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    Commercial Property with Multiple Income Streams Title is generated by Realmo AI

    3523 W FARMINGTON Road, Peoria, IL 61604

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    Claim this Listing
    For Sale
    $500,000

    COMMERCIAL - Peoria, IL

    Lot size:
    1.98 Acres
    Added:
    Jan 22, 2026
    Days on Market:
    108
    Last Refresh:
    May 10 at 5:06 pm

    Property Features for 3523 W FARMINGTON Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Active
    APN
    17-01-252-004
    Lot size
    1.98 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    NE 1/4 & SE 1/4 SEC 1-8N-7E 1.782 AC BEG 231.84' W OF INTERSEC OF S LN NE 1/4 SEC 1 & WLY ROW LN OF
    Tax Annual Amount
    12099

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Ceiling, Forced Air, Natural Gas, Radiant Ceiling, Radiant
    Cooling system
    Window Unit(s), Wall/Window Unit(s), Central Air

    Building Details

    Year built
    1974
    Floors in Building
    1
    Flooring type
    Concrete
    Building materials
    Aluminum Siding, Steel Frame
    Roof type
    Metal

    We can help!

    Listing Contact
    Brian Carlin
    Brian Carlin

    Listing agent Brian Carlin License #475104150

    Listing office Jim Maloof Realty, Inc. 803 W Pioneer Parkway, Peoria, IL

    Listing date Jan 22, 2026

    MLS# PA1263466

    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.

    HighLights

    • Great location on Farmington Road across from the Speedway.
    • Leased car lot provides $1000/month income with 30x30 workshop.
    • 15 storage units offer rental income potential ($75/month each, potential for improvement).
    • Large 2‑acre lot provides ample space.
    • Mechanics workshop includes front office, 2 bathrooms, 2 upstairs offices, and kitchen area.
    • Additional building currently used as a woodworking shop.

    Overview

    This commercial property, situated on approximately 2 acres, offers multiple income streams. It features 15 storage units, currently renting for $75 per month each, with potential for increased rental income. A leased car lot in front of the fenced area generates $1000 per month and includes a 30x30 workshop. The property also includes a mechanics workshop with front office space, two bathrooms, two upstairs offices, and a kitchen area, along with additional storage rooms. Another building on the premises is currently utilized as a woodworking shop. Located on Farmington Road, across from Speedway, this property presents significant potential for various commercial ventures. The price excludes tools and machinery; however, hoists and automotive equipment can be included for an additional agreed-upon price. This property is located in Peoria, IL.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Top Notch Auto ... Car Dealership FOSTERS AUTO SERVICE Auto Repair Shop Foster's Storage Storage Facility

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Auto Parts Store Department Store

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

    Similar Places Nearby

    • FOSTERS AUTO SERVICE — 3523 W Farmington Rd, Peoria, IL 61604
    • Reliable Automotive Inc — 831 N Western Ave, Peoria, IL 61604
    • Big Ray's Western — 705 N Western Ave, Peoria, IL 61604
    • Dowell & Daughters Towing — 3312 W Farmington Rd, Peoria, IL 61604
    • Bond Motorsports LLC — 3404 W Farmington Rd #1, Peoria, IL 61604

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.649623
    Latitude
    40.703099

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    FAQs

    What type of property is this?
    Auto shop - Versatile commercial property featuring storage units, workshop, and leased car lot.
    Where is this auto shop located?
    The property is located at 3523 W FARMINGTON Road Peoria, IL.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: Great location on Farmington Road across from the Speedway.; Leased car lot provides $1000/month income with 30x30 workshop.; 15 storage units offer rental income potential ($75/month each, potential for improvement).
    (309) 231-9095
    We can help!
    Listing Contact
    Brian Carlin
    Brian Carlin
    Real Estate License ID: 475104150
    Learn More
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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.

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