Medical Office with Basement
New
For Sale
$220,000
105 North Parkway Drive, Pekin, IL 61554
B-3-zoned space has an accessible entry, reception area, offices and on-site parking.
Property Size1,666 SF
Price / SF$132.05
Days on Market2
Property Features for 105 North Parkway Drive
General Information
Standard status
Active
Size
1,666 SF
Property subtype
Office
Zoning
B-3
Amenities
monument sign
ADA accessible entrance
airlock entryway
reception
large open room
offices
basement storage
Building Details
Building Size
1,666 SF
Year Built
1975
Buildings
1
Listing Agency:
RE/MAX
Listed By:
Jessica Ball · License #475175281
(309) 687-5000
Source:
Remaxcommercial
Added: Oct 16
Last Checked: Oct 16 at 2:00PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX
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Investment Insights
Based on property information with market context.
This freestanding medical office property contains 1,666 square feet, with a 630-square-foot basement for storage. The main level includes a reception area, several offices and a large open room suited to workspace or meetings. An airlock entry and ADA-accessible entrance serve the building, which was constructed in 1975.
A monument sign stands at the street, and parking is available on site. The property is zoned B-3.
A monument sign stands at the street, and parking is available on site. The property is zoned B-3.
Key Highlights
- Freestanding 1,666 SF medical office building
- 630 SF basement provides storage space
- Reception, offices, airlock entry and large open room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,929
Cap Rate
8.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$358,580
$358.6K
Cap Rate 7%
$256,129
$256.1K
Cap Rate 9%
$199,211
$199.2K
Market Conditions
NOI Build-Up for 1,666 SF
Gross rent
$33.4K $20.04/SF
− Vacancy
−$3.5K −$2.10/SF
EGI
$29.9K $17.94/SF
− OpEx
−$12.0K −$7.17/SF
NOI
$17.9K $10.76/SF
Area
Tazewell County, IL
Vacancy
10.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$358,580
Cap Rate 7%
$256,129
Cap Rate 9%
$199,211
Alternative Uses
Best Use
Office B
$438.8K
$384.0K – $512.0K
NOI $30,719 @ 7.0% cap · market cap 13.96%
Second Best
Healthcare Medical
$256.1K
$224.1K – $298.8K
NOI $17,929 @ 7.0% cap · market cap 8.15%
Theoretical Best
Office A
$651.9K
$570.4K – $760.6K
NOI $45,635 @ 7.0% cap · market cap 20.74%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61554, IL
40,854
Population
18,788
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
90%
High-School Grad
73.8 sq mi
ZIP Area
554
Density / Sq Mi
$62,484
Median Household Income
$41,718
Median Earnings
$814
Median Rent
$123,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Similar Off Market Nearby
- Peterson Craig a DVM — 2234 Autumn Dr, Pekin, IL 61554
Frequently Asked Questions
What type of property is this?
Medical Office Space - B-3-zoned space has an accessible entry, reception area, offices and on-site parking.
Where is this medical office space located?
The property is located at 105 North Parkway Drive Pekin, IL.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Freestanding 1,666 SF medical office building; 630 SF basement provides storage space; Reception, offices, airlock entry and large open room
