Mixed-Use Building with Jitsu
For Sale
$321,900
703 Peoria St, Washington, IL 61571
Three leased apartments and a lower-level jitsu studio combine residential and commercial occupancy.
Property Size4,418 SF
Price / SF$72.86
Days on Market21
Property Features for 703 Peoria St
General Information
Standard status
Active
Size
4,418 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
3 x 1BR
Multifamily Units
3
Building Details
Year Built
1966
Buildings
1
Listing Agency:
Keller Williams Premier Realty
Listed By:
Melissa Fox () · License #475143564
(309) 231-0429
Source:
Searchillinoishomesforsale
Added: Aug 19
Changed: Sep 8
Last Checked: Sep 8 at 2:29PM
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 Keller Williams Premier Realty
Investment Insights
Based on property information with market context.
Located at 703 Peoria St in Washington, Illinois, this 4,418-square-foot mixed-use building includes three one-bedroom apartments on the upper level and a jitsu studio below. The apartments provide residential occupancy, while the lower-level studio supports the property’s commercial use.
All units are currently rented, including the three apartments and the jitsu studio. Two of the apartments have been updated. The roof is approximately 3 years old, and new steps were added recently. Additional space could be used for a future laundry facility.
All units are currently rented, including the three apartments and the jitsu studio. Two of the apartments have been updated. The roof is approximately 3 years old, and new steps were added recently. Additional space could be used for a future laundry facility.
Key Highlights
- 4,418‑square‑foot mixed‑use building at 703 Peoria St, Washington, IL 61571
- Three one‑bedroom apartments located on the upper level
- Jitsu studio occupies the lower level
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
$29,159
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
9.06%
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%
$583,180
$583.2K
Cap Rate 7%
$416,557
$416.6K
Cap Rate 9%
$323,989
$324.0K
Market Conditions
NOI Build-Up for 4,418 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
$53.0K $12.00/SF
− Vacancy
−$6.4K −$1.44/SF
EGI
$46.7K $10.56/SF
− OpEx
−$17.5K −$3.96/SF
NOI
$29.2K $6.60/SF
Area
Tazewell County, IL
Vacancy
12.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
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%
$583,180
Cap Rate 7%
$416,557
Cap Rate 9%
$323,989
Alternative Uses
Best Use
Multifamily LT 5
$416.8K
$364.7K – $486.3K
NOI $29,179 @ 7.0% cap · market cap 9.06%
Second Best
Mixed Use
$416.6K
$364.5K – $486.0K
NOI $29,159 @ 7.0% cap · market cap 9.06%
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $121,019 @ 7.0% cap · market cap 37.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
Explore this area
Business Placement
Demographics for 61571, IL
24,766
Population
10,273
Households
2.4
Avg Household Size
40
Median Age
38%
College-Educated
98%
High-School Grad
53.5 sq mi
ZIP Area
463
Density / Sq Mi
$87,852
Median Household Income
$48,329
Median Earnings
$996
Median Rent
$200,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three leased apartments and a lower-level jitsu studio combine residential and commercial occupancy.
Where is this mixed-use property located?
The property is located at 703 Peoria St Washington, IL.
What is the asking price?
The asking price for this property is $321,900.
What are key features of this property?
This property features: 4,418‑square‑foot mixed‑use building at 703 Peoria St, Washington, IL 61571; Three one‑bedroom apartments located on the upper level; Jitsu studio occupies the lower level
