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    Property profile & analytics

    3216 Veterans Dr Pekin, IL 61554-9315

    • Retail space
    • 12,936 SF
    • 1.04 lot acres
    OFF-MARKET
    Value Estimations
    $750,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1740880
    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

    • BridgeWay Community Church / Church
    • Chatham Plumbing / Plumbing Service / General Contractor

    Property Details for 3216 Veterans Dr

    Year built
    1994
    Lot size
    1.04 lot acres
    Property size
    12,936 SF
    Property type
    Retail space
    APN
    11-11-07-400-014
    APU
    111107400014

    Description

    This exceptional commercial property, located at 3216 VETERANS Drive in Pekin, Illinois, presents a unique investment opportunity. Priced at $999,000, this versatile building boasts a prime location near one of Tazewell County's busiest intersections, ensuring high visibility and accessibility. The property is currently used as a church with seating for over 250 people, demonstrating its substantial capacity. However, its adaptable design makes it suitable for a variety of commercial uses, including retail, office, or light industrial applications. The building features a convenient rear roll-up door, ideal for loading and unloading, and ample electrical capacity to meet the demands of various commercial operations. Previous use as a retail shop further underscores its adaptability. The property also includes a significant advantage: 54 parking spaces, providing ample accommodation for customers, employees, or congregants. This well-maintained building offers a rare blend of location, size, and versatility, making it an attractive prospect for discerning investors seeking a strong return on investment in a thriving Illinois market. The property is zoned for commercial use and is situated in Tazewell County, Illinois, with a zip code of 61554.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $640,000
      Market price range: $316k - $948k
      AI Estimate
      $856,000
      Market price range: $382k - $1.45M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $640,000
      Current use
      AUTO REPAIR, GARAGE
      $1,095,000
      Change: +71% Conversion: Difficult
      RESTAURANT
      $915,000
      Change: +43% Conversion: Easy
      COMMERCIAL (GENERAL)
      $890,000
      Change: +39% Conversion: Easy
      WAREHOUSE, STORAGE
      $620,000
      Change: -3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Pekin
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.5936
    Latitude
    40.5423
    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
    2022
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $535,000
      6,648 SF

      350 Veterans Dr

      RETAIL STORES (PERSONAL SERVICES) • 6,648 SF
      350 Veterans Dr, Pekin, IL 61554-8611
      View Details
    • Value Estimation by Request
      1,416 SF

      601 2nd St

      RETAIL STORES (PERSONAL SERVICES) • 1,416 SF
      601 2nd St, Pekin, IL 61554-4301
      View Details
    • Value Estimation by Request
      2,111 SF

      601 8th St

      RETAIL STORES (PERSONAL SERVICES) • 2,111 SF
      601 8th St, Pekin, IL 61554-3472
      View Details
    • Value Estimation by Request
      1,057 SF

      2118 Ct St

      RETAIL STORES (PERSONAL SERVICES) • 1,057 SF
      2118 Ct St, Pekin, IL 61554-5217
      View Details
    • Value Estimation by Request
      1,560 SF

      9 5th St

      RETAIL STORES (PERSONAL SERVICES) • 1,560 SF
      9 5th St, Pekin, IL 61554-3303
      View Details
    • Value Estimation by Request
      560 SF

      800 Amanda St

      RETAIL STORES (PERSONAL SERVICES) • 560 SF
      800 Amanda St, Pekin, IL 61554-2121
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
      1,200 SF

      Retail Unit in Pekin

      1,200 SF retail unit available for rent.
      3293-3299 Court St, Pekin, IL 61554
      View Details
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      Pekin Retail Space Available

      Retail space available for rent in Pekin, Illinois.
      505-539 S Parkway Dr, Pekin, IL 61554
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in North Pekin

      1,200 SF retail space in high-traffic area.
      3552-3560 Court St, Pekin, IL 61554
      View Details
    • $12 SF/Yr
      6,136 SF

      Retail Space on Court Street

      Retail space with open floor plan and natural light.
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    • Contact for pricing

      Pekin Commercial Space Available

      Commercial space for rent at 200 S 2nd St, Pekin, IL.
      200 S 2Nd St, Pekin, IL 61554
      View Details
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    Pekin, IL 61554-9315
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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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