1960 Freedom PkwyWashington, IL 61571

Property Details for 1960 Freedom Pkwy

Year built

2005

Lot size

1.37 AC

Property size (Sq ft)

14,000 SF

Property type

Retail properties

Property subtype

Retail space

APN

02-02-16-301-001

APU

20216301001

Description

This 14,000 square foot, single-story Class B retail strip center, built in 2005, offers two available suites ranging from 1,540 to 4,060 square feet (the larger space is divisible to 2,030 square feet). Located in Washington, Illinois, in Tazewell County (zip code 61571), at 1960 Freedom Parkway, this property benefits from a highly visible location as an outparcel to a Walmart Supercenter. Strong co-tenancy includes Menards, Aldi, Kroger, Dollar Tree, and PNC Bank. The property features excellent access with dedicated, signalized turn lanes in all directions, further enhanced by a recently completed road extension connecting Cummings Lane to Freedom Parkway, increasing traffic flow and visibility. The property is zoned C3 and comprises five suites in total within a single building. Attractive leasing incentives are available, including three months free rent for a three-year lease or five months free rent for a five-year lease signed before December 31, 2024. A tenant improvement allowance is also offered. This presents a compelling opportunity for retailers seeking high-traffic exposure in a thriving commercial area.

• CAP approach

  CAP return

  Valuation

  6%

  $3,715,963

  6.5%

  $3,430,120

  7%

  $3,185,112

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,581,738

  Geo Method

  $4,595,220

• Alternative Use

  Use

  Valuation

  Residential

  $2,893,434

  Hospitality

  $2,650,370

  Educational

  $2,205,077

  Medical

  $2,280,913

  Retail

  $3,430,120

Location Insight

City

Washington

County

Tazewell

State

Illinois

Latitude

40.7079

Longitude

-89.4584

CBSA code

37900

CBSA name

PEORIA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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