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Vacant Former Dentist | Value-Add Investment 515 N Monroe St 1,058 SF Vacant Office Building Online Auction Sale Litchfield, IL 62056
Matterport 3D Tour
Investment Highlights
- 515 N Monroe Street presents investors and owner/users with the chance to acquire a vacant former dental office.
- Positioned for success just off E Union Avenue, a major connector for the area that sees lofty traffic counts of over 11,000 vehicles per day.
- Litchfield is centrally positioned in Illinois, approximately 50 miles northeast of St. Louis and 45 miles south of Springfield.
- Situated in the heart of Litchfield near Interstate 55, with access to Route 66, which allows for swift connectivity.
- Located less than 5 minutes away from HSHS St. Francis Hospital, the primary medical facility serving Montgomery and Macoupin Counties.
Executive Summary
NAI Columbia is pleased to present 515 N Monroe Street, an opportunity for an owner/occupier or value-add investor. This property presents a remarkable opportunity for a 1,058-square-foot medical office building on a spacious 0.08-acre lot. Constructed in 1962 and carefully maintained, it boasts a classic brick exterior complemented by an awning perfect for prominent signage. Previously home to Affordable Dentistry Today (Heartland Dental as DSO), the site is ideally suited for dental, medical, healthcare, or similar businesses. Buyers have the flexibility to establish their own practice or lease the space at market rates, maximizing net operating income.
Situated close to HSHS St. Francis Hospital, the site benefits from significant medical synergy, with nearly 240 local residents employed at the facility. The hospital is part of the Hospital Sisters Health System (HSHS), comprising 15 hospitals across Illinois and Wisconsin. Litchfield is located approximately 50 miles northeast of St. Louis and 45 miles south of Springfield. Recognized as a historic location along US Route 66, the city features attractions such as the Litchfield Museum & Route 66 Welcome Center. The surrounding area is highly active, featuring an array of retailers and dining establishments that contribute to substantial daily traffic near the property. Within one block, businesses including Domino’s Pizza, Kismet Coffee, and Route 66 BBQ and Southern Kitchen offer additional amenities. Prominent nearby retailers such as Dollar General, USPS, Dairy Queen, Rise & Grind Coffee, Taco Bell, Wendy’s, and others further enhance consumer draw to the area.
Buyers benefit from excellent demographics near this property, with the surrounding area experiencing growth within a 10-mile radius. The average household income is $71,389, contributing to a total spending power of $282 million. More than 11,000 people are employed locally, and most households are owner-occupied, reflecting a strong, stable population.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Situated close to HSHS St. Francis Hospital, the site benefits from significant medical synergy, with nearly 240 local residents employed at the facility. The hospital is part of the Hospital Sisters Health System (HSHS), comprising 15 hospitals across Illinois and Wisconsin. Litchfield is located approximately 50 miles northeast of St. Louis and 45 miles south of Springfield. Recognized as a historic location along US Route 66, the city features attractions such as the Litchfield Museum & Route 66 Welcome Center. The surrounding area is highly active, featuring an array of retailers and dining establishments that contribute to substantial daily traffic near the property. Within one block, businesses including Domino’s Pizza, Kismet Coffee, and Route 66 BBQ and Southern Kitchen offer additional amenities. Prominent nearby retailers such as Dollar General, USPS, Dairy Queen, Rise & Grind Coffee, Taco Bell, Wendy’s, and others further enhance consumer draw to the area.
Buyers benefit from excellent demographics near this property, with the surrounding area experiencing growth within a 10-mile radius. The average household income is $71,389, contributing to a total spending power of $282 million. More than 11,000 people are employed locally, and most households are owner-occupied, reflecting a strong, stable population.
Property tours are available by appointment only. Please contact the listing broker to schedule.
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Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Purchase Agreement
- Operating and Financial Statements
- Title and Insurance
- Miscellaneous
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Office
Property Subtype
Medical
Building Size
1,058 SF
Building Class
C
Year Built
1962
Tenancy
Single
Building Height
1 Story
Typical Floor Size
1,058 SF
Building FAR
0.29
Lot Size
0.08 AC
Parcel Number
10-33-376-007
Amenities
- Signage
- Partitioned Offices
- Air Conditioning
Demographics
Demographics
1 mile
3 mile
5 mile
2024 Population
6,102
7,444
8,458
2020 Population
5,841
7,200
8,287
2029 Population
6,061
7,379
8,364
2024-2029 Projected Population Growth
-0.7%
-0.9%
-1.1%
Daytime Employees
4,766
5,623
5,724
Total Businesses
573
663
680
Average Household Income
$57,210
$63,804
$68,329
Median Household Income
$47,948
$51,047
$54,319
Total Consumer Spending
$65.1M
$83.4M
$98M
Median Age
41.5
42.5
43.3
2024 Households
2,636
3,187
3,595
Percent College Degree or Above
12%
12%
12%
Average Home Value
$103,888
$126,129
$138,490
Sale Advisors
Sale Advisors
Patrick Palmer, Director of Retail Services | Principal
Patrick Palmer is a Principal and Broker with NAI Columbia and has extensive experience across the southeast in brokerage and development. Palmer’s primary focus is retail and general commercial. Before joining NAI Columbia, Palmer served as President and Broker in Charge of IAP Company, a family-owned real estate enterprise that has developed real estate for over 50 years in Columbia. Palmer has been a member of ICSC since 2000, and in 2006, he obtained the prestigious CCIM (Certified Commercial Investment Member) award and subsequently served on several national committees and now has a seat on CCIM’s National Board of Directors.
From 2003 to 2014, Palmer served on the Richland County Planning Commission where he chaired the commission for six of those years. In 2022, Palmer transacted over 37 million dollars in CRE sales and leases and has been named the Retail Leasing Power Broker of the Year and Quarter multiple times, most recently in 2022. Over the past 23 years, Patrick’s real estate experience included: landlord/tenant representation; site selection; land acquisition; disposition and development; buyer/seller representation; investment sales; and zoning and permitting processing.
From 2003 to 2014, Palmer served on the Richland County Planning Commission where he chaired the commission for six of those years. In 2022, Palmer transacted over 37 million dollars in CRE sales and leases and has been named the Retail Leasing Power Broker of the Year and Quarter multiple times, most recently in 2022. Over the past 23 years, Patrick’s real estate experience included: landlord/tenant representation; site selection; land acquisition; disposition and development; buyer/seller representation; investment sales; and zoning and permitting processing.
Bobby Balboni, CCIM, Broker
Bobby joined NAI as a brokerage associate in June 2019 after interning with the firm during his junior and senior year at the University of South Carolina. Bobby works alongside Patrick Palmer, Principal and Director of Retail Services. Their team’s focus is on retail and general commercial properties in the Midlands. Bobby specializes in landlord, seller and tenant representation. Bobby graduated Summa Cum Laude from the University of South Carolina in May of 2019, where he studied Finance and Real Estate. During his undergrad years Bobby tutored peers in finance and accounting courses, served as the Sports Editor for The Daily Gamecock, and was a member of the Carolina Finance & Investment Association. Before moving to Columbia, Bobby grew up on Buzzards Bay in southeastern Massachusetts.
Sam Edens, Brokerage Associate
Born and raised in Columbia, South Carolina, Sam enjoys outdoor activities such as golfing and hunting. He joined NAI Columbia in July of 2024 upon graduating with a major in Retail Management, at the University of South Carolina. After interning with Patrick Palmer and Bobby Balboni for half a year, he has officially joined as a member of the team, leveraging their diverse range of experience to cater to their clients’ needs across the Midlands.
About the Auction Technology
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Auction Contact
Molly Patten
Contact
Auctioneer License:
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000
Maximum Transaction Fee
$300,000
Example Calculation
Winning Bid Amount
$5,000,000
Transaction Fee
$150,000 (3%)
Total Purchase Price
$5,150,000
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Vacant Former Dentist | Value-Add Investment | 515 N Monroe St
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