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    Mixed-Use Live-Work Property Title is generated by Realmo AI

    250 Peru Street, Paw Paw, IL 61353

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    New
    For Sale
    $230,000

    COMMERCIAL - Paw Paw, IL

    Property size:
    2,000 SF
    Lot size:
    0.43 Acres
    Price / SF:
    $115/SF
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 5:06 pm

    Property Features for 250 Peru Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    22181047602500
    Lot size
    0.43 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    6004

    Utilities

    Utilities
    Natural Gas Available
    Cooling system
    Zoned, Central Air, Window Unit(s)

    Building Details

    Year built
    1891
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Vinyl, Carpet
    Building materials
    Block, Wood, Frame
    Roof type
    Composition

    We can help!

    Listing Contact
    Wendi Sleezer
    Wendi Sleezer

    Listing agent Wendi Sleezer

    Listing office Swanson Real Estate 503 E. Church Street, Sandwich, IL

    Listing date Jun 3, 2026

    MLS# 12667006

    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.

    HighLights

    • Mixed‑use property built in 1891 with approx. 2,000 sq ft across main floor and basement for flexible commercial uses
    • Upper‑level private apartment features 2 bedrooms and 1 bathroom, adding potential rental income or live‑work options
    • Two village lots with a fenced outdoor area and blacktop recreation space
    • Parking/storage includes an attached 1‑car garage plus an oversized barn/2‑car garage for workshop or storage use
    • Utilities include natural gas available; cooling includes central air, zoned system, and window unit(s); roof is composition
    • Ongoing updates and improvements made since 1992; TIF incentives available

    Overview

    This mixed-use property includes main floor and basement space designed for commercial operations, with approximately 2,000 square feet available for professional offices, educational services, retail, wellness, studios, or community-focused businesses. The upper level is a private 2-bedroom, 1-bath apartment, which can support rental income, employee housing, or owner-occupied living. The property has been well maintained with ongoing updates and improvements since 1992.

    Set on two village lots at 250 Peru Street in Paw Paw, Illinois (Lee County), the site features a fenced outdoor area and blacktop recreation space. Parking and storage needs are supported by an attached 1-car garage and an oversized barn/2-car garage that can function as additional storage, a workshop, or a contractor-oriented facility. A business owner retiring after more than 30 years is offering the property for sale.

    For tenants, buyers, or owner-operators, the combination of commercial space, an in-place residential unit, and multiple outbuilding/storage options makes the building practical for a wide range of small business formats. The property may also qualify for available TIF incentives, and its mixed-use layout supports both immediate occupancy and future adaptation to changing operating needs.
    Property Profile Location Intelligence

    Current Use by Public Records

    Paw Paw Schoolhouse Daycare Center

    Suggested Use

    Restaurant Real Estate Agency Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Paw Paw
    County
    Lee
    State
    Illinois
    Longitude
    -88.9814856
    Latitude
    41.6881391

    FAQs

    What type of property is this?
    Live-work space - Live-work building with main-floor and basement commercial space plus an upstairs 2-bedroom apartment for flexible use.
    Where is this live-work space located?
    The property is located at 250 Peru Street Paw Paw, IL.
    What is the asking price?
    The asking price for this property is $230,000.
    What are key features of this property?
    This property features: Mixed‑use property built in 1891 with approx. 2,000 sq ft across main floor and basement for flexible commercial uses; Upper‑level private apartment features 2 bedrooms and 1 bathroom, adding potential rental income or live‑work options; Two village lots with a fenced outdoor area and blacktop recreation space
    (815) 693-4958
    We can help!
    Listing Contact
    Wendi Sleezer
    Wendi Sleezer
    Request Owner's contact information
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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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