Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Lots with Rental Homes Title is generated by Realmo AI

    116 120 124 Spring Creek Rd & 1000 1004 Spring Bay Rd, East Peoria, IL 61611

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Five commercial lots, each with a rental home.

    Type:Land
    Added:
    Jun 18, 2021
    Days on Market:
    1801
    Last Refresh:
    Mar 17 at 1:14 pm

    Property Features for 116 120 124 Spring Creek Rd & 1000 1004 Spring Bay Rd

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Madison Maloof

    Listing agent Madison Maloof License #IL 475.180439

    Listing office Maloof Commercial Real Estate

    Listing date Jun 18, 2021

    Source Crexi

    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 Maloof Commercial Real Estate

    HighLights

    • Five commercial lots included, offering significant development potential.
    • Each lot features a rental home onsite.
    • Well suited for gas station development.
    • Well suited for retail pad development.
    • Commercial zoning.
    • Income‑producing property (rental homes).

    Overview

    The subject property consists of five commercial lots, each with a rental home onsite. The property is well suited for a gas station or retail pad development.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Big Box & Wholesale Store Auto Repair Shop Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    East Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.521323
    Latitude
    40.7327012

    Nearby Similar for Sale

    • $119,900
      550 SF

      Two Homes on One Parcel

      Two houses on a large lot, ideal for investors.
      2404 Springfield Road, East Peoria, IL 61611
      View Details
    • $2,689,000

      East Peoria Multi-Family Land

      27 acres of multi-family zoned land in East Peoria.
      PINECREST Drive, East Peoria, IL 61611
      View Details
    • $425,280

      Versatile Land Tract in East Peoria

      26-acre tract with tillable ground, storage, and development potential.
      KNOLLAIRE Court, East Peoria, IL 61611
      View Details
    • $280,000

      East Peoria Mixed-Use Investment

      Mixed-use property with residential and commercial income potential.
      220 & 222 MEADOW Avenue, East Peoria, IL 61611
      View Details
    • $464,000

      East Peoria Land Opportunity

      Seven lots near East Peoria walking trail, convenient location.
      2400 - 2514 Bloomington Road, East Peoria, IL 61611
      View Details
    • $5,600,000
      5,970 SF

      Modern Car Wash Investment Opportunity

      East Peoria car wash property with strong tenant and location.
      540 W Camp St, East Peoria, IL
      View Details
    • $72,000

      East Peoria Land Opportunity

      1.989 acre lot in Tazewell County near walking trail.
      2510 Bloomington Road, East Peoria, IL 61611
      View Details
    • $62,000

      East Peoria Acreage Home Site

      1.5 acre lot near East Peoria walking trail.
      2500 Bloomington Road, East Peoria, IL 61611
      View Details
    • $314,900

      Mixed-Use Building Near Morton

      Multi-use building with commercial spaces and apartments near Morton.
      3409 MEADOW Avenue, East Peoria, IL 61611
      View Details
    • $60,000

      East Peoria Residential Lot

      1.501 acre lot in the heart of Tazewell County.
      2514 Bloomington Road, East Peoria, IL 61611
      View Details
    • $70,000

      East Peoria Land Near Walking Trail

      1.84 acre lot in Tazewell County near Peoria.
      2504 Bloomington Road, East Peoria, IL 61611
      View Details
    • $70,000

      East Peoria Land Opportunity

      1.901 acre lot in Tazewell County near walking trail.
      2502 Bloomington Road, East Peoria, IL 61611
      View Details

    FAQs

    What type of property is this?
    Commercial land - Five commercial lots, each with a rental home.
    Where is this commercial land located?
    The property is located at 116 120 124 Spring Creek Rd & 1000 1004 Spring Bay Rd East Peoria, IL.
    What is the asking price?
    The asking price for this property is $888,624.
    What are key features of this property?
    This property features: Five commercial lots included, offering significant development potential.; Each lot features a rental home onsite.; Well suited for gas station development.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Madison Maloof
    Real Estate License ID: IL 475.180439
    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
    116, 120, 124 Spring Creek Rd & 1000, 1004 Spring Bay Rd, East Peoria, IL 61611
    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!