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    Property profile & analytics

    359 Court St Pekin, IL 61554

    • Retail space
    • 4,146 SF
    • 0.11 lot acres
    For Sale
    View listing
    $299,900
    Last Sale
    Apr 11, 2025
    $297,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0861450
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail space

    Property Details for 359 Court St

    Year built
    1910
    Lot size
    0.11 lot acres
    Property size
    4,146 SF
    Property type
    Retail space
    APN
    04-04-34-434-015
    APU
    40434434015

    Description

    This exceptional 12,213 square foot commercial property, located at 359 Court Street in the heart of downtown Pekin, Illinois, presents a spectacular investment opportunity. The building, a charming historic structure situated near the courthouse, offers approximately 4,000 square feet on both the main and upper floors, providing ample space for a variety of businesses. The electrical system was updated in 2010, and the roof liner, featuring a fiber base with spray-on coating, was also replaced in 2010. A significant advantage is the non-load-bearing walls between rooms, allowing for flexible space planning and the creation of larger, open areas to suit specific business needs. The property includes a fully installed fire suppression system, ensuring safety and peace of mind. To further enhance the property, the seller is offering a $10,000 rebate towards bathroom upgrades. This is a rare chance to acquire a substantial, well-maintained commercial building in a prime downtown location with significant upside potential. The property sits on a 0-acre lot.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $305,000
      ML approach
      $295,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Pekin
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.647
    Latitude
    40.5696
    CBSA code
    37900
    CBSA name
    PEORIA, IL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $3,235
    $4,590
    $30,720
    $35,310
    -
    $13,770
    $92,160
    $105,930

    Comparable in this City

    • Value Estimation
      $285,000
      6,590 SF

      2100 Broadway St

      RETAIL STORES (PERSONAL SERVICES) • 6,590 SF
      2100 Broadway St, Pekin, IL 61554-3915
      View Details
    • Value Estimation
      $255,000
      6,900 SF

      300 Broadway St

      RETAIL STORES (PERSONAL SERVICES) • 6,900 SF
      300 Broadway St, Pekin, IL 61554-4105
      View Details
    • Value Estimation
      $50,000
      4,802 SF

      2307 Ct St

      RETAIL STORES (PERSONAL SERVICES) • 4,802 SF
      2307 Ct St, Pekin, IL 61554-5304
      View Details
    • Value Estimation
      $250,000
      1,344 SF

      343 Derby St

      RETAIL STORES (PERSONAL SERVICES) • 1,344 SF
      343 Derby St, Pekin, IL 61554-5652
      View Details
    • Value Estimation
      $255,000
      7,000 SF

      1020 Derby St

      RETAIL STORES (PERSONAL SERVICES) • 7,000 SF
      1020 Derby St, Pekin, IL 61554-5851
      View Details
    • Value Estimation
      $245,000
      1,128 SF

      431 Henrietta St

      RETAIL STORES (PERSONAL SERVICES) • 1,128 SF
      431 Henrietta St, Pekin, IL 61554-3236
      View Details

    Similar Nearby for Sale

    • $99,900
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      Pekin Industrial Flex Space

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      New Chipotle Redevelopment For Sale

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    • $1,500,000
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    Similar Nearby for Lease

    • $12 SF/Yr
      3,300 SF

      Retail Space in High Traffic Center

      Retail spaces available in Pekin's busy commercial corridor.
      3245 Court St, Pekin, IL 61554
      View Details
    • $12 SF/Yr
      1,400 SF

      Retail Space on Court Street

      Retail space with open floor plan and natural light.
      2125-2133 Court St, Pekin, IL 61554
      View Details
    • $1,250 /Mo
      1,200 SF

      Retail Unit in Pekin

      1,200 SF retail unit available for rent.
      3293-3299 Court St, Pekin, IL 61554
      View Details
    • $13 SF/Yr
      900 SF

      Pekin Retail Space Available

      Retail space available for rent in Pekin, Illinois.
      505-539 S Parkway Dr, Pekin, IL 61554
      View Details
    • $14 SF/Yr
      1,200 SF

      Retail Space in North Pekin

      1,200 SF retail space in high-traffic area.
      3552-3560 Court St, Pekin, IL 61554
      View Details
    • $9 SF/Yr
      11,650 SF

      Pekin, IL Office Space Available

      Downtown Pekin office suites, multiple sizes.
      200 2Nd St, Pekin, IL 61554
      View Details
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    359 Court St
    Pekin, IL 61554
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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.

    More about this property
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