Highly Visible from I-55 | Unmissable Signage | 3241 Horizon Dr
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Highly Visible from I-55 | Unmissable Signage 3241 Horizon Dr
4,262 SF Vacant Retail Building Online Auction Sale Springfield, IL 62703
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Investment Highlights
- Freestanding, 4,262-SF retail/restaurant building with signage and adjacent lot both with desirable visibility from highway I-55 in Springfield, IL.
- Exceptional value-add or owner/user acquisition of a vacant, former Hooters with the opportunity to add immediate value in a booming corridor.
- Surrounded by favorable demographics where the average household income is more than $87,000 and the spending power is $2.2 billion annually.
- Sought-after positioning with ample parking and seamless accessibility, minutes from downtown and the noteworthy University of Illinois Springfield.
- In walking distance of major retailers and hotels IHOP, Red Lobster, Applebee’s, Smokey Bones, Comfort Suites, Residence Inn, and Candlewood Suites.
- Ideally located within a 3-mile radius of numerous household-named businesses Walmart, Starbucks, Dollar General, Subway, McDonald’s, and more.
Executive Summary
Strategically established freestanding, 4,262-square-foot retail/restaurant building positioned with extreme visibility from major thoroughfare Interstate 55 in Springfield, Illinois. 3241 Horizon Drive presents a former Hooters with unmissable pylon signage and ample surface parking over an excellent 1.16-acre lot with an adjacent 0.33 acre lot included in the sale. This single-story asset boasts seamless accessibility and significant positioning as it is favorably located in front of about 52,000 vehicles per day along the busy highway. The property is situated just off S Dirksen Parkway’s signalized intersection and is in walking distance of popular retailers and lodging options Red Lobster, IHOP, Applebee’s, Smokey Bones, Residence Inn, Candlewood Suites, and Comfort Suites.
3241 Horizon Drive is conveniently sited less than 10 minutes east of Downtown Springfield, the capital of Illinois, and the county seat of Sangamon County. The surrounding community features a robust population of more than 170,000 residents within a 10-mile radius, who have a considerable average household income of $87,056 and are joined by 144,020 daytime employees. This population has a significant annual spending power of nearly $2.2 billion with about $558 million specifically spent on food at and away from home.
Preferably positioned 2 miles from the Interstates 72 and 55 interchange, 3241 Horizon Drive serves as an incredible destination when traveling in all cardinal directions throughout the state. Visitors and locals can appreciate the closeness this property provides to numerous nearby businesses, including Walmart Supercenter, Aldi, Dollar General, Starbucks, Taco Bell, McDonald’s, Subway, AutoZone Auto Parts, Midas, and more, all within a 3-mile radius. Also within this radius is the reputable University of Illinois Springfield seeing an enrollment of more than 4,600 students in 2024.
Ideally established in the Springfield retail submarket, this property is optimally located where vacancy rates are low at 2.4% and have been consistently decreasing with increasing market rents. Acquire 3241 Horizon Drive and bring a new business to the busy corridor as either an owner/user or an investor seeking to add immediate value through lease-up to a retail or restaurant tenant.
Property tours are available by appointment only. Please contact the broker to schedule.
Broker of Record: Daniel Elliot with SRS Real Estate Partners IL License #471022489.
3241 Horizon Drive is conveniently sited less than 10 minutes east of Downtown Springfield, the capital of Illinois, and the county seat of Sangamon County. The surrounding community features a robust population of more than 170,000 residents within a 10-mile radius, who have a considerable average household income of $87,056 and are joined by 144,020 daytime employees. This population has a significant annual spending power of nearly $2.2 billion with about $558 million specifically spent on food at and away from home.
Preferably positioned 2 miles from the Interstates 72 and 55 interchange, 3241 Horizon Drive serves as an incredible destination when traveling in all cardinal directions throughout the state. Visitors and locals can appreciate the closeness this property provides to numerous nearby businesses, including Walmart Supercenter, Aldi, Dollar General, Starbucks, Taco Bell, McDonald’s, Subway, AutoZone Auto Parts, Midas, and more, all within a 3-mile radius. Also within this radius is the reputable University of Illinois Springfield seeing an enrollment of more than 4,600 students in 2024.
Ideally established in the Springfield retail submarket, this property is optimally located where vacancy rates are low at 2.4% and have been consistently decreasing with increasing market rents. Acquire 3241 Horizon Drive and bring a new business to the busy corridor as either an owner/user or an investor seeking to add immediate value through lease-up to a retail or restaurant tenant.
Property tours are available by appointment only. Please contact the broker to schedule.
Broker of Record: Daniel Elliot with SRS Real Estate Partners IL License #471022489.
Data Room Click Here to Access
- Operating and Financials
- Purchase Agreement
- Title and Insurance
- Miscellaneous
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Retail
Property Subtype
Restaurant
Building Size
4,262 SF
Building Class
C
Year Built/Renovated
2001/2016
Percent Leased
Vacant
Building Height
1 Story
Building FAR
0.07
Lot Size
1.49 AC
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
2,270
37,702
101,312
2020 Population
2,307
35,635
98,742
2029 Population
2,242
37,766
100,905
2024-2029 Projected Population Growth
-1.2%
0.2%
-0.4%
Daytime Employees
4,927
26,945
96,545
Total Businesses
268
2,385
8,364
Average Household Income
$48,894
$64,896
$71,059
Median Household Income
$33,402
$51,992
$55,442
Total Consumer Spending
$21.2M
$385.4M
$1.1B
Median Age
41.9
38.0
39.4
2024 Households
990
15,668
44,807
Percent College Degree or Above
11%
13%
16%
Average Home Value
$174,830
$151,029
$165,183
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $120,507 | |
| Land Assessment | $228,974 | Total Assessment | $349,481 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$228,974
Improvements Assessment
$120,507
Total Assessment
$349,481
Sale Advisors
Sale Advisors
Michael Kaplan, Vice President
(214) 560-6900
Contact
Michael Kaplan joined SRS Real Estate Partners in 2024 as Vice President. Michael’s focus is net lease and multi-tenant investment sales as well as project leasing of retail centers. He works with the SRS Capital Markets team on the sale of unanchored strip centers and is also a as part of the DFW retail team with a focus on project leasing. Most recently with Venture Commercial, Michael also serves on the Board of Directors for the North Texas Commercial Association of Realtors (NTCAR).
Following a nearly 20-year career in the hospitality and restaurant industry, Michael made the transition full-time to commercial real estate in 2020. Beginning in Las Vegas at Logic Commercial Real Estate, Michael started in project leasing and expanded into investment sales, with a dual focus on both acquisitions as well as the disposition of retail and office products. Michael moved to Venture Commercial in 2022 after he and his wife relocated to Dallas.
Following a nearly 20-year career in the hospitality and restaurant industry, Michael made the transition full-time to commercial real estate in 2020. Beginning in Las Vegas at Logic Commercial Real Estate, Michael started in project leasing and expanded into investment sales, with a dual focus on both acquisitions as well as the disposition of retail and office products. Michael moved to Venture Commercial in 2022 after he and his wife relocated to Dallas.
Patrick Luther, Managing Principal and Co-Founder
(480) 221-4221
Contact
Patrick joined SRS in 2016 with more than 10 years of transactional brokerage experience in the commercial real estate industry and over $3 billion in closed transactions, representing over 2,000 individual properties. Along with Matthew Mousavi, Patrick co-founded and leads the National Net Lease Group at SRS, the exclusive net lease capital markets platform within SRS, comprised of more than 50 professionals handling all net lease transactions for the firm nationally. He focuses on single-tenant, NNN-leased investments, including national portfolios, merchant developer representation, sale-leasebacks, lease restructuring, vacant and dark store redevelopment or liquidation, and zero cash flow transactions.
Patrick graduated from Arizona State University with a bachelor’s degree in finance. Patrick was recognized alongside business partner, Matthew Mousavi, in 2019 as a top three net lease team in the U.S. and the seventh-ranked team in the overall U.S. commercial real estate industry. He is an active member of the International Council of Shopping Centers (ICSC) and CCIM communities and can be found rock climbing or traveling internationally in his free time.
Patrick graduated from Arizona State University with a bachelor’s degree in finance. Patrick was recognized alongside business partner, Matthew Mousavi, in 2019 as a top three net lease team in the U.S. and the seventh-ranked team in the overall U.S. commercial real estate industry. He is an active member of the International Council of Shopping Centers (ICSC) and CCIM communities and can be found rock climbing or traveling internationally in his free time.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
John Artozqui
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 478027045
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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