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

    2908 Springfield Rd East Peoria, IL 61611-4877

    • Retail space
    • 6,301 SF
    • 0.70 lot acres
    OFF-MARKET
    Last Sale
    May 13, 2025
    $600,000
    Value Estimations
    $615,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0992758
    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

    • Retail space

    Property Details for 2908 Springfield Rd

    Year built
    1962
    Lot size
    0.70 lot acres
    Property size
    6,301 SF
    Property type
    Retail space
    APN
    05-05-09-414-013
    APU
    50509414013

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $615,000
      ML approach
      $615,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $375,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $975,000
      Change: +159% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $545,000
      Change: +45% Conversion: Easy
      AUTO REPAIR, GARAGE
      $535,000
      Change: +42% Conversion: Difficult
      RESTAURANT
      $445,000
      Change: +18% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    East Peoria
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.5507
    Latitude
    40.6296
    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
    $9,221
    $29,190
    $66,270
    $95,460
    -
    $87,570
    $198,810
    $286,380

    Comparable in this City

    • Value Estimation
      $295,000
      6,699 SF

      1101 Washington St

      RETAIL STORES (PERSONAL SERVICES) • 6,699 SF
      1101 Washington St, East Peoria, IL 61611-2730
      View Details
    • Value Estimation
      $190,000
      17,790 SF

      1965 Washington St

      RETAIL STORES (PERSONAL SERVICES) • 17,790 SF
      1965 Washington St, East Peoria, IL 61611-2960
      View Details
    • Value Estimation
      $565,000
      15,350 SF

      404 Riverside Dr, Unit 426

      RETAIL STORES (PERSONAL SERVICES) • 15,350 SF
      404 Riverside Dr, East Peoria, IL 61611-2098
      View Details
    • Value Estimation
      $555,000
      29,802 SF

      315 Pleasant Hl Rd

      RETAIL STORES (PERSONAL SERVICES) • 29,802 SF
      315 Pleasant Hl Rd, East Peoria, IL 61611-4606
      View Details
    • Value Estimation
      $235,000
      2,496 SF

      200 Sunrise Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,496 SF
      200 Sunrise Ave, East Peoria, IL 61611-1619
      View Details
    • Value Estimation
      $475,000
      6,192 SF

      1100 Main St

      RETAIL STORES (PERSONAL SERVICES) • 6,192 SF
      1100 Main St, East Peoria, IL 61611-2138
      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
      View Details
    • $1,250,000
      6,932 SF

      East Peoria Restaurant - $1.25M

      Turnkey Restaurant, High Traffic Location
      900 Riverside Dr, East Peoria, IL 61611
      View Details
    • $350,000
      16,972 SF

      Downtown Peoria Multi-Use Commercial Property

      Multi-use commercial property with restaurant in downtown Peoria.
      313 Main St, Peoria, IL 61611
      View Details
    • $159,900

      Spring Bay Restaurant & Land

      Turnkey Restaurant Business for Sale
      1606 Tremont St, Spring Bay, IL 61611
      View Details
    • $5,600,000
      5,970 SF

      Modern Car Wash Investment Opportunity

      East Peoria car wash property with strong tenant and location.
      540 W Camp St, East Peoria, IL 61611
      View Details
    • $888,624
      2.55 Acres

      Prime East Peoria Commercial Land

      2.55 Acres, Redevelopment Opportunity
      116 Spring Bay Rd, East Peoria, IL 61611
      View Details

    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
      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
    • $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
    • $16 SF/Yr
      1,500 SF

      Retail Space Near Levee District

      Retail spaces available for lease in East Peoria near shopping.
      101-103 River Rd, East Peoria, IL 61611
      View Details
    • $15 SF/Yr
      2,925 SF

      East Peoria Retail Space Available

      Prime retail space in East Peoria's Levee District.
      214-242 W Camp St, East 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
      View Details
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    2908 Springfield Rd
    East Peoria, IL 61611-4877
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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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