Mixed-Use Live-Work
250 Peru Street Paw Paw, IL 61353
250 Peru Street, Paw Paw, IL, 61353
$230,000
For Sale
$230,000
COMMERCIAL - Paw Paw, IL
Property Size2,000 SF
Lot Size0.43 Acres
Price / SF$115
Days on Market50
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
- Central Air, Zoned, Window Unit(s)
Building Details
- Year built
- 1891
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Carpet, Vinyl
- Building materials
- Block, Wood, Frame
- Roof type
- Composition
Listing agency
Swanson Real Estate
(815) 786-9418
Listed by
Wendi Sleezer
(815) 693-4958
Added: Jun 3 Updated: Jul 21 at 11:38AM Checked: Jul 22 at 8:06AM
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.
Investment Insights
Based on property information with market context.
This mixed-use live-work property includes an adaptable main level and a finished basement offering approximately 2,000 square feet of commercial space. The second floor features a private two-bedroom, one-bath apartment, providing an owner-occupied option or additional rental income.
The property sits on two village lots and includes a fenced outdoor area, blacktop parking/recreation space, an attached one-car garage, and an oversized barn with room for two vehicles. The barn offers flexible storage and workspace for equipment, inventory, or contractor operations.
The building is described as well maintained with numerous improvements over the years, with opportunities noted for modernization of the commercial space and continued mixed-use use or other permitted redevelopment.
The property sits on two village lots and includes a fenced outdoor area, blacktop parking/recreation space, an attached one-car garage, and an oversized barn with room for two vehicles. The barn offers flexible storage and workspace for equipment, inventory, or contractor operations.
The building is described as well maintained with numerous improvements over the years, with opportunities noted for modernization of the commercial space and continued mixed-use use or other permitted redevelopment.
Key Highlights
- Mixed‑use property built in 1891 with Block, Wood, and Frame construction and a composition roof
- Approximately 2,000 SF of adaptable commercial space across the main level and finished basement
- Second floor includes a private 2‑bedroom, 1‑bath apartment for owner‑occupancy or rental income
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.0k | $18.00 |
| − Vacancy | −$2.7k | −$1.33 |
| EGI | $33.3k | $16.67 |
| − OpEx | −$12.5k | −$6.25 |
| NOI | $20.8k | $10.42 |
2,000 SF · lease $18.00/SF/yr · vacancy 7.40% · expense 37.50%
Alternative Uses
Best Use
Office B
$452.6K
$396.0K – $528.0K
NOI $31,680 @ 7.0% cap · market cap 13.77%
Second Best
Mixed Use
$297.6K
$260.4K – $347.3K
NOI $20,835 @ 7.0% cap · market cap 9.06%
Theoretical Best
Office A
$545.1K
$477.0K – $636.0K
NOI $38,160 @ 7.0% cap · market cap 16.59%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Paw Paw Schoolhouse
Daycare Center
FAQs
What type of property is this?
Live-work space - Mixed-use building with commercial space, finished basement, and a second-floor two-bedroom apartment, plus fenced outdoor area and parking.
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 Block, Wood, and Frame construction and a composition roof; Approximately 2,000 SF of adaptable commercial space across the main level and finished basement; Second floor includes a private 2‑bedroom, 1‑bath apartment for owner‑occupancy or rental income
