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

    2404 Washington St, Unit 2516 East Peoria, IL 61611-1859

    • Grocery and convenience stores
    • 51,716 SF
    • 6.53 lot acres
    OFF-MARKET
    Value Estimations
    $1,820,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2931915
    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

    • Grocery and convenience stores

    Property Details for 2404 Washington St

    Year built
    1979
    Lot size
    6.53 lot acres
    Property size
    51,716 SF
    Property type
    Grocery and convenience stores
    APN
    01-01-35-105-012
    APU
    10135105012

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,525,000
      Market price range: $1.53M - $4.83M
      AI Estimate
      $2,021,000
      Market price range: $1.12M - $4.35M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $2,485,000

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

    Location Insight

    • Map
    • Local Demand
    City
    East Peoria
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.5376
    Latitude
    40.6743
    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
    $97,071
    $283,980
    $733,760
    $1,017,740
    -
    $851,940
    $2,201,280
    $3,053,220

    Comparable in this City

    • Value Estimation by Request
      54,474 SF

      201 Main St

      GROCERY, SUPERMARKET • 54,474 SF
      201 Main St, East Peoria, IL 61611-2458
      View Details
    • Value Estimation
      $690,000
      5,464 SF

      1040 Cp St

      CONVENIENCE STORE • 5,464 SF
      1040 Cp St, East Peoria, IL 61611-2012
      View Details
    • Value Estimation by Request
      2,500 SF

      2000 Springfield Rd

      CONVENIENCE STORE • 2,500 SF
      2000 Springfield Rd, East Peoria, IL 61611-4345
      View Details
    • Value Estimation by Request
      1,780 SF

      409 Richland St

      CONVENIENCE STORE • 1,780 SF
      409 Richland St, East Peoria, IL 61611-2476
      View Details
    • Value Estimation
      $555,000
      3,735 SF

      101 Farmdale Rd

      CONVENIENCE STORE • 3,735 SF
      101 Farmdale Rd, East Peoria, IL 61611-3086
      View Details
    • Value Estimation by Request
      3,000 SF

      3322 Mdw Ave

      CONVENIENCE STORE • 3,000 SF
      3322 Mdw Ave, East Peoria, IL 61611-4639
      View Details

    Similar Nearby for Sale

    • $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
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    • $159,900

      Spring Bay Restaurant & Land

      Turnkey Restaurant Business for Sale
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    • $5,600,000
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      Modern Car Wash Investment Opportunity

      East Peoria car wash property with strong tenant and location.
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    • $1,250,000
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      East Peoria Restaurant - $1.25M

      Turnkey Restaurant, High Traffic Location
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    • $350,000
      16,972 SF

      Downtown Peoria Multi-Use Commercial Property

      Multi-use commercial property with restaurant in downtown Peoria.
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    • $888,624
      2.55 Acres

      Prime East Peoria Commercial Land

      2.55 Acres, Redevelopment Opportunity
      116 Spring Bay Rd, East Peoria, IL 61611
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    Similar Nearby for Lease

    • Contact for pricing
      9,000 SF

      Retail/Office Space For Lease

      1,160 SF retail/office space available for lease.
      100 W Spring Creek Rd, East Peoria, IL 61611
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    • $18 SF/Yr
      1,600 SF

      Retail Space Near Bradley University

      Retail spaces available near Bradley University in Peoria, Illinois.
      1200 W Main St, Peoria, IL 61611
      View Details
    • Contact for pricing
      2,352 SF

      Retail/Office Space in Creve Coeur

      Well-managed retail or office space with great visibility.
      104 N Highland St, Creve Coeur, IL 61611
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    • Contact for pricing
      2,378 SF

      Ground Floor Retail Space Available

      Retail spaces available in Portland's West End district.
      1201 SW Washington 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
    • $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
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    East Peoria, IL 61611-1859
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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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