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    1300 Washington St Washington, IL 61571
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    1300 Washington St, Washington, IL 61571

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    • Lifestyle centers
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    Cap Rate Potential
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    Current Use by Public Records

    • Lifestyle centers

    Property Details for 1300 Washington St

    Year built
    2006
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This exceptional 850,000 dollar investment opportunity presents a prime piece of commercial real estate located at 1300 WASHINGTON Street, Washington, IL 61571. The property, built in 2006, consists of one building situated on a land parcel ideally suited for retail development. Its classification as both commercial and shopping center land highlights its versatility and potential for a variety of uses. The property's location in Tazewell County, Illinois, offers excellent access to a significant consumer base. The asking price reflects the strategic value of this location and the potential for strong returns on investment. The property's single building structure provides a blank canvas for redevelopment or repurposing, allowing for customization to suit a specific business plan. This is a rare opportunity to acquire a well-positioned retail property in a thriving Illinois community. Detailed site plans and further information are available upon request. The property's coordinates are 40.6941107 latitude and -89.4174641 longitude. Serious inquiries only.

    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
    -89.4175
    Latitude
    40.6941

    Comparable in this City

    • Value Estimation by Request
      8,480 SF

      1405-1419 Washington Rd

      Lifestyle centers
      1405-1419 Washington Rd, Washington, IL 61571
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    • Value Estimation by Request
      0.88 Acres

      150 Summit Dr

      Land
      150 Summit Dr, Washington, IL 61571
      View Details
    • Value Estimation
      $1,450,000
      16,000 SF

      1275 Peoria St, Unit 1299

      SHOPPING CENTER, STRIP CENTER
      1275 Peoria St, Washington, IL 61571-2352
      View Details
    • Value Estimation
      $1,120,000
      11,118 SF

      1101 Peoria St

      SHOPPING CENTER, STRIP CENTER
      1101 Peoria St, Washington, IL 61571-2350
      View Details
    • Value Estimation
      $1,335,000
      14,490 SF

      1217 Peoria St, Unit 1255

      SHOPPING CENTER, STRIP CENTER
      1217 Peoria St, Washington, IL 61571-2352
      View Details
    • Value Estimation
      $4,470,000
      50,806 SF

      1 Washington Plz

      SHOPPING CENTER, STRIP CENTER
      1 Washington Plz, Washington, IL 61571
      View Details

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      Commercial Land For Sale

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      Prime Washington, IL Commercial Land

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    • $189,000
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      Washington, IL Commercial Building

      One-story building on a corner lot in Washington, IL.
      126 Walnut St, Washington, IL 61571
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    • $209,900
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      Two-Story Commercial Building in Washington

      Two-story commercial building with renovation potential in Washington, Illinois.
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    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
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    Washington, IL 61571
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    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
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