | Spring St | 2017 | 550 | 0.14 mi |
| E Lawrence Ave | S 2nd St | 2017 | 5,400 | 0.15 mi |
| S Pasfield St | W Lawrence Ave | 2003 | 8,600 | 0.15 mi |
| W Cook St | Spring St | 2017 | 6,400 | 0.16 mi |