Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    150 Summit Dr Washington, IL 61571
    Property profile & analytics

    150 Summit Dr, Washington, IL 61571

    View on Map
    • Retail properties & Spaces
    • 1 SF
    • 0.88 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 150 Summit Dr

    Lot size
    0.88 lot acres
    Property type
    Retail properties & Spaces
    Property subtype
    Land

    Description

    This exceptional 0.88-acre commercial land parcel presents a unique opportunity for retail development in the thriving town of Washington, Illinois. Located at 150 N Summit Dr, this single-tenant property boasts a highly desirable location within Tazewell County. The site offers significant potential for a variety of retail uses, benefiting from its proximity to a range of amenities and attractions. Nearby establishments include Denhart Baking Company and Washington Family Restaurant, providing convenient options for dining and client meetings. Essential services such as banking, postal services, and shopping centers are also easily accessible, enhancing the practicality and appeal of this location for businesses. The property's address is 150 N Summit Dr, Washington, IL 61571, and its convenient location within a friendly community makes it an ideal choice for entrepreneurs seeking a practical and attractive setting for their retail venture. The total building square footage is currently listed as 1 square foot, indicating the land is primarily undeveloped and ready for new construction. This presents a blank canvas for a custom-designed retail space tailored to specific business needs. The property's 0.88-acre lot size provides ample space for development and potential expansion. This is a rare opportunity to establish a retail presence in a vibrant and supportive community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Washington
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.4836
    Latitude
    40.6938

    Comparable in this City

    • Value Estimation by Request

      1300 Washington St

      Lifestyle centers
      1300 Washington St, Washington, IL 61571
      View Details
    • Value Estimation by Request
      11.31 Acres

      Cummings Ln & Cruger Rd

      Land
      0 Cummings Ln & Cruger Rd, Washington, IL 61571
      View Details
    • Value Estimation by Request
      1.00 Acre

      101 Eastgate Dr

      Land
      101 Eastgate Dr, Washington, IL 61571
      View Details
    • Value Estimation by Request

      905 Devonshire Rd

      Land
      905 Devonshire Rd, Washington, IL 61571
      View Details
    • Value Estimation by Request

      Mc Clugage Rd

      Land
      0 Mc Clugage Rd, Washington, IL 61571
      View Details
    • Value Estimation by Request
      27.15 Acres

      Cruger Rd

      Farms
      0 Cruger Rd, Washington, IL 61571
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Prime Washington, IL Commercial Land

      10 Acres, Outlots Available, High Traffic
      0 Mcclugage Rd, Washington, IL 61571
      View Details
    • Contact for pricing

      67 Acres Divisible Land Parcel

      67 acres of divisible land with all utilities available.
      1980 Freedom Pkwy, Washington, IL 61571
      View Details
    • Contact for pricing

      Commercial Land For Sale

      Commercial land suitable for strip mall, restaurant, or businesses.
      701 N Cummings Ln, Washington, IL 61571
      View Details
    • $60,000
      0.50 Acres

      Prime Washington, IL Commercial Land

      0.5-Acre Lot, High Visibility, B-3 Zoning
      102 Esser St, Washington, IL 61571
      View Details
    • $189,000
      1,184 SF

      Washington, IL Commercial Building

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

      Two-Story Commercial Building in Washington

      Two-story commercial building with renovation potential in Washington, Illinois.
      120 Walnut St, Washington, IL 61571
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Acreage for Lease/Sale

      Outlot and acreage available for retail, medical, or residential use.
      Mcclugage Rd, Washington, IL 61571
      View Details
    • Contact for pricing
      4,060 SF

      Retail Space Near Walmart

      Retail space available in multi-tenant strip center.
      1960-1970 Freedom Pkwy, Washington, IL 61571
      View Details
    • Contact for pricing
      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
    • Contact for pricing
      10,220 SF

      East Peoria Flex Space Available

      Functional flex space with warehouse and office components for lease.
      2485 E Washington St, East Peoria, 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.
    150 Summit Dr
    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

    Thank You for Inquiry
    150 Summit Dr, Washington, IL, 61571
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!