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 Market91
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: Jul 27
Changed: Oct 1
Last Checked: Oct 24 at 5:27PM
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
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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 / Yr
$29,159
Cap Rate
9.06%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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
