Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    301 Parkway Ln Pekin, IL 61554

    Sponsored
    For Sale
    Contact for pricing

    LAND - Pekin, IL

    Days on Market:
    50
    Last Refresh:
    Jan 27 at 8:06 am

    Property Features for 301 Parkway Ln

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Residential
    APN
    04-04-36-319-024

    Utilities

    Utilities
    Cable Available
    Water source
    Public

    We can help!

    Listing Contact
    Mari Halliday-Duncan

    Jim Maloof Realtor (309) 692-3900

    Listing agent Mari Halliday-Duncan

    Listing date Dec 9, 2025

    MLS# PA1262705

    Copyright © 2025 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

    Residential Lot in Pekin, IL

    This residential corner lot, located in Pekin, Illinois, is suitable for building a home. The lot features large shade trees. All utilities, including public water and sewer, are available at the lot line. The property is zoned for residential use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Pekin
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.618498
    Latitude
    40.572817

    Nearby Similar for Sale

    • $115,000
      Pending

      Pekin Multi-Family Investment Opportunity

      Versatile triplex in Pekin, Illinois, ideal for generating rental income.
      1007 S 10Th St, Pekin, IL 61554
      View Details
    • $494,900

      Pekin Commercial Building with Apartments

      Versatile commercial building with apartments in Pekin, Illinois.
      101 N Parkway Dr, Pekin, IL 61554
      View Details
    • $139,900

      Freestanding Commercial Building in Pekin

      3240 sq ft building with open space and parking.
      320 Derby St, Pekin, IL 61554
      View Details
    • $165,000
      0.38 Acres

      Pekin Assisted Living Investment Opportunity

      Assisted living facility for sale near Unity Points Pekin Hospital.
      1112 Court St, Pekin, IL 61554
      View Details
    • $219,000

      Pekin Corner Lot with Visibility

      Corner lot with B-3 zoning and rental income.
      910 Derby St, Pekin, IL 61554
      View Details
    • $674,900
      0.64 Acres

      Pekin Multifamily Property Near Lake

      Well-maintained 8-unit apartment building near Lake Arlann.
      740 E Shore Dr, Pekin, IL 61554
      View Details
    • $1,685,000

      Retail Center with Income Potential

      Neighborhood retail center with national tenants and lease upside.
      1003 Derby St, Pekin, IL 61554
      View Details
    • $77,900

      Pekin Multi-Family Investment Opportunity

      Three-unit property in Pekin, Illinois, with existing rental income.
      349 Derby St, Pekin, IL 61554
      View Details
    • $2,736,360
      3,500 SF

      New Chipotle Redevelopment For Sale

      New 2025 Chipotle redevelopment with 15-year net lease.
      3440 Court St, Pekin, IL 61554
      View Details
    • $1,399,000
      31,556 SF

      Storage and Industrial Investment Opportunity

      Pekin, IL: Leased storage units and industrial building for sale.
      215 Fayette St, Pekin, IL 61554
      View Details
    • $1,399,000
      19,404 SF

      Leased Warehouse Building For Sale

      19,404 sq ft warehouse, fully leased, Pekin, Illinois.
      309 Mechanic St, Pekin, IL 61554
      View Details
    • $422,532
      0.97 Acres

      Pekin Commercial Building, 0.97 Acres

      Prime Pekin commercial lot, ideal for redevelopment.
      3424 Court St, Pekin, IL 61554
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Corner lot ready for building with utilities at lot line.
    Where is this residential land & home lot located?
    The property is located at 301 Parkway Ln Pekin, IL.
    What is the asking price?
    The asking price for this property is $13,500.
    What are key features of this property?
    This property features: - Ready to build on corner lot in a desirable neighborhood; - All utilities are at the lot line; - Public water and sewer available
    (309) 692-3900
    Request Owner's contact information
    301 Parkway Ln Pekin, IL 61554
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    301 Parkway Ln
    Pekin, IL 61554
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    301 Parkway Ln Pekin, IL 61554
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Mari Halliday-Duncan
    Real Estate License ID: 475131164
    (309) 692-3900
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.