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    3 Harris Rd East Peoria, IL 61611

    Sponsored
    For Sale
    $79,900

    Multi-family development opportunity.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 0.93-acre lot, part of a larger 3.76-acre parcel in East Peoria, Illinois (61611), presents a prime opportunity for multi-family development. Currently zoned R-4, it's ideally suited for apartments, duplexes, townhouses, or row houses. The seller is open to dividing the larger parcel (05-05-10-300-015) into four individual lots, offering flexibility in acquisition size. While the exact lot dimensions may be subject to negotiation based on market conditions and availability at the time of offer, the proposed 0.93-acre lot is level and cleared, located behind a Dollar General store in an established neighborhood with convenient access to utilities. Its proximity to a grade school adds to its appeal. The property enjoys a strategic location, approximately five minutes from Interstate 74-474 and the East Peoria Levee District, providing easy access to Morton, Peoria, Pekin, and Washington. Buyers are responsible for verifying the suitability of the property for their intended use. Note that no official address, legal description, or parcel ID has been assigned to the individual lots yet, except for the entire 3.76-acre parcel. Utility availability at the street is confirmed, but direct access at the lot line requires verification. Asking price is $79,900.

    Property Features for 3 Harris Rd

    General Information

    Property type
    Land

    HighLights

    • $79,900 asking price for a commercial/residential land parcel.
    • 0.93‑acre lot, R‑4 multi‑family zoning (apartments, duplexes, townhouses).
    • Potential for subdivision of a larger 3.76‑acre parcel into four lots.
    • Level, cleared lot near Dollar General, grade school, and utilities.
    • Convenient access to I‑74/474, East Peoria Levee District, and nearby towns.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Nail Salon Building Supply Gym & Fitness Auto Repair Shop Pharmacy Daycare Center Wholesale Shop Department Store Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    East Peoria
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.5518364
    Latitude
    40.6320752

    Nearby Comparable

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    FAQs

    What type of property is this?
    Land - Multi-family development opportunity.
    Where is this land located?
    The property is located at 3 Harris Rd East Peoria, IL.
    What is the asking price?
    The asking price for this property is $79,900.
    What are key features of this property?
    This property features: $79,900 asking price for a commercial/residential land parcel.; 0.93-acre lot, R-4 multi-family zoning (apartments, duplexes, townhouses).; Potential for subdivision of a larger 3.76-acre parcel into four lots.
    Request Owner's contact information
    3 Harris Rd East Peoria, IL 61611
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    East Peoria, IL 61611
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    Realmo Value Estimation

    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.

    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.

    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
    3 Harris Rd East Peoria, IL 61611
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