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    1600 Washington Rd, Unit 1610 Washington, IL 61571-2485
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    Property profile & analytics

    1600 Washington Rd, Unit 1610, Washington, IL 61571-2485

    View on Map
    • Retail space
    • 6,305 SF
    • 1.94 lot acres
    Off-Market
    Last Sale Nov 2, 2021
    $1,300,000
    Property ID
    US28-1323539
    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
    $1,175,000
    Show details
    Cap Rate Potential
    5.1%
    Retail space
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 1600 Washington Rd

    Year built
    2004
    Lot size
    1.94 lot acres
    Property type
    Retail space
    APN
    02-02-22-200-006
    APU
    20222200006

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Nov 2, 2021 $1,300,000 Maciel Properties LLC The Market Place Group INC Warranty Deed $925k · Morton Community Bank
    Jun 1, 2016 — Market Place Group INC — Deed · related $990k · Soy Cap Bk&tr
    Jul 14, 2004 $148,000 Market Place Group INC Schierer,robert C Grant Deed $600k · Citizens Equity First Cu
    — — Market Place Group INC — Deed Of Trust · related $146k · Citizens Equity First Cu
    — — Market Place Group INC — Deed Of Trust · related $990k · Soy Cap Bk&tr
    — — Market Place Group INC — Deed Of Trust · related $90k · Citizens Equity First Cu
    — — Market Place Group INC — Deed Of Trust · related $614k · Citizens Equity First Cu

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,160,000
      ML approach
      $1,195,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $995,000
      6.5%
      $915,000
      7%
      $850,000

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $975,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Washington
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.4317
    Latitude
    40.7047
    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
    $25,917
    $60,100
    $228,680
    $288,780
    -
    $180,300
    $686,040
    $866,340

    Comparable in this City

    • Value Estimation by Request
      5,000 SF

      1881 Constitution St

      RETAIL STORES (PERSONAL SERVICES)
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    • Value Estimation
      $1,040,000
      8,916 SF

      1010 Eastgate Dr

      RETAIL STORES (PERSONAL SERVICES)
      1010 Eastgate Dr, Washington, IL 61571
      View Details
    • Value Estimation by Request
      4,080 SF

      122 Main St

      RETAIL STORES (PERSONAL SERVICES)
      122 Main St, Washington, IL 61571-2550
      View Details
    • Value Estimation by Request
      1,927 SF

      114 Walnut St, Unit A

      RETAIL STORES (PERSONAL SERVICES)
      114 Walnut St, Washington, IL 61571-2675
      View Details
    • Value Estimation by Request
      4,140 SF

      2211 Washington Rd

      RETAIL STORES (PERSONAL SERVICES)
      2211 Washington Rd, Washington, IL 61571-1972
      View Details
    • Value Estimation by Request
      4,240 SF

      1405 Washington Rd, Unit 1419

      RETAIL STORES (PERSONAL SERVICES)
      1405 Washington Rd, Washington, IL 61571-2371
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      View Details
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      Two-Story Commercial Building in Washington

      Two-story commercial building with renovation potential in Washington, Illinois.
      120 Walnut St, Washington, IL 61571
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      Commercial Land For Sale

      Commercial land suitable for strip mall, restaurant, or businesses.
      701 N Cummings Ln, Washington, IL 61571
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    Similar Nearby for Lease

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      4,060 SF

      Retail Space Near Walmart

      Retail space available in multi-tenant strip center.
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      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
    • 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
      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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    1600 Washington Rd, Unit 1610
    Washington, IL 61571-2485
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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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