Multi-Tenant Retail
For Sale
$799,000
107 Eastgate Drive, Washington, IL 61571
The fully occupied property is positioned across from Illinois Central College Campus with access from major routes.
Property Size5,427 SF
Lot Size0.96 Acres
Price / SF$147.23
Days on Market193
Property Features for 107 Eastgate Drive
General Information
Standard status
Active
Size
5,427 SF
Total Parking Spaces
61
Lot size
0.96 Acres
Property subtype
Retail - Street Retail
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Building Size
5,427 SF
Year Built
2012
Buildings
1
Units
4
Tenancy
Multi
Listing Agency:
Joseph & Camper Commercial
(309) 643-0717
Listed By:
Will Hayes · License #475122056
Source:
Commercialcafe
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 30 at 1:19PM
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 Joseph & Camper Commercial
Investment Insights
Based on property information with market context.
This 5,427 SF retail building was constructed in 2012 and occupies a 0.96-acre parcel. The property is currently 100% occupied by Allstate Insurance, Albereci Construction, Sheryl’s Café, and Mathis Home Strategies / The Real Estate Group Inc. Approximately 61 parking spaces serve the building and its occupants.
The site is located across from Illinois Central College Campus, with visibility and accessibility from US Route 24 / Route 150. Existing leases are structured as gross leases, with the potential to transition to an NNN structure over time. The combination of multiple occupants, established parking, and direct access from prominent routes supports a range of retail and service-oriented commercial uses.
The site is located across from Illinois Central College Campus, with visibility and accessibility from US Route 24 / Route 150. Existing leases are structured as gross leases, with the potential to transition to an NNN structure over time. The combination of multiple occupants, established parking, and direct access from prominent routes supports a range of retail and service-oriented commercial uses.
Key Highlights
- 5,427 SF retail building on a 0.96‑acre parcel
- Constructed in 2012
- Approximately 61 parking spaces onsite
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$51,285
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,025,700
$1.0M
Cap Rate 7%
$732,643
$732.6K
Cap Rate 9%
$569,833
$569.8K
Market Conditions
NOI Build-Up for 5,427 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$81.4K $15.00/SF
− Vacancy
−$8.1K −$1.50/SF
EGI
$73.3K $13.50/SF
− OpEx
−$22.0K −$4.05/SF
NOI
$51.3K $9.45/SF
Area
Tazewell County, IL
Vacancy
10.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,025,700
Cap Rate 7%
$732,643
Cap Rate 9%
$569,833
Alternative Uses
Best Use
Retail
$732.6K
$641.1K – $854.8K
NOI $51,285 @ 7.0% cap · market cap 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,657 @ 7.0% cap · market cap 18.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
81
Businesses Nearby
12k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Washington #3
Shops & Services
11,674 visits/mo
0.1 miles
Demographics for 61571, IL
24,766
Population
10,273
Households
2.4
Avg Household Size
40
Median Age
38%
College-Educated
98%
High-School Grad
53.5 sq mi
ZIP Area
463
Density / Sq Mi
$87,852
Median Household Income
$48,329
Median Earnings
$996
Median Rent
$200,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - The fully occupied property is positioned across from Illinois Central College Campus with access from major routes.
Where is this retail space located?
The property is located at 107 Eastgate Drive Washington, IL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 5,427 SF retail building on a 0.96‑acre parcel; Constructed in 2012; Approximately 61 parking spaces onsite
