215 Mechanic St Pekin, IL 61554

Property Details for 215 Mechanic St

Lot size

0.75 lot acres

Property size

31,556 SF

Property type

Retail properties

Description

This exceptional investment opportunity presents a multi-tenant retail portfolio in Pekin, Illinois, encompassing two strategically located properties totaling 31,556 square feet on a 0.75-acre lot. The portfolio consists of two buildings: 215 Fayette Street, housing Lock-tite Storage, a 12,152 square foot facility with approximately 80 storage units, of which 64 are currently leased. The unit mix includes fourteen 5'x5' units, thirteen 5'x10' units, twenty-five 10'x10' units, and twenty-eight 10'x15' units. Larger units offer the flexibility of being subdivided into smaller units. The second property, located at 309 Mechanic Street, is a 19,404 square foot building fully leased to a long-term tenant, Brock Industrial. This building includes 1,260 square feet of office space and the remaining area dedicated to warehouse space. The tenant is currently in the second year of a four-year lease renewal. The portfolio boasts a strong net operating income (NOI) of $45,407.63, resulting in a 3.05% capitalization rate. The asking price is $1,399,000, translating to a price per square foot of $47.22. The properties are ideally situated between 2nd and 3rd Streets, near the Secretary of State's office and Dairy Queen, and minutes from Illinois State Route 9 (John T. Mcnaughton Bridge). Nearby businesses include Pekin City Hall, the Tazewell County Courthouse, and various other office and retail establishments. This portfolio offers a compelling combination of stable income, strong tenant occupancy, and a prime location in a thriving commercial area.

Location Insight

City

Pekin

County

Tazewell

State

Illinois

Longitude

-89.6531

Latitude

40.5668