Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    300 Cummings Ln Washington, IL 61571

    • Flex space
    • 50,840 SF
    • 9.67 lot acres
    For Sale
    View listing
    $1,000,000
    Last Sale
    Feb 10, 2023
    $3,400,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2176038
    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 300 Cummings Ln

    Year built
    1996
    Lot size
    9.67 lot acres
    Property size
    50,840 SF
    Property type
    Flex space
    APN
    02-02-16-400-024
    APU
    20216400024

    Description

    This exceptional 9.67-acre vacant parcel presents a unique investment opportunity in Washington, Illinois. Boasting highly desirable I-1 industrial zoning, this flat, buildable land is ideally situated for immediate development. Its prime location at the planned intersection of the Freedom Parkway extension (currently ending near Walmart and Menards, with future extension to Cummings Lane) offers unparalleled access and visibility. The property is surrounded by a thriving mix of industrial businesses, retail establishments, medical facilities, and hotels, ensuring a strong and diverse surrounding community. This presents a rare chance to capitalize on the growth potential of this strategically located site. The property's flat terrain simplifies construction, minimizing site preparation costs and accelerating project timelines. The existing infrastructure and proximity to established businesses make this an attractive proposition for a wide range of commercial and industrial ventures. This is a truly exceptional opportunity to acquire a significant land holding in a rapidly developing area. The I-1 zoning allows for a variety of uses, providing flexibility for future development plans. Don't miss this chance to secure a prime piece of real estate in a high-growth sector of Washington, IL. The asking price is $1,000,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,455,000
      ML approach
      $2,620,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Washington
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.448
    Latitude
    40.708
    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
    $40,914
    $153,060
    $456,790
    $609,850
    -
    $459,180
    $1,370,370
    $1,829,550

    Comparable in this City

    • Value Estimation
      $775,000
      96,383 SF

      28194 Caterpillar Ln

      LIGHT INDUSTRIAL • 96,383 SF
      28194 Caterpillar Ln, Washington, IL 61571-9600
      View Details
    • Value Estimation
      $225,000
      7,586 SF

      300 Muller Rd

      LIGHT INDUSTRIAL • 7,586 SF
      300 Muller Rd, Washington, IL 61571-2347
      View Details
    • Value Estimation
      $725,000
      52,915 SF

      118 Muller Rd

      LIGHT INDUSTRIAL • 52,915 SF
      118 Muller Rd, Washington, IL 61571-2343
      View Details
    • Value Estimation
      $455,000
      21,015 SF

      119 Muller Rd

      LIGHT INDUSTRIAL • 21,015 SF
      119 Muller Rd, Washington, IL 61571-2357
      View Details
    • Value Estimation
      $255,000
      3,434 SF

      163 Diebel Rd

      LIGHT INDUSTRIAL • 3,434 SF
      163 Diebel Rd, Washington, IL 61571-9571
      View Details
    • Value Estimation
      $255,000
      4,800 SF

      305 Muller Rd

      MINI-WAREHOUSE, STORAGE • 4,800 SF
      305 Muller Rd, Washington, IL 61571-2346
      View Details

    Similar Nearby for Sale

    • $260,000
      12,096 SF

      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
    • $1,000,000
      9.67 Acres

      Prime Washington, IL Industrial Land

      9.67 Acres, I-1 Zoning, Vacant
      300 Cummings Ln, Washington, IL 61571
      View Details
    • $1,500,000
      35.11 Acres

      Prime Washington, IL Land Development

      35 Acres, Multi-Use Zoning, High Traffic
      0 Cummings Ln, Washington, IL 61571
      View Details
    • $134,900
      1.33 Acres

      Prime Washington, IL Commercial Land

      1.33 Acres, C2 Zoning, $134,900
      1860 Cruger Rd, Washington, IL 61571
      View Details
    • $60,000
      0.50 Acres

      Prime Washington, IL Commercial Land

      0.5-Acre Lot, High Visibility, B-3 Zoning
      102 Esser St, Washington, IL 61571
      View Details
    • $198,634
      1.14 Acres

      Prime East Peoria Commercial Land

      1.14-acre B-1 zoned lot, ready to build.
      0 Eastgate Dr, East Peoria, IL 61571
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      8,916 SF

      Class A Office Building, Washington, IL

      8,916 sq ft, 1.84 acres, NNN lease
      90 Eastgate Dr, Washington, IL 61571
      View Details
    • Contact for pricing

      Prime Washington, IL Commercial Land

      Outlots & acreage for lease/sale
      0 Mcclugage Rd, Washington, IL 61571
      View Details
    • $8 SF/Yr
      100,675 SF

      Cherry Tree Shopping Center Retail Space

      High-traffic retail space, multiple suites available.
      0 Cherry Tree Shopping Ctr, Washington, IL 61571
      View Details
    • $12 SF/Yr
      14,000 SF

      Prime Washington Retail Space

      14,000 SF Strip Center, 2 Suites Available
      1960 Freedom Pkwy, Washington, IL 61571
      View Details
    • $15 SF/Yr
      4,060 SF

      Retail Space Near Walmart

      Retail space available in multi-tenant strip center.
      1960-1970 Freedom Pkwy, Washington, IL 61571
      View Details
    • $12 SF/Yr
      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
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    300 Cummings Ln
    Washington, IL 61571
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.