2113 Court St Pekin, IL 61554

Crossroads Centre, a 31,829 square-foot shopping center in Pekin, Illinois, presents a compelling value-add opportunity. This multi-tenant retail property, built in 2000 and renovated in 2022, boasts three buildings on a 2.45-acre site, including a 0.34-acre vacant outlot. Currently 81% occupied with nine tenants, including a mix of established businesses, many of whom have been on-site for over a decade, the center enjoys a strong location at a busy intersection (38,000 vehicles per day), shadow-anchored by Ace Hardware and ValuCheck Supermarket. Recent capital expenditures exceeding $400,000 include new HVAC units, a repaved parking lot, and a new roof (2019, 10-year warranty). The property features prominent pylon signage and excellent visibility. The asking price is $2,917,000, reflecting an 8.25% cap rate, with a pro-forma cap rate of 11% and pro-forma NOI of $312,114 achievable through lease-up of the remaining 6,136 square feet of vacant space. The property is offered free and clear of debt. The current NOI is $240,691. Lease type is NNN, with franchisee tenants. The property offers significant upside potential through lease-up and potential conversion of gross leases to triple-net leases.