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

    505 539th S Pkwy Dr Pekin, IL 61554

    • Retail space
    • 11,400 SF
    • 2.16 lot acres
    OFF-MARKET
    Last Sale
    Jan 18, 2023
    $2,950
    Value Estimations
    $115,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2059547
    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

    • Smokers Paradise / Tobacco Shop

    Property Details for 505 539th S Pkwy Dr

    Year built
    2001
    Lot size
    2.16 lot acres
    Property size
    11,400 SF
    Property type
    Retail space
    APN
    04-10-01-310-010
    APU
    41001310010

    Description

    This exceptional retail opportunity presents itself at Parkway Plaza Shopping Center, located at 505-539 S Parkway Dr, Pekin, IL 61554. This single-story, Class B shopping center boasts a total of 11,400 square feet across ten suites, situated on a prominent corner lot at the intersection of S. Parkway Drive and Court Street in Tazewell County. Currently, there are 5,280 square feet of vacant space available, offering flexible lease options ranging from a minimum of 900 square feet to a maximum contiguous space of 3,000 square feet. The property features ample parking with 57 spaces available for customers and tenants. The high-traffic location provides excellent visibility, with S. Parkway Drive experiencing 11,400 cars per day and Court Street seeing 21,900 cars per day. This makes Parkway Plaza an ideal location for a variety of retail or office businesses seeking high exposure and convenient access for their clientele. The property's one-story design and multiple suite options provide versatility for businesses of various sizes. Invest in a prime retail location in a thriving community. Contact us today to learn more about the available spaces and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $115,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Pekin
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.6176
    Latitude
    40.56
    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
    $24,394
    $105,010
    $161,255
    $266,265
    -
    $315,030
    $483,765
    $798,795

    Comparable in this City

    • Value Estimation
      $320,000
      6,590 SF

      2100 Broadway St

      RETAIL STORES (PERSONAL SERVICES) • 6,590 SF
      2100 Broadway St, Pekin, IL 61554-3915
      View Details
    • Value Estimation
      $250,000
      6,900 SF

      300 Broadway St

      RETAIL STORES (PERSONAL SERVICES) • 6,900 SF
      300 Broadway St, Pekin, IL 61554-4105
      View Details
    • Value Estimation
      $50,000
      4,802 SF

      2307 Ct St

      RETAIL STORES (PERSONAL SERVICES) • 4,802 SF
      2307 Ct St, Pekin, IL 61554-5304
      View Details
    • Value Estimation
      $220,000
      1,344 SF

      343 Derby St

      RETAIL STORES (PERSONAL SERVICES) • 1,344 SF
      343 Derby St, Pekin, IL 61554-5652
      View Details
    • Value Estimation
      $215,000
      7,000 SF

      1020 Derby St

      RETAIL STORES (PERSONAL SERVICES) • 7,000 SF
      1020 Derby St, Pekin, IL 61554-5851
      View Details
    • Value Estimation
      $205,000
      1,128 SF

      431 Henrietta St

      RETAIL STORES (PERSONAL SERVICES) • 1,128 SF
      431 Henrietta St, Pekin, IL 61554-3236
      View Details

    Similar Nearby for Sale

    • $99,900
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      Pekin Industrial Flex Space

      $99,900 - 2,000 SF Flex Space
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    • $2,736,360
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      New Chipotle Redevelopment For Sale

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    • $139,900

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      3240 sq ft building with open space and parking.
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    • $1,399,000
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      Pekin, IL Multi-Tenant Retail Investment

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    • $1,500,000
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      Pekin Sports & Event Center

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    Similar Nearby for Lease

    • $12 SF/Yr
      3,300 SF

      Retail Space in High Traffic Center

      Retail spaces available in Pekin's busy commercial corridor.
      3245 Court St, Pekin, IL 61554
      View Details
    • $12 SF/Yr
      1,400 SF

      Retail Space on Court Street

      Retail space with open floor plan and natural light.
      2125-2133 Court St, Pekin, IL 61554
      View Details
    • $13 SF/Yr
      900 SF

      Pekin Retail Space Available

      Retail space available for rent in Pekin, Illinois.
      505-539 S Parkway Dr, Pekin, IL 61554
      View Details
    • $1,250 /Mo
      1,200 SF

      Retail Unit in Pekin

      1,200 SF retail unit available for rent.
      3293-3299 Court St, Pekin, IL 61554
      View Details
    • $14 SF/Yr
      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
    • $9 SF/Yr
      11,650 SF

      Pekin, IL Office Space Available

      Downtown Pekin office suites, multiple sizes.
      200 2Nd St, Pekin, IL 61554
      View Details
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    Pekin, IL 61554
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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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