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

    2045 Washington St East Peoria, IL 61611-2964

    • Flex space
    • 12,060 SF
    • 0.55 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2748114
    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

    • Flex space

    Property Details for 2045 Washington St

    Year built
    1948
    Lot size
    0.55 lot acres
    Property size
    12,060 SF
    Property type
    Flex space
    APN
    01-01-34-202-006
    APU
    10134202006

    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
    -89.5457
    Latitude
    40.6734
    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
    $5,937
    $21,150
    $41,100
    $62,250
    -
    $63,450
    $123,300
    $186,750

    Comparable in this City

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      $740,000
      49,540 SF

      215 Taylor St

      LIGHT INDUSTRIAL • 49,540 SF
      215 Taylor St, East Peoria, IL 61611-2634
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    • Value Estimation by Request
      7,110 SF

      3220 Main St

      Distribution properties • 7,110 SF
      3220 Main St, East Peoria, IL 61611
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    • Value Estimation
      $840,000
      82,113 SF

      1044 Spg Bay Rd

      LIGHT INDUSTRIAL • 82,113 SF
      1044 Spg Bay Rd, East Peoria, IL 61611-1311
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    • Value Estimation by Request
      7,790 SF

      4258 Springfield Rd

      LIGHT INDUSTRIAL • 7,790 SF
      4258 Springfield Rd, East Peoria, IL 61611-9217
      View Details
    • Value Estimation by Request
      4,050 SF

      22099 Farmdale Rd

      LIGHT INDUSTRIAL • 4,050 SF
      22099 Farmdale Rd, East Peoria, IL 61611
      View Details

    Similar Nearby for Sale

    • $1,500,000
      157,112 SF

      Industrial Warehouse Space for Sale

      157,112 sq ft industrial warehouse on 6.16 acres.
      2400 SW Washington St, Peoria, IL 61611
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    • $699,000
      55,632 SF

      Warehouse District Redevelopment Opportunity

      Three buildings on approximately 1 acre in Peoria, Illinois.
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    • $449,000
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      Fairview Ave Multifamily Land Opportunity

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    • $400,000
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      Prime M2 Zoned Industrial Land

      4 Acres, East Peoria, IL - Investment Opportunity
      402 Center St, East Peoria, IL 61611
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    • $499,900
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      East Peoria Industrial Building on 3 Acres

      10,220 SF industrial building on 3 acres in East Peoria.
      2485 Washington Rd, East Peoria, IL 61611
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    • Contact for pricing
      14.00 Acres

      East Peoria Commercial Land

      14-35 Acres, Prime Location
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    Similar Nearby for Lease

    • $5 SF/Yr
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      East Peoria Industrial Spaces Available

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      125 Thunderbird Ln, East Peoria, IL 61611
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    • Contact for pricing
      25,000 SF

      East Peoria Flex Space Build-to-Suit

      25,000 SF Flex Space; Prime East Peoria Location
      0 Farmdale Rd, Washington, IL 61611
      View Details
    • $4 SF/Yr
      11,880 SF

      Warehouse Space in Warehouse District

      11,880 SF warehouse space for lease. Loft style with exposed brick.
      836 SW Washington St, Peoria, IL 61611
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    • $6 SF/Yr
      49,540 SF

      215 Taylor St

      Distribution properties • 49,540 SF
      215 Taylor St, East Peoria, IL 61611
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    • $22 SF/Yr
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      East Peoria Office Space For Lease

      Prime East Peoria Office Building, 4,580 sq ft
      420 Main St, East Peoria, IL 61611
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    • $12 SF/Yr
      86,224 SF

      Fondulac Plaza Retail Center

      East Peoria Shopping Center - Spaces Available
      2400 Washington St, East Peoria, IL 61611
      View Details
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    2045 Washington St
    East Peoria, IL 61611-2964
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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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