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    Property profile & analytics

    101 N Parkway Dr Pekin, IL 61554

    • Medical offices
    • 3,333 SF
    • 0.51 lot acres
    For Sale
    View listing
    $494,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2194240
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • The Women Center For Health / Physician
    • Roark Michael MD / Physician
    • Dr. Lynn Kepple-Byerly, MD / Ophthalmologist
    • The Women's & Family Center for Health / Pediatrician / Physician

    Property Details for 101 N Parkway Dr

    Year built
    1971
    Lot size
    0.51 lot acres
    Property size
    3,333 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    04-04-36-326-022
    APU
    40436326022

    Description

    This exceptional 7,653 square foot commercial building, located on the highly visible corner of Parkway Drive and Broadway in Pekin, Illinois, presents a unique investment opportunity. Currently configured as a medical office, the main level boasts a welcoming lobby, five exam rooms, a procedure room, two offices, and a bathroom. The finished basement provides additional space, including a kitchenette, a half-bathroom, four private offices, a conference area, and ample storage. A significant advantage is the inclusion of two separate apartments, each featuring a kitchen, living room, bedroom, bathroom, and storage. These apartments, currently vacant, offer potential rental income. The property also features a substantial parking lot and a convenient carport. The building is zoned B3. While the square footage is an estimate based on Tazewell County records, the property's size and versatile layout make it ideal for a variety of uses. Its prime location ensures high visibility and excellent traffic flow, making it an attractive option for businesses seeking a prominent presence in Pekin. The building's quality improvements throughout contribute to its overall appeal and functionality. This property offers a blend of commercial and residential space, presenting a compelling investment opportunity with significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Pekin
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.6185
    Latitude
    40.5682
    CBSA code
    37900
    CBSA name
    PEORIA, IL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $19,174
    $27,850
    $181,440
    $209,290
    -
    $83,550
    $544,320
    $627,870

    Comparable in this City

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      1021 Ct St

      MEDICAL BUILDING • 11,388 SF
      1021 Ct St, Pekin, IL 61554-4802
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      3307 Griffin Ave

      MEDICAL BUILDING • 1,600 SF
      3307 Griffin Ave, Pekin, IL 61554-6237
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      2205 State St

      MEDICAL BUILDING • 1,750 SF
      2205 State St, Pekin, IL 61554-3936
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      1,691 SF

      1300 Park Ave

      MEDICAL BUILDING • 1,691 SF
      1300 Park Ave, Pekin, IL 61554-5038
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    • Value Estimation by Request
      1,520 SF

      3301 Griffin Ave

      MEDICAL BUILDING • 1,520 SF
      3301 Griffin Ave, Pekin, IL 61554-6237
      View Details

    Similar Nearby for Sale

    • $494,900

      Pekin Medical Office Building

      7653 sq ft Medical Office w/ Apartments
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    • New
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      Pekin Assisted Living Investment Opportunity

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    • $494,900

      Pekin Commercial Building with Apartments

      Versatile commercial building with apartments in Pekin, Illinois.
      101 N Parkway Dr, Pekin, IL 61554
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      Downtown Pekin Commercial Property

      Prime Pekin location, flexible space, great parking.
      335 Court St, Pekin, IL 61554
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    • $139,900

      Pekin Office Land - $139,900

      1.14-Acre Office Land, Excellent Potential
      2103 Parkway Dr, Pekin, IL 61554
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    • $124,900

      Downtown Pekin Commercial Property

      Prime Pekin location, office & potential apartment.
      343 Court St, Pekin, IL 61554
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    Similar Nearby for Lease

    • $9 SF/Yr
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      Pekin, IL Office Space Available

      Downtown Pekin office suites, multiple sizes.
      200 2Nd St, Pekin, IL 61554
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    • $6 SF/Yr
      8,400 SF

      Pekin, IL Commercial Land & Building

      8,400 SF Commercial Space, 50 Parking Spots
      3010 Court St, Pekin, IL 61554
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    • $12 SF/Yr
      1,400 SF

      Retail Space on Court Street

      Retail space with open floor plan and natural light.
      2125-2133 Court St, Pekin, IL 61554
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    • $13 SF/Yr
      900 SF

      Pekin Retail Space Available

      Retail space available for rent in Pekin, Illinois.
      505-539 S Parkway Dr, Pekin, IL 61554
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    • $1,250 /Mo
      1,200 SF

      Retail Unit in Pekin

      1,200 SF retail unit available for rent.
      3293-3299 Court St, Pekin, IL 61554
      View Details
    • $14 SF/Yr
      1,200 SF

      Retail Space in North Pekin

      1,200 SF retail space in high-traffic area.
      3552-3560 Court St, Pekin, IL 61554
      View Details
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    Pekin, IL 61554
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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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