3409 Meadow Ave, East Peoria, IL 61611
For Sale
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This exceptional East Peoria, IL property at 3409 Meadow Avenue presents a unique investment opportunity. Built in 1950, this multi-use building boasts a blend of commercial and residential spaces, offering significant income potential. Currently, the main floor comprises three separate commercial units, while the second floor houses four recently renovated apartments (2022/2023). The property generates a gross annual income of $48,500. Recent improvements include a new roof (2024), a boiler pump replacement (2019), and two new water heaters (2017). An expanded rear parking lot enhances convenience. The building also features a garage with a 10-foot door, ideal for various uses. The main floor offers the potential to be converted into one large commercial space, maximizing rental income. Located in Tazewell County, IL, zip code 61611, this property is conveniently situated minutes from Morton, providing easy access to major transportation routes. This is a prime opportunity for investors seeking a strong return on investment with significant upside potential. The asking price is $349,900. This property is classified as Land, Office, and Industrial.
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
