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    2404 Springfield Road East Peoria, IL 61611

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    For Sale
    $119,900

    MULTI_FAMILY - Ranch - East Peoria, IL

    Type:Single Family Residence
    Property size:
    550 SF
    Lot size:
    0.48 Acres
    Added:
    Apr 21, 2026
    Days on Market:
    10
    Last Refresh:
    Apr 30 at 3:06 am

    Property Features for 2404 Springfield Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    Zoning
    SINGL
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Basement
    Parking
    2
    Parking features
    Garage
    Fencing
    Fenced
    Basement
    Full, Unfinished
    Standard status
    Active
    APN
    050509204035
    Size
    550 SF
    Lot size
    0.48 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    3708

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Water source
    Public

    Building Details

    Year built
    1936
    Building materials
    Vinyl Siding
    Architectural style
    Ranch

    We can help!

    Listing Contact
    Adrianne Cornejo
    Adrianne Cornejo

    Listing agent Adrianne Cornejo License #475170027

    Listing office Keller Williams Revolution 2401 East Empire Suite B Suite B, Bloomington, IL

    Listing date Apr 21, 2026

    MLS# 12625180 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Two Homes on One Parcel

    This property in East Peoria presents a rare opportunity to own two homes on a single parcel, suitable for investors, multi-generational living, or owner-occupants seeking rental income. The main house features 2 bedrooms and 1 bathroom, with updates including a newer furnace, a 1-year-old water heater, a basement dewatering system, and a whole-house fan. The property includes a fenced-in backyard and a 2-car detached garage. Behind the garage, a separate mother-in-law house of approximately 550 sq ft offers 2 bedrooms, 1 bathroom, its own electrical meter, and a newer roof. Situated on a 0.48-acre lot, this setup is ideal for rental income, guests, or extended family. The property offers strong income potential and is a versatile opportunity for cosmetic improvements.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Nail Salon Building Supply Auto Repair Shop Big Box & Wholesale Store Hotel & Motel Auto Parts Store Department Store Food Market Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    East Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.5574523
    Latitude
    40.6344919

    Nearby Similar for Sale

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      Mixed-Use Building Near Morton

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      East Peoria Office Space Available

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      East Peoria Multi-Use Property

      Multi-unit property with retail, gym, apartment, and storage.
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      East Peoria Office Space Available

      Office space in high-traffic East Peoria business district.
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      View Details
    • $850,000
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      East Peoria Leased Investment Property

      8,378 SF three-unit building, fully leased on Main Street.
      3000 N Main St, East Peoria, IL 61611
      View Details

    FAQs

    What type of property is this?
    Duplex - Two houses on a large lot, ideal for investors.
    Where is this duplex located?
    The property is located at 2404 Springfield Road East Peoria, IL.
    What is the asking price?
    The asking price for this property is $119,900.
    What are key features of this property?
    This property features: Two Homes on One Parcel: Ideal for investors, multi‑generational living, or rental income.; Separate Mother‑in‑Law House: Features 2 bedrooms, 1 bathroom, separate electrical meter, and newer roof, perfect for rental or guests.; Key Updates: Benefit from a newer furnace, 1‑year‑old water heater, and basement dewatering system already in place.
    (309) 834-3400
    We can help!
    Listing Contact
    Adrianne Cornejo
    Adrianne Cornejo
    Real Estate License ID: 475170027
    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.

    More about this property
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