Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Residential Land in Peoria, IL Title is generated by Realmo AI

    5115 W HARP HOLLOW Road, Peoria, IL 61607

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    LAND - Peoria, IL

    Lot size:
    0.26 Acres
    Added:
    Jun 12, 2025
    Days on Market:
    342
    Last Refresh:
    May 19 at 10:06 am

    Property Features for 5115 W HARP HOLLOW Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    17-23-106-023
    Lot size
    0.26 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    JACOBS' SUB NW 1/4 SEC 23-8-7E (95-05209) LOT 7
    Tax Annual Amount
    153

    Utilities

    Utilities
    Electricity Available
    Water source
    Public

    We can help!

    Listing Contact
    Adam Merrick
    Adam Merrick

    Listing agent Adam Merrick License #471018071

    Listing office Adam Merrick Real Estate 2400 N Main Street Suite B, East Peoria, IL

    Listing date Jun 12, 2025

    MLS# PA1258668 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.

    HighLights

    • .26 acre lot suitable for building your dream home or duplex.
    • Convenient location minutes from 474.
    • Proximity to Bartonville.
    • Electricity Available.
    • Public Water Source.
    • Opportunity to build a dream home or duplex.

    Overview

    This 0.26-acre residential lot is located in Peoria, Illinois. Zoned for residential use, the property offers the potential to build a single-family home or a duplex. The lot is situated minutes from 474 and Bartonville.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store Department Store HVAC Service Discount Store Grocery & Convenience Store Electronics & Wireless Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.674835
    Latitude
    40.663583

    Nearby Similar for Sale

    • $475,000
      6,676 SF

      Peoria Commercial Property for Sale

      Landmark property ready for a visionary new owner.
      1321 N PARK Road, Peoria, IL 61604
      View Details
    • $570,000

      Four-Unit Commercial Building in Peoria

      Four-unit commercial building with state contract leases and vacancies.
      1115 N North Street, Peoria, IL 61606
      View Details
    • $139,900

      North Peoria Commercial Corner Property

      High-visibility commercial property with flexible layout and recent updates.
      6216 N SHERIDAN Road, Peoria, IL 61614
      View Details
    • $70,000
      1,500 SF

      Versatile Commercial Building in Peoria

      Adaptable commercial building suitable for various business uses.
      804 E FORREST HILL Avenue, Peoria, IL 61603
      View Details
    • $22,000

      Buildable Lot in Norwood

      Buildable lot in a peaceful, established Peoria neighborhood.
      1636 N NORWOOD Boulevard, Peoria, IL 61604
      View Details
    • $22,000

      Buildable Lot in Peaceful Norwood

      Buildable lot in a quiet, established Peoria neighborhood.
      1401 N BOYD Avenue, Peoria, IL 61604
      View Details
    • $209,900

      Well-Maintained Duplex Investment Opportunity

      Spacious duplex in Richwoods School District, ideal for investors.
      1402 - 1404 DAYTONA Drive, Peoria, IL 61614
      View Details
    • $500,000

      Commercial Property with Multiple Income Streams

      Versatile commercial property featuring storage units, workshop, and leased car lot.
      3523 W FARMINGTON Road, Peoria, IL 61604
      View Details
    • $89,000

      7.92 Acres Vacant Land Peoria

      7.92± acre tract on a quiet dead-end road.
      00 0 E Koch Dr, Peoria, IL 61614
      View Details
    • $99,900

      Peoria Multifamily Income Opportunity

      Two-unit property with immediate income potential in Peoria, Illinois.
      511 W LOUCKS Avenue, Peoria, IL 61603
      View Details
    • $89,000

      Peoria Duplex with Income Potential

      Up/down duplex in Peoria with tenant and vacant unit.
      1617 NE MONROE Street, Peoria, IL 61603
      View Details
    • $8
      6,370 SF

      Iconic Riverfront Brick Building

      Two-story brick building with river views and decking.
      330 SW Water Street, Peoria, IL 61601
      View Details

    FAQs

    What type of property is this?
    Land - Residential lot available for building a home or duplex.
    Where is this land located?
    The property is located at 5115 W HARP HOLLOW Road Peoria, IL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: .26 acre lot suitable for building your dream home or duplex.; Convenient location minutes from 474.; Proximity to Bartonville.
    (309) 678-3734
    We can help!
    Listing Contact
    Adam Merrick
    Adam Merrick
    Real Estate License ID: 471018071
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    5115 W HARP HOLLOW Road, Peoria, IL 61607
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!