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    116 Spring Bay Rd East Peoria, IL 61611

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    For Sale
    $888,624

    Five commercial lots suitable for gas station or retail development.

    Lot size:
    2.55 Acres

    Property Features for 116 Spring Bay Rd

    General Information

    Lot size
    2.55 Acres

    Source: Maloof Commercial Agent Madison Maloof

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Commercial Lots on High-Traffic Route

    The subject property comprises five commercial lots, each featuring a rental home. The site is located along Illinois Route 116, which experiences a high traffic volume of 25,500 cars per day. The property is located on well and septic. The area has potential for commercial growth in the coming years. The property offers high visibility from Illinois Route 116 and is suited for gas station or retail pad development.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Realty agency Restaurant Spa & Massage Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness Wholesale Shop Auto Repair Shop

    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

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    FAQs

    What type of property is this?
    Commercial land - Five commercial lots suitable for gas station or retail development.
    Where is this commercial land located?
    The property is located at 116 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: - High traffic location with **25,500 CPD on IL Rte 116**; - Suited for gas station or retail pad development; - Located in a commercial growth area
    (309) 693-3000
    Request Owner's contact information
    116 Spring Bay Rd East Peoria, IL 61611
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    East Peoria, IL 61611
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    Realmo Value Estimation

    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.

    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.

    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
    116 Spring Bay Rd East Peoria, IL 61611
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