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    The Largest CRE Database in the US with Over 1 Million Listings

    1411-1413 E Tripp Ave, Unit 2 Peoria, IL 61603

    Sponsored
    For Sale
    Pending
    $159,000

    MULTI_FAMILY - Peoria, IL

    Lot size:
    0.17 Acres
    Days on Market:
    19
    Last Refresh:
    Jan 26 at 5:06 am

    Property Features for 1411-1413 E Tripp Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Pending
    Zoning
    Residential
    Rooms
    Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 2
    Bedrooms
    4
    APN
    14-27-407-020
    Parking
    4
    Parking features
    On Street, Guest
    Interior features
    Cable Available, High Speed Internet
    Fencing
    Fenced
    Basement
    Crawl Space
    Lot size
    0.17 Acres

    Utilities

    Heating system
    Natural Gas, Electric (Heating), Forced Air
    Cooling system
    Zoned, Central Air
    Water source
    Public

    Building Details

    Year built
    1976
    Number of units
    2
    Building materials
    Stucco, Vinyl Siding, Wood Siding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Shellie Wilkes

    Jim Maloof Realtor (309) 692-3900

    Listing agent Shellie Wilkes

    Listing date Jan 8, 2026

    MLS# PA1262201 Listing URL

    Copyright © 2026 RMLS Alliance. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Updated Duplex with Separate Utilities

    This multifamily property in Peoria, IL, features a thoughtful layout with two units. Each unit includes a spacious living room, an eat-in kitchen, and main floor laundry. The property is designed for efficiency with separate HVAC, central air, water meter, electric meter, and gas meter for each side, simplifying tenant billing and management. The spacious layouts are complemented by excellent storage, including generous size bedroom closets, linen/storage closets, and pantry closets in each unit. Both sides have been recently refreshed with updates including newer toilets, light fixtures, updated paint, cabinets finished with paint, and trim painted. There is a mix of new vinyl plank and other updated flooring. Main entrances are located on the side, opening to a private, partially covered, fenced patio area. The roof was replaced in 2018. Unit 1411 (front unit) features a new range and will have new kitchen flooring installed prior to closing. Unit 1413 (back unit) benefits from a newer water heater and furnace. Both sides are currently rented, providing immediate cash flow from day one. The property is located on a lot of approximately 0.17 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.57245437
    Latitude
    40.728375

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    FAQs

    What type of property is this?
    Duplex - Well-maintained duplex featuring separate utilities and recent updates.
    Where is this duplex located?
    The property is located at 1411-1413 E Tripp Ave, Unit 2 Peoria, IL.
    What is the asking price?
    The asking price for this property is $159,000.
    What are key features of this property?
    This property features: - Separate Utilities: Each unit has its own HVAC, central air, water, electric, and gas meters.; - Immediate Cash Flow: Both units are currently rented, providing instant income.; - Recent Updates: Both units have been refreshed with newer toilets, light fixtures, updated paint, refinished cabinets, painted trim, and updated flooring.
    (309) 692-3900
    Request Owner's contact information
    1411-1413 E Tripp Ave, Unit 2 Peoria, IL 61603
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    Peoria, IL 61603
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1411-1413 E Tripp Ave, Unit 2 Peoria, IL 61603
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    We can help!
    Listing Contact
    Shellie Wilkes
    Real Estate License ID: 475171870
    (309) 692-3900
    Learn more
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