Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    1331 Washington Rd Washington, IL 61571-2369

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1331 Washington Rd Washington, IL 61571-2369

    View on Map
    • Commercial land
    • 480 SF
    • 1.41 lot acres
    Off-Market
    Last Sale Sep 17, 2021
    $100,000
    Property ID
    US28-1088524
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial land

    Property Details for 1331 Washington Rd

    Year built
    1963
    Lot size
    1.41 lot acres
    Property size
    480 SF
    Property type
    Commercial land
    APN
    02-02-22-204-005
    APU
    20222204005

    Description

    This exceptional 1.41-acre commercial land parcel in Washington, IL, presents a remarkable development opportunity. Situated at 1331 Washington Rd, this C-2 zoned property boasts a highly desirable location, directly between a Pizza Hut and Becks Oil, and across the street from McDonald's and Dollar General. The property benefits from an average daily traffic count of 15,800 vehicles, ensuring high visibility and accessibility for any commercial venture. The parcel's APN is 02-02-22-204-005, and its location within Tazewell County, IL (zip code 61571) offers easy access to local amenities and a strong consumer base. The asking price is $400,000. This is a rare opportunity to acquire a strategically positioned commercial lot in a thriving area. Additional acreage is available for expansion, providing flexibility for larger-scale projects. This prime location and high traffic volume make this property ideal for a variety of commercial uses. Don't miss this chance to secure a piece of Washington's vibrant commercial landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Washington
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.4299
    Latitude
    40.7032
    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
    $3,282
    $36,570
    $0.00
    $36,570
    -
    $109,710
    $0.00
    $109,710

    Comparable in this City

    • Value Estimation by Request
      0.20 Acres

      303 Main St, Unit 305

      VACANT COMMERCIAL LAND • 0.20 Acres
      303 Main St, Washington, IL 61571-2558
      View Details
    • Value Estimation by Request
      0.60 Acres

      Mt Vernon

      VACANT COMMERCIAL LAND • 0.60 Acres
      Mt Vernon, Washington, IL 61571
      View Details
    • Value Estimation by Request
      0.01 Acres

      24304 Spg Crk Rd

      VACANT COMMERCIAL LAND • 0.01 Acres
      24304 Spg Crk Rd, Washington, IL 61571-9654
      View Details
    • Value Estimation by Request
      0.72 Acres

      1938 Washington Rd

      VACANT COMMERCIAL LAND • 0.72 Acres
      1938 Washington Rd, Washington, IL 61571
      View Details
    • Value Estimation by Request
      0.14 Acres

      1500 Washington Rd

      VACANT COMMERCIAL LAND • 0.14 Acres
      1500 Washington Rd, Washington, IL 61571-2260
      View Details
    • Value Estimation by Request
      0.30 Acres

      Wilmor Rd Ofc Of

      VACANT COMMERCIAL LAND • 0.30 Acres
      Wilmor Rd Ofc Of, Washington, IL 61571
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Buildable Industrial Parcel in Washington

      Flat, buildable industrial land in a growing area.
      300 N Cummings Ln, Washington, IL 61571
      View Details
    • $174,240

      Commercial Land Ready to Develop

      One acre level lot zoned B-3, high visibility corner.
      1010 Eastgate Dr, Washington, IL 61571
      View Details

    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

      Retail Space in Freedom Plaza

      Retail spaces available in multi-tenant strip center near Walmart.
      1960 Freedom Pkwy, Washington, IL 61571
      View Details
    • Contact for pricing

      Retail Space in Cherry Tree

      Retail suites available for lease in busy shopping center.
      Cherry Tree Shopping Ctr, Washington, IL 61571
      View Details
    • Contact for pricing
      1,540 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
      17,424 SF

      Washington, IL Office Space

      960 sq ft office space in high-visibility Washington location.
      1419 Washington Rd, 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
    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.
    1331 Washington Rd
    Washington, IL 61571-2369
    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

    Thank You for Inquiry

    1331 Washington Rd, Washington, IL, 61571

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!