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    Kroger Shadow-Anchored Retail Center Title is generated by Realmo AI

    601 N Commercial St, Harrisburg, IL 62946

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    Retail center with redevelopment potential in Harrisburg, Illinois.

    Type:Retail
    Property size:
    28,320 SF
    Lot size:
    13.21 Acres
    Price / SF:
    $63/SF
    Added:
    Feb 6, 2026
    Days on Market:
    96
    Last Refresh:
    Mar 17 at 1:14 pm

    Property Features for 601 N Commercial St

    General Information

    Standard status
    Active
    Size
    28,320 SF
    Lot size
    13.21 Acres
    Property subtype
    Retail

    Building Details

    Year Built
    1980

    We can help!

    Listing Contact
    Eddie Cherry
    Eddie Cherry

    Listing agent Eddie Cherry License #2008027591

    Listing office Manor Real Estate

    Listing date Feb 6, 2026

    Source Crexi

    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 Manor Real Estate

    HighLights

    • Kroger shadow‑anchored retail center (Shawnee Square) with 69% occupancy, benefiting from strong daily traffic.
    • Arrowhead Point offers tremendous redevelopment potential at a land basis of $0.87 per square foot.
    • Shawnee Square was extensively renovated in 2024 with a new TPO roof and modern new façade.
    • Excellent tenant mix at Shawnee Square, strategically positioned between Kroger and Tractor Supply.
    • Arrowhead Point has existing access, functional parking field, and utility infrastructure.
    • Offered as a package for $2,300,000 ($31.80 PSF).

    Overview

    This offering presents the opportunity to acquire a portfolio of two properties in Harrisburg, Illinois, comprising Shawnee Square and Arrowhead Point Shopping Centers. Shawnee Square is a 28,320 square foot retail center shadow-anchored by Kroger, featuring 69% occupancy. The shopping center underwent extensive renovations in 2024, including a new TPO roof and a modern facade. Positioned between Kroger and Tractor Supply, Shawnee Square benefits from a strong tenant mix, high daily traffic, and access to North Commercial Street, Harrisburg’s primary retail corridor. Arrowhead Point is a 44,000 square foot retail center situated on approximately 13.21 acres. Shadow-anchored by a Rural King, this site offers redevelopment potential, with existing access, a functional parking field, and utility infrastructure.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Kroger Deli Food Market Factory Connection Jeans Shop Kroger Pharmacy Pharmacy Kroger Fuel Center Gas Station Little Vegas Gaming Electronics & Wireless Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Coinstar Kiosk | Bitcoin ATM — Kroger - Louisville, 601 N Commercial St, Harrisburg, IL 62946

    Location Insight

    • Map
    • Local Demand
    City
    Harrisburg
    County
    Saline
    State
    Illinois
    Longitude
    -88.534174
    Latitude
    37.733367

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    FAQs

    What type of property is this?
    Shopping center - Retail center with redevelopment potential in Harrisburg, Illinois.
    Where is this shopping center located?
    The property is located at 601 N Commercial St Harrisburg, IL.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Kroger shadow‑anchored retail center (Shawnee Square) with 69% occupancy, benefiting from strong daily traffic.; Arrowhead Point offers tremendous redevelopment potential at a land basis of $0.87 per square foot.; Shawnee Square was extensively renovated in 2024 with a new TPO roof and modern new façade.
    (314) 647-6611 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Eddie Cherry
    Eddie Cherry
    Real Estate License ID: 2008027591
    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.

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