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    Pekin Commercial Building with Apartments Title is generated by Realmo AI

    101 N PARKWAY Drive, Pekin, IL 61554

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    For Sale
    $494,900

    COMMERCIAL - Pekin, IL

    Added:
    Oct 23, 2023
    Days on Market:
    942
    Last Refresh:
    May 21 at 2:06 pm

    Property Features for 101 N PARKWAY Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B 3
    Standard status
    Active
    APN
    04-04-36-326-022

    Taxes and HOA fees

    Tax Year
    2022
    Tax Description
    SEC 36 T25N R5W PARKWAY MANOR EXT 4 LOTS 56 & 57 (EXC .09 AC ROW) SW 1/4
    Tax Annual Amount
    18034

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1971
    Floors in Building
    2
    Flooring type
    Carpet
    Building materials
    Brick, Vinyl Siding, Frame
    Roof type
    Composition, Metal

    We can help!

    Listing Contact
    Kibbie Christenberry

    Listing agent Kibbie Christenberry License #475131460

    Listing office Kaebel, REALTOR(R) 511 Elizabeth, Pekin, IL

    Listing date Oct 23, 2023

    MLS# PA1246366

    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

    • High‑traffic corner location at Parkway Drive and Broadway in Pekin with B3 zoning
    • Large 7653 SQFT building with quality improvements, currently a medical office
    • Versatile layout with exam rooms, offices, finished basement with kitchenette and conference area, and two upstairs apartments
    • Two apartments with separate entries, each featuring a kitchen, living room, bedroom, bathroom, and storage room
    • Ample parking with a large parking lot and a nice entryway carport
    • Durable construction with brick, vinyl siding, and a metal/composition roof

    Overview

    Located at the corner of Parkway Drive and Broadway in Pekin, Illinois, this commercial building offers 7,653 square feet of space. The property is zoned B3 and is currently used as a medical office. The main level features a lobby, five exam rooms, a procedure room, two offices, and a bathroom. The finished basement includes a kitchenette, a half bathroom, four private offices, a conference area, and storage rooms. The upper level contains two offices and two apartments, each with a kitchen, living room, one bedroom, bathroom, and storage room. The apartments have separate entries with decks and stairs and are currently not rented. The property includes a large parking lot and an entryway carport. The square footage is estimated according to Tazewell County Records.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Women Center For Health Physician Roark Michael MD Physician Dr. Lynn Kepple-Byerly, ... Ophthalmologist The Women's & Family Center ... Pediatrician

    Suggested Use

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

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

    Similar Places Nearby

    • Peterson Craig a DVM — 2234 Autumn Dr, Pekin, IL 61554

    Location Insight

    • Map
    • Local Demand
    City
    Pekin
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.618442
    Latitude
    40.568097

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    FAQs

    What type of property is this?
    Medical Office Space - Versatile commercial building with apartments in Pekin, Illinois.
    Where is this medical office space located?
    The property is located at 101 N PARKWAY Drive Pekin, IL.
    What is the asking price?
    The asking price for this property is $494,900.
    What are key features of this property?
    This property features: High‑traffic corner location at Parkway Drive and Broadway in Pekin with B3 zoning; Large 7653 SQFT building with quality improvements, currently a medical office; Versatile layout with exam rooms, offices, finished basement with kitchenette and conference area, and two upstairs apartments
    (309) 267-0093
    We can help!
    Listing Contact
    Kibbie Christenberry
    Real Estate License ID: 475131460
    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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    101 N PARKWAY Drive, Pekin, IL 61554
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