Leased Retail
For Sale
Contact for pricing
3578 Court Street, Pekin, IL 61554
Retail property occupied by Verizon and OneMain Financial with recently extended leases.
Property Size5,400 SF
Price / SF$276.67
Days on Market118
Property Features for 3578 Court Street
General Information
Standard status
Active
Size
5,400 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$119,490
Building Details
Year Built
2006
Units
3
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Chicago Oak Brook
(630) 570-2200
Listed By:
Dominic Sulo · License #IL 475.134920
Source:
Crexi
Added: May 6
Changed: Aug 30
Last Checked: Aug 30 at 4:55PM
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 Marcus & Millichap - Chicago Oak Brook
Investment Insights
Based on property information with market context.
This retail property contains 5,400 square feet and was constructed in 2006. The building is occupied by Verizon and OneMain Financial, with lease extensions recently completed.
The property is positioned as an outparcel to East Court Village, a shopping center totaling approximately 405,000 square feet. Its Court Street address places the asset in Pekin, Illinois, within the Peoria MSA.
The property is positioned as an outparcel to East Court Village, a shopping center totaling approximately 405,000 square feet. Its Court Street address places the asset in Pekin, Illinois, within the Peoria MSA.
Key Highlights
- 5,400‑square‑foot retail property
- Occupied by Verizon and OneMain Financial
- Lease extensions recently completed
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$51,030
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,020,600
$1.0M
Cap Rate 7%
$729,000
$729.0K
Cap Rate 9%
$567,000
$567.0K
Market Conditions
NOI Build-Up for 5,400 SF
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.
Gross rent
$81.0K $15.00/SF
− Vacancy
−$8.1K −$1.50/SF
EGI
$72.9K $13.50/SF
− OpEx
−$21.9K −$4.05/SF
NOI
$51.0K $9.45/SF
Area
Tazewell County, IL
Vacancy
10.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,020,600
Cap Rate 7%
$729,000
Cap Rate 9%
$567,000
Alternative Uses
Best Use
Retail
$729.0K
$637.9K – $850.5K
NOI $51,030 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.85M – $2.47M
NOI $147,918 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
351k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 24%
Shops & Services 24%
Home Improvements & Furnishings 16%
Dining 16%
Walmart
Superstores
84,722 visits/mo
0.2 miles
Menards
Home Improvements & Furnishings
44,086 visits/mo
0.2 miles
Hobby Lobby
Shops & Services
30,827 visits/mo
0.3 miles
Starbucks
Dining
17,397 visits/mo
0.2 miles
Dollar Tree
Shops & Services
16,906 visits/mo
0.2 miles
Demographics for 61554, IL
40,854
Population
18,788
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
90%
High-School Grad
73.8 sq mi
ZIP Area
554
Density / Sq Mi
$62,484
Median Household Income
$41,718
Median Earnings
$814
Median Rent
$123,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail property occupied by Verizon and OneMain Financial with recently extended leases.
Where is this retail space located?
The property is located at 3578 Court Street Pekin, IL.
What is the asking price?
The asking price for this property is $1,494,000.
What are key features of this property?
This property features: 5,400‑square‑foot retail property; Occupied by Verizon and OneMain Financial; Lease extensions recently completed
