Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    122 Main St Washington, IL 61571

    • Retail space
    • 4,080 SF
    • 0.09 lot acres
    For Sale
    View listing
    $280,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-5916397
    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 122 Main St

    Year built
    1939
    Lot size
    0.09 lot acres
    Property size
    4,080 SF
    Property type
    Retail space
    APN
    02-02-23-207-016
    APU
    20223207016

    Description

    This exceptional 3,861 square foot commercial property at 122 N Main Street in Washington, IL, presents a unique investment opportunity. Originally a bowling alley, this building boasts a rich history and retains many of its original features, including the remarkably well-preserved bowling alley floor and an original fire door. Currently operating as a spirit wear store, the property's adaptability makes it suitable for a wide range of commercial uses. The building features two separate 200-amp electrical services, ensuring ample power for any business. Heating is provided by two furnaces

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $163,000
      Market price range: $141k - $452k

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

    Location Insight

    • Map
    • Local Demand
    City
    Washington
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.4073
    Latitude
    40.7041
    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
    $4,379
    $15,500
    $35,720
    $51,220
    -
    $46,500
    $107,160
    $153,660

    Comparable in this City

    • Value Estimation
      $260,000
      5,000 SF

      1881 Constitution St

      RETAIL STORES (PERSONAL SERVICES) • 5,000 SF
      1881 Constitution St, Washington, IL 61571-3428
      View Details
    • Value Estimation
      $350,000
      8,916 SF

      1010 Eastgate Dr

      RETAIL STORES (PERSONAL SERVICES) • 8,916 SF
      1010 Eastgate Dr, Washington, IL 61571
      View Details
    • Value Estimation
      $245,000
      1,927 SF

      114 Walnut St, Unit A

      RETAIL STORES (PERSONAL SERVICES) • 1,927 SF
      114 Walnut St, Washington, IL 61571-2675
      View Details
    • Value Estimation
      $245,000
      4,140 SF

      2211 Washington Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,140 SF
      2211 Washington Rd, Washington, IL 61571-1972
      View Details
    • Value Estimation
      $335,000
      4,240 SF

      1405 Washington Rd, Unit 1419

      RETAIL STORES (PERSONAL SERVICES) • 4,240 SF
      1405 Washington Rd, Washington, IL 61571-2371
      View Details
    • Value Estimation
      $245,000
      1,134 SF

      121 Main St

      RETAIL STORES (PERSONAL SERVICES) • 1,134 SF
      121 Main St, Washington, IL 61571-2549
      View Details

    Similar Nearby for Sale

    • $260,000
      12,096 SF

      Retail/Warehouse Building in Washington Corridor

      Two-story retail/warehouse with additional A-Frame warehouse and ample parking.
      2449 Washington Rd, Washington, IL 61571
      View Details
    • $189,000
      0.12 Acres

      Washington, IL Commercial Building

      One-story building on a corner lot in Washington, Illinois.
      126 Walnut St, Washington, IL 61571
      View Details
    • $209,900
      0.12 Acres

      Two-Story Commercial Building in Washington

      Two-story commercial building with upgrade potential in Washington, Illinois.
      120 Walnut St, Washington, IL 61571
      View Details
    • $850,000

      Prime Washington Retail Land

      High-traffic retail lot, excellent investment.
      1300 Washington St, Washington, IL 61571
      View Details
    • $5,250,000
      0.11 Acres

      Tangled Roots Investment Opportunity

      Multifaceted hub with restaurant, brew pub, rooftop bar, and Airbnbs.
      140 Washington Sq, Washington, IL 61571
      View Details
    • $225,000
      1.45 Acres

      Prime Washington Commercial Lot

      1.45 Acres, High Visibility, Development Ready
      701 Cummings Ln, Washington, IL 61571
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      4,060 SF

      Retail Space Near Walmart

      Retail space available in multi-tenant strip center.
      1960-1970 Freedom Pkwy, Washington, IL 61571
      View Details
    • $12 SF/Yr
      12,600 SF

      Retail Suites in Cherry Tree Center

      Retail suites available in busy Washington, IL shopping center.
      6-64 Cherry Tree Shopping Ctr, Washington, IL 61571
      View Details
    • $8 SF/Yr
      100,675 SF

      Cherry Tree Shopping Center Retail Space

      High-traffic retail space, multiple suites available.
      0 Cherry Tree Shopping Ctr, Washington, IL 61571
      View Details
    • $12 SF/Yr
      14,000 SF

      Prime Washington Retail Space

      14,000 SF Strip Center, 2 Suites Available
      1960 Freedom Pkwy, Washington, IL 61571
      View Details
    • $14 SF/Yr
      8,916 SF

      Class A Office Building, Washington, IL

      8,916 sq ft, 1.84 acres, NNN lease
      90 Eastgate Dr, Washington, IL 61571
      View Details
    • Contact for pricing

      Prime Washington, IL Commercial Land

      Outlots & acreage for lease/sale
      0 Mcclugage Rd, Washington, IL 61571
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    122 Main St
    Washington, IL 61571
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.