2410 8Th StPekin, IL 61554

Property Details for 2410 8Th St

Year built

1988

Lot size

0.53 AC

Property size (Sq ft)

1,500 SF

Property type

Retail space

APN

04-04-23-300-016

APU

40423300016

Description

This 1,500 square foot mixed-use building, located at 2410 N 8th St in Pekin, Illinois, presents a unique investment opportunity. The property, built in 1988, is classified as a Class B building and sits on a 0.53-acre lot zoned B3. Ideal for a variety of uses, including auto repair, flex space, or retail, the building features two 9-foot high dock-high doors, perfect for loading and unloading. Inside, you'll find three private offices, a waiting area, and a custom ceramic tile entryway. The building boasts R-19 insulated walls and ceilings, an integrated floor drain with grates, oak stained wainscoting doors and window trim, and 200-amp service. Air-conditioned offices provide a comfortable workspace. Ample blacktop parking is available. The property's advantageous location on a frontage road places it alongside Dennison Chevrolet and other dealerships in a thriving auto-row. Adding to its appeal, the parcel and property are situated adjacent to a private lake. The building's previous use as a pre-owned import car sales office/lot speaks to its suitability for similar businesses. The asking price is $219,900, with a price per square foot of $146.60. This single-story building offers a compelling combination of functionality, location, and potential.

• CAP approach

  CAP return

  Valuation

  6%

  $589,929

  6.5%

  $544,550

  7%

  $505,653

• Comparable approach

  Method

  Valuation

  Relative Method

  $294,689

  Geo Method

  $294,689

• Alternative Use

  Use

  Valuation

  Residential

  $459,348

  Hospitality

  $420,760

  Educational

  $350,068

  Medical

  $362,107

  Retail

  $544,550

Location Insight

City

Pekin

County

Tazewell

State

Illinois

Latitude

40.6026

Longitude

-89.6371

CBSA code

37900

CBSA name

PEORIA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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