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

    5309 Main St East Peoria, IL 61611-1321

    • Parking lots & garages
    • 3,000 SF
    • 0.73 lot acres
    OFF-MARKET
    Last Sale
    Jun 08, 2021
    $235,000
    Value Estimations
    $225,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2276907
    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

    • Parking lots & garages

    Property Details for 5309 Main St

    Year built
    1953
    Lot size
    0.73 lot acres
    Property size
    3,000 SF
    Property type
    Parking lots & garages
    APN
    01-01-01-301-005
    APU
    10101301005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $210,000
      ML approach
      $215,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $278,000
      Market price range: $111k - $299k

    • Alternative Use

      Use
      Estimation
      PARKING LOT
      $215,000
      Current use
      MEDICAL BUILDING
      $265,000
      Change: +24% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $225,000
      Change: +6% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $175,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    East Peoria
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.5184
    Latitude
    40.7349
    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
    $5,257
    $19,480
    $39,960
    $59,440
    -
    $58,440
    $119,880
    $178,320

    Comparable in this City

    • Value Estimation
      $70,000
      3,104 SF

      600 Main St

      PARKING GARAGE, PARKING STRUCTURE • 3,104 SF
      600 Main St, East Peoria, IL 61611-2452
      View Details
    • Value Estimation
      $540,000
      23,940 SF

      2801 Main St

      PARKING GARAGE, PARKING STRUCTURE • 23,940 SF
      2801 Main St, East Peoria, IL 61611-1750
      View Details
    • Value Estimation
      $320,000
      10,274 SF

      505 Washington St

      PARKING GARAGE, PARKING STRUCTURE • 10,274 SF
      505 Washington St, East Peoria, IL 61611
      View Details
    • Value Estimation
      $275,000
      10,769 SF

      741 Taylor St

      PARKING GARAGE, PARKING STRUCTURE • 10,769 SF
      741 Taylor St, East Peoria, IL 61611-2644
      View Details
    • Value Estimation
      $350,000
      5,182 SF

      3210 Washington St

      PARKING GARAGE, PARKING STRUCTURE • 5,182 SF
      3210 Washington St, East Peoria, IL 61611-1955
      View Details
    • Value Estimation
      $235,000
      1,372 SF

      3336 Mdw Ave

      PARKING GARAGE, PARKING STRUCTURE • 1,372 SF
      3336 Mdw Ave, East Peoria, IL 61611-4639
      View Details

    Similar Nearby for Sale

    • $5,600,000
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      Modern Car Wash Investment Opportunity

      East Peoria car wash property with strong tenant and location.
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    • $1,250,000
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      East Peoria Restaurant - $1.25M

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    • $350,000
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      Downtown Peoria Multi-Use Commercial Property

      Multi-use commercial property with restaurant in downtown Peoria.
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    • $399,900
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      East Peoria Multi-Use Property

      Multi-unit property with retail, gym, apartment, and storage.
      1101 E Washington St, East Peoria, IL 61611
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    • $159,900

      Spring Bay Restaurant & Land

      Turnkey Restaurant Business for Sale
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    • $888,624
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      Prime East Peoria Commercial Land

      2.55 Acres, Redevelopment Opportunity
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      View Details

    Similar Nearby for Lease

    • $24 SF/Yr
      2,175 SF

      Prime East Peoria Retail Space

      2,175 sq ft Retail/Office in Levee District
      314 Washington St, East Peoria, IL 61611
      View Details
    • $25 SF/Yr
      40,000 SF

      East Peoria Retail Space For Lease

      40,000 SF Single-Tenant Retail Space
      501 Washington St, East Peoria, IL 61611
      View Details
    • $16 SF/Yr
      1,500 SF

      Retail Space Near Levee District

      Retail spaces available for lease in East Peoria near shopping.
      101-103 River Rd, East Peoria, IL 61611
      View Details
    • $15 SF/Yr
      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
    • $12 SF/Yr
      86,224 SF

      Fondulac Plaza Retail Center

      East Peoria Shopping Center - Spaces Available
      2400 Washington St, East Peoria, IL 61611
      View Details
    • $12 SF/Yr
      32,094 SF

      East Peoria Commercial Spaces

      High-visibility retail/office suites.
      2400-2519 Main St, East Peoria, IL 61611
      View Details
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    5309 Main St
    East Peoria, IL 61611-1321
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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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