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    1503 Washington Rd Washington, IL 61571-2261
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    Property profile & analytics

    1503 Washington Rd, Washington, IL 61571-2261

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    • Retail properties & Spaces
    • 23,000 SF
    • 1.42 lot acres
    Off-Market
    Last Sale Oct 8, 2024
    $365,000
    Property ID
    US28-2484318
    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
    $550,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 1503 Washington Rd

    Year built
    1960
    Lot size
    1.42 lot acres
    Property type
    Retail properties & Spaces
    APN
    02-02-22-204-001
    APU
    20222204001

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 8, 2025 $365,000 Frank Bray Afreight Holdings LLC Special Warranty Deed $215k · Citizens Equity First Cu
    May 25, 2023 — Afreigut Holdings LLC — Deed · related $48M · Connectone Bank
    Jun 19, 2019 — Afreight Holdings LLC — Grant Deed · related $11.3M · Cibc Bk USA
    Feb 8, 2018 $778,427 Afreight Holdings LLC Washington Road 1503 LLC Grant Deed —
    Feb 10, 2014 $325,000 Washington Road 1503 LLC Heartland Bk & Trust Co Grant Deed —
    Apr 5, 2013 — Heartland Bk & Trust Co Sheriff Of Tazewell County Trustees Deed · related —
    — — Baurer Family Land Trust — Deed Of Trust · related $75k · Heartland Bank
    — — Baurer Family Land Trust — Deed Of Trust · related $400k · Heartland Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $535,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $679,000
      Market price range: $679k - $2.15M

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

    Location Insight

    • Map
    • Local Demand
    City
    Washington
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.4317
    Latitude
    40.7035
    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
    $19,532
    $57,340
    $160,290
    $217,630
    -
    $172,020
    $480,870
    $652,890

    Comparable in this City

    • Value Estimation by Request

      1300 Washington St

      Lifestyle centers
      1300 Washington St, Washington, IL 61571
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      107 Eastgate Dr

      Office Spaces
      107 Eastgate Dr, Washington, IL 61571
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    • Value Estimation by Request
      100,675 SF

      Cherry Tree Shopping Ctr

      Retail properties & Spaces
      0 Cherry Tree Shopping Ctr, Washington, IL 61571
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    • Value Estimation by Request

      1906 Canterbury Dr

      Individual retail properties
      1906 Canterbury Dr, Washington, IL 61571
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    • Value Estimation by Request
      106,790 SF

      2273 Washington Rd

      Individual retail properties
      2273 Washington Rd, Washington, IL 61571
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    • Value Estimation by Request
      8,480 SF

      1405-1419 Washington Rd

      Lifestyle centers
      1405-1419 Washington Rd, Washington, IL 61571
      View Details

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      Retail/Warehouse Building in Washington Corridor

      Two-story retail/warehouse with additional A-Frame warehouse and ample parking.
      2449 Washington Rd, Washington, IL 61571
      View Details
    • $549,900
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      Versatile Commercial Building in Washington, IL

      7,500 sq ft commercial building on 2 acres.
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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.
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      View Details
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      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 61571-2261
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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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