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    Property profile & analytics

    1641 Broadway St Pekin, IL 61554-3805

    • Retail space
    • 7,820 SF
    • 0.21 lot acres
    OFF-MARKET
    Value Estimations
    $280,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2836321
    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

    • Illinois Cancer Care / Medical Group
    • Dr. Nguyet Le-Lindqwister / Oncologist
    • Jijun Liu / Oncologist / Health Care Facility

    Property Details for 1641 Broadway St

    Year built
    2001
    Lot size
    0.21 lot acres
    Property size
    7,820 SF
    Property type
    Retail space
    APN
    04-04-35-456-006
    APU
    40435456006

    Description

    This exceptional 30,620 square foot, single-story retail center, built in 1998, is situated on Broadway Road in Tazewell County and boasts a prime location within a Kroger-anchored shopping center. The property features 517 parking spaces and experiences high daily traffic volume, averaging 11,300 cars per day. Four available units range from 1,115 to 1,600 square feet, offering flexible options for various businesses. One unit is a former restaurant space with existing plumbing infrastructure, presenting a unique opportunity. The center benefits from a strong tenant mix, including established businesses such as Armed Forces Career Center, a vape shop, China King restaurant, a nail salon, Sally Beauty Supply, Dotty's, H&R Block, a financial services firm, and Papa John's Pizza. This synergistic environment fosters high foot traffic and contributes to increased tenant revenue. The property is zoned B1 and presents a compelling investment opportunity in a thriving commercial area. The building consists of one structure with multiple tenancies.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $436,000
      Market price range: $191k - $573k

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

    Location Insight

    • Map
    • Local Demand
    City
    Pekin
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.6271
    Latitude
    40.5683
    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
    $12,882
    $11,500
    $129,110
    $140,610
    -
    $34,500
    $387,330
    $421,830

    Comparable in this City

    • Value Estimation by Request
      1,333 SF

      522 Ct St

      RETAIL STORES (PERSONAL SERVICES) • 1,333 SF
      522 Ct St, Pekin, IL 61554-3301
      View Details
    • Value Estimation
      $245,000
      1,550 SF

      506 Ct St

      RETAIL STORES (PERSONAL SERVICES) • 1,550 SF
      506 Ct St, Pekin, IL 61554-3301
      View Details
    • Value Estimation by Request
      1,164 SF

      2120 Ct St

      RETAIL STORES (PERSONAL SERVICES) • 1,164 SF
      2120 Ct St, Pekin, IL 61554-5217
      View Details
    • Value Estimation
      $245,000
      504 SF

      518 Ct St

      RETAIL STORES (PERSONAL SERVICES) • 504 SF
      518 Ct St, Pekin, IL 61554-3301
      View Details
    • Value Estimation by Request
      4,600 SF

      121 2nd St

      RETAIL STORES (PERSONAL SERVICES) • 4,600 SF
      121 2nd St, Pekin, IL 61554
      View Details
    • Value Estimation
      $115,000
      3,520 SF

      310 Derby St

      RETAIL STORES (PERSONAL SERVICES) • 3,520 SF
      310 Derby St, Pekin, IL 61554-5616
      View Details

    Similar Nearby 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.
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    • $1,250 /Mo
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      Retail Unit in Pekin

      1,200 SF retail unit available for rent.
      3293-3299 Court St, Pekin, IL 61554
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    • $12 SF/Yr
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      Retail Space on Court Street

      Retail space with open floor plan and natural light.
      2125-2133 Court St, Pekin, IL 61554
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    • $13 SF/Yr
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      Pekin Retail Space Available

      Retail space available for rent in Pekin, Illinois.
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    • $14 SF/Yr
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      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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    1641 Broadway St
    Pekin, IL 61554-3805
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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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