3401 Griffin AvePekin, IL 61554

Property Details for 3401 Griffin Ave

Year built

2004

Lot size

33.13 AC

Property size (Sq ft)

8,348 SF

Property type

Commercial real estate

APN

11-11-07-112-008

APU

111107112008

Description

This exceptional 33.13-acre property in Pekin, Illinois, presents a unique investment opportunity. The site boasts an 8,348 square foot event center, complete with a 3,000 square foot banquet room accommodating up to 250 guests and a fully equipped commercial kitchen. Four baseball fields with dugouts, concessions, and ample restrooms are also included. The property features a sprinkler system and substantial infrastructure, including the concrete perimeter walls of a previously existing 86,597 square foot event dome. The B3 zoning allows for diverse uses. The building is single-story, renovated in 2004. This turnkey operation is priced at $1,500,000, or $179.68 per square foot. An adjacent 11.03-acre parcel is available separately, offering potential for expansion to a total of 44.16 acres. The location benefits from recent nearby developments, including hotels and a gym, suggesting strong growth potential. This property is ideal for an entrepreneur seeking a thriving sports and entertainment venue or a developer looking to capitalize on the existing infrastructure and prime location. The property is located at 3401 Griffin Ave, Pekin, IL 61554, in Tazewell County.

• CAP approach

  CAP return

  Valuation

  6%

  $2,531,230

  6.5%

  $2,336,520

  7%

  $2,169,620

• Comparable approach

  Method

  Valuation

  Relative Method

  $650,810

  Geo Method

  $650,810

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $4,635,380

  Retail / Commercial

  $2,370,090

  Mixed-Use / Specialty

  $2,356,190

  Hospitality / Lodging

  $1,721,570

  Office

  $2,336,520

  Institutional / Educational

  $2,447,540

  Residential Income

  $2,863,620

  Multifamily

  $3,464,670

  Automotive / Energy

  $2,097,890

  Parking / Income-Based Land

  $729,339

  Restaurant / Food Service

  $1,213,850

  Healthcare / Senior Housing

  $2,421,810

Location Insight

City

Pekin

County

Tazewell

State

Illinois

Latitude

40.5504

Longitude

-89.599

CBSA code

37900

CBSA name

PEORIA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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