Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    422 Washington St East Peoria, IL 61611
    Back to Search
    Property profile & analytics

    422 Washington St East Peoria, IL 61611

    View on Map
    • Retail space
    • 3,200 SF
    Off-Market
    Property ID
    US28-1503922
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 422 Washington St

    Property size
    3,200 SF
    Property type
    Retail space
    Property subtype
    Storefront properties

    Description

    This exceptional 3,200 square foot, two-story Class B office and retail building is situated in the vibrant heart of East Peoria's downtown business district. Offering a single available space of 630 square feet on the ground floor, this property boasts excellent visibility and high traffic counts on Washington Street. Conveniently located minutes from Downtown Peoria and the Warehouse District, and blocks from The Levee District, it provides easy access to I-74. The building underwent renovations in 2019 and features a paved parking lot with dedicated parking spaces (2-3 per unit). The property is zoned B2 and is comprised of one building with multiple tenancies. This is a fantastic opportunity for a small business seeking a move-in ready space. Enjoy the benefit of no CAM fees; only base rent and tenant-paid utilities are required. The landlord covers all other expenses, making this an ideal location to establish or relocate your business. The available space is ground floor for easy access and visibility.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    East Peoria
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.574152059369
    Latitude
    40.663586267383

    Comparable in this City

    • Contact for pricing
      1,035 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
    • Contact for pricing
      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
    • $25 SF/Yr
      5,000 SF

      East Peoria Retail Space Available

      Retail space available for lease in East Peoria, Illinois.
      160 Spinder Dr, East Peoria, IL 61611
      View Details
    • $12 SF/Yr
      4,638 SF

      East Peoria Retail End-Cap Spaces

      Retail end-cap spaces available for lease in East Peoria.
      210-240 S Main St, East Peoria, IL 61611
      View Details
    • Contact for pricing

      East Peoria Retail Space Available

      Prime retail space in East Peoria's Levee District.
      222 W Camp St, East Peoria, IL 61611
      View Details
    • 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

    Similar Nearby for Sale

    • Contact for pricing
      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
    • $280,000

      East Peoria Mixed-Use Investment

      Mixed-use property with residential and commercial income potential.
      220 Meadow Ave, East Peoria, IL 61611
      View Details
    • $314,900

      Mixed-Use Building Near Morton

      Multi-use building with commercial spaces and apartments near Morton.
      3409 Meadow Ave, East Peoria, IL 61611
      View Details
    • Contact for pricing
      8,378 SF

      East Peoria Office Space Available

      Office spaces with flexible layouts and convenient location for sale.
      3000-3004 N Main St E, East Peoria, IL 61611
      View Details
    • $1,139,000

      42,942 SF Building on 4.1 Acres

      42,942 SF building on 4.1 acres for sale.
      2000 E Washington St, Bayview Garde, 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

    Similar Nearby for Lease

    • Contact for pricing
      1,035 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
    • Contact for pricing
      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
    • $25 SF/Yr
      5,000 SF

      East Peoria Retail Space Available

      Retail space available for lease in East Peoria, Illinois.
      160 Spinder Dr, East Peoria, IL 61611
      View Details
    • $12 SF/Yr
      4,638 SF

      East Peoria Retail End-Cap Spaces

      Retail end-cap spaces available for lease in East Peoria.
      210-240 S Main St, East Peoria, IL 61611
      View Details
    • Contact for pricing

      East Peoria Retail Space Available

      Prime retail space in East Peoria's Levee District.
      222 W Camp St, East Peoria, IL 61611
      View Details
    • Contact for pricing
      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
    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.
    422 Washington St
    East Peoria, IL 61611
    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

    Thank You for Inquiry
    422 Washington St, East Peoria, IL, 61611
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!