Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    116 Harris Rd, Unit 1 East Peoria, IL 61611-4834

    • Residential income homes
    • 3,053 SF
    • 0.38 lot acres
    OFF-MARKET
    Last Sale
    Feb 22, 2022
    $375,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1517265
    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

    • Residential income homes

    Property Details for 116 Harris Rd

    Year built
    1977
    Lot size
    0.38 lot acres
    Property size
    3,053 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    05-05-10-303-011
    APU
    50510303011

    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
    East Peoria
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.5501
    Latitude
    40.6319
    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
    $9,767
    $15,630
    $85,480
    $101,110
    -
    $46,890
    $256,440
    $303,330

    Comparable in this City

    • Value Estimation by Request
      1,456 SF

      113 Hilltop Ct

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,456 SF
      113 Hilltop Ct, East Peoria, IL 61611-2464
      View Details
    • Value Estimation by Request
      2,080 SF

      100 Highview Ct, Unit 206

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,080 SF
      100 Highview Ct, East Peoria, IL 61611-5521
      View Details
    • Value Estimation by Request
      1,508 SF

      225 Pekin Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,508 SF
      225 Pekin Ave, East Peoria, IL 61611-2442
      View Details
    • Value Estimation by Request
      2,522 SF

      100 Woodrow Dr

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,522 SF
      100 Woodrow Dr, East Peoria, IL 61611-2767
      View Details
    • Value Estimation by Request
      3,749 SF

      212 Harris Rd, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,749 SF
      212 Harris Rd, East Peoria, IL 61611-4888
      View Details
    • Value Estimation by Request
      1,956 SF

      202 Harris Rd, Unit 1-4

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,956 SF
      202 Harris Rd, East Peoria, IL 61611-6207
      View Details

    Similar Nearby for Sale

    • $449,000
      7.40 Acres

      Fairview Ave Multifamily Land Opportunity

      7.4 Acres, Multifamily Zoning, East Peoria
      0 Fairview Ave, East Peoria, IL 61611
      View Details
    • $399,900
      10,894 SF

      East Peoria Multi-Use Property

      Multi-unit property with retail, gym, apartment, and storage.
      1101 E Washington St, East Peoria, IL 61611
      View Details
    • $120,000
      Pending

      East Peoria Multifamily Investment Opportunity

      Two-unit property with brick exterior, shared laundry, and ample parking.
      2510 Springfield Rd, East Peoria, IL 61611
      View Details
    • $1,250,000
      6,932 SF

      East Peoria Restaurant - $1.25M

      Turnkey Restaurant, High Traffic Location
      900 Riverside Dr, East Peoria, IL 61611
      View Details
    • $264,900

      East Peoria Multi-Family Land

      3.75-Acre R-4 Zoned Lot, Great Location
      015 Harris Rd, East Peoria, IL 61611
      View Details
    • $79,900

      East Peoria Multi-Family Land Parcel

      1.18-Acre Lot, R-4 Zoning, Prime Location
      2 Briarbrook Dr, East Peoria, IL 61611
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      2,409 SF

      East Peoria Office Space For Lease

      Prime East Peoria Office Building, 4,580 sq ft
      420 Main St, East Peoria, IL 61611
      View Details
    • $22 SF/Yr
      6,320 SF

      Prime East Peoria Commercial Land

      6,320 sq ft, Single Tenant, Class A
      314 Washington St, East Peoria, IL 61611
      View Details
    • $15 SF/Yr
      11,880 SF

      Prime East Peoria Retail Space

      2,925 SF Single-Tenant Retail Opportunity
      222 Camp St, East Peoria, IL 61611
      View Details
    • $12 SF/Yr
      7,210 SF

      Retail Space in Fondulac Plaza

      Retail spaces for lease with high visibility and accessibility.
      2402 E Washington St, East Peoria, IL 61611
      View Details
    • $18 SF/Yr
      46,257 SF

      East Peoria Retail Space Available

      Retail property available for lease in East Peoria, Illinois.
      260 S Main St, Peoria, IL 61611
      View Details
    • $12 SF/Yr
      1,618 SF

      Retail Space in Fondulac Plaza

      Retail spaces for lease in busy East Peoria shopping center.
      2418-2516 E Washington St, East Peoria, IL 61611
      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.
    116 Harris Rd, Unit 1
    East Peoria, IL 61611-4834
    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

    Google sign-in failed. Please try again or use another login method.