Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search

    116 Spring Bay Rd East Peoria, IL 61611

    Sponsored
    For Sale
    $888,624

    2.55 Acres, Redevelopment Opportunity

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 2.55-acre commercial land parcel, located in East Peoria, Illinois, presents a unique redevelopment opportunity. The property, encompassing five commercial lots, each currently featuring a rental home, is zoned C-2, allowing for a wide range of commercial uses. Its strategic location at 116, 120, 124 Spring Creek Rd & 1000, 1004 Spring Bay Rd offers excellent visibility from Illinois Route 116, ensuring high traffic counts and significant exposure for any new development. The site boasts existing infrastructure, including well and septic systems, simplifying the development process. Given its location in a commercial growth area, this property represents a compelling investment opportunity for developers seeking to capitalize on the area's expanding market. The asking price is $888,624. The property's current configuration, with five lots and existing rental homes, provides potential for immediate income generation while redevelopment plans are underway. This versatile property is ideally suited for a variety of commercial ventures, including, but not limited to, a gas station or retail pad development. Its size and zoning make it an attractive prospect for businesses seeking a prominent location with high visibility and accessibility. Don't miss this chance to acquire a prime piece of commercial real estate in a thriving Illinois market.

    Property Features for 116 Spring Bay Rd

    General Information

    Property type
    Land
    Lot Size
    111,078 SF

    HighLights

    • Well and septic system on‑site.
    • High traffic volume.
    • Excellent visibility from IL Route 116.
    • Situated in a rapidly developing commercial area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Spa & Massage Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness Wholesale Shop Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    East Peoria
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.5198647
    Latitude
    40.7327222

    Nearby Comparable

    • $888,624

      Commercial Land with High Visibility

      Commercial land with high traffic and visibility on IL Rte 116.
      1004 Spring Bay Rd, East Peoria, IL 61611
      View Details
    • $888,624

      Commercial Lots on High-Traffic Route

      Five commercial lots suitable for gas station or retail development.
      116 Spring Bay Rd, East Peoria, IL 61611
      View Details
    • $750,000

      Vacant Land in Liberty Industrial

      Approximately 44 acres of vacant industrial land for sale.
      W Fauber Rd, Peoria, IL 61607
      View Details
    • $174,240
      1.00 Acre

      Prime Washington, IL Commercial Lot

      1 Acre B-3 Zoned Lot - Ready to Build
      1010 Eastgate Dr, Washington, IL 61571
      View Details
    • $198,634
      1.14 Acres

      Prime East Peoria Commercial Land

      1.14-acre B-1 zoned lot, ready to build.
      0 Eastgate Dr, East Peoria, IL 61571
      View Details
    • $163,785
      0.94 Acres

      Prime Commercial Land, Washington IL

      0.94-acre B-2 zoned lot, ready to develop.
      0 Eastgate Dr, East Peoria, IL 61571
      View Details
    • $156,816

      0.90 Acre Commercial Land Parcel

      Level, commercially zoned land parcel with high visibility and traffic.
      1010 Eastgate Dr, Washington, IL 61571
      View Details
    • $174,240

      Commercial Land Ready to Develop

      One acre level lot zoned B-3, high visibility corner.
      1010 Eastgate Dr, Washington, IL 61571
      View Details
    • $999,000
      8,916 SF

      Prime Washington Office Building

      Modern 8,916 sq ft office, 1.84 acres
      90 Eastgate Dr, Washington, IL 61571
      View Details
    • $156,816
      0.90 Acres

      Prime Washington, IL Commercial Lot

      High-visibility Route 24 development site.
      1010 Eastgate Dr, Washington, IL 61571
      View Details
    • $174,240
      1.00 Acre

      Prime 1-Acre Commercial Land

      High-visibility lot, ready for development. B-3 zoning.
      101 Eastgate Dr, Washington, IL 61571
      View Details
    • $198,634
      1.14 Acres

      Prime Washington, IL Commercial Lot

      1.14 Acres, B-1 Zoning, Ready to Develop
      Eastgate Dr, Washington, IL 61571
      View Details

    Nearby Similar for Sale

    • $499,900
      3.47 Acres

      East Peoria Industrial Building on 3 Acres

      10,220 SF industrial building on 3 acres in East Peoria.
      2485 Washington Rd, East Peoria, IL 61611
      View Details
    • $5,600,000
      5,970 SF

      Modern Car Wash Investment Opportunity

      East Peoria car wash property with strong tenant and location.
      540 W Camp St, East Peoria, IL 61611
      View Details
    • $13,747,000
      302,435 SF

      Large Industrial Property Near Caterpillar

      302,435 SF industrial property with long-term tenant near Caterpillar.
      600 Camp St W, East Peoria, IL 61611
      View Details
    • $399,900
      10,894 SF

      East Peoria Multi-Use Property

      Multi-unit property with retail, gym, apartment, and storage.
      1101 E Washington St, East Peoria, IL 61611
      View Details
    • $850,000
      8,378 SF

      East Peoria Office Space Available

      Office spaces with flexible layouts and convenient location for sale.
      3000-3002 N Main St E, East Peoria, IL
      View Details
    • $999,000
      8,378 SF

      East Peoria Office Complex

      Multi-Tenant Office Building, High Occupancy
      3000 Main St, East Peoria, IL 61611
      View Details
    • $1,250,000
      6,932 SF

      East Peoria Restaurant - $1.25M

      Turnkey Restaurant, High Traffic Location
      900 Riverside Dr, East Peoria, IL 61611
      View Details

    FAQs

    What type of property is this?
    Land - 2.55 Acres, Redevelopment Opportunity
    Where is this land located?
    The property is located at 116 Spring Bay Rd East Peoria, IL.
    What is the asking price?
    The asking price for this property is $888,624.
    What are key features of this property?
    This property features: Well and septic system on-site.; High traffic volume.; Excellent visibility from IL Route 116.
    (309) 693-3000
    Request Owner's contact information
    116 Spring Bay Rd East Peoria, IL 61611
    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.
    116 Spring Bay Rd
    East Peoria, IL 61611
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    116 Spring Bay Rd East Peoria, IL 61611
    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
    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.