359 Court StPekin, IL 61554

Property Details for 359 Court St

Year built

1910

Lot size

0.11 AC

Property size (Sq ft)

4,146 SF

Property type

Retail space

APN

04-04-34-434-015

APU

40434434015

Description

This exceptional 12,213 square foot commercial property, located at 359 Court Street in the heart of downtown Pekin, Illinois, presents a spectacular investment opportunity. The building, a charming historic structure situated near the courthouse, offers approximately 4,000 square feet on both the main and upper floors, providing ample space for a variety of businesses. The electrical system was updated in 2010, and the roof liner, featuring a fiber base with spray-on coating, was also replaced in 2010. A significant advantage is the non-load-bearing walls between rooms, allowing for flexible space planning and the creation of larger, open areas to suit specific business needs. The property includes a fully installed fire suppression system, ensuring safety and peace of mind. To further enhance the property, the seller is offering a $10,000 rebate towards bathroom upgrades. This is a rare chance to acquire a substantial, well-maintained commercial building in a prime downtown location with significant upside potential. The property sits on a 0-acre lot.

• CAP approach

  CAP return

  Valuation

  6%

  $1,275,180

  6.5%

  $1,177,090

  7%

  $1,093,020

• Comparable approach

  Method

  Valuation

  Relative Method

  $336,151

  Geo Method

  $336,151

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $2,302,140

  Mixed-Use / Specialty

  $1,170,190

  Hospitality / Lodging

  $855,010

  Office

  $1,160,420

  Institutional / Educational

  $1,215,560

  Residential Income

  $1,422,210

  Multifamily

  $1,720,720

  Automotive / Energy

  $1,041,910

  Parking / Income-Based Land

  $362,223

  Restaurant / Food Service

  $602,852

  Healthcare / Senior Housing

  $1,202,780

Location Insight

City

Pekin

County

Tazewell

State

Illinois

Latitude

40.5696

Longitude

-89.647

CBSA code

37900

CBSA name

PEORIA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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