505 Parkway DrPekin, IL 61554

Property Details for 505 Parkway Dr

Year built

2001

Lot size

2.16 AC

Property size (Sq ft)

11,400 SF

Property type

Retail properties

Property subtype

Retail space

APN

04-10-01-310-010

APU

41001310010

Description

This exceptional retail opportunity presents itself at Parkway Plaza Shopping Center, located at 505-539 S Parkway Dr, Pekin, IL 61554. This single-story, Class B shopping center boasts a total of 11,400 square feet across ten suites, situated on a prominent corner lot at the intersection of S. Parkway Drive and Court Street in Tazewell County. Currently, there are 5,280 square feet of vacant space available, offering flexible lease options ranging from a minimum of 900 square feet to a maximum contiguous space of 3,000 square feet. The property features ample parking with 57 spaces available for customers and tenants. The high-traffic location provides excellent visibility, with S. Parkway Drive experiencing 11,400 cars per day and Court Street seeing 21,900 cars per day. This makes Parkway Plaza an ideal location for a variety of retail or office businesses seeking high exposure and convenient access for their clientele. The property's one-story design and multiple suite options provide versatility for businesses of various sizes. Invest in a prime retail location in a thriving community. Contact us today to learn more about the available spaces and lease terms.

• CAP approach

  CAP return

  Valuation

  6%

  $4,483,460

  6.5%

  $4,138,578

  7%

  $3,842,966

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,239,635

  Geo Method

  $2,239,635

• Alternative Use

  Use

  Valuation

  Residential

  $3,491,046

  Hospitality

  $3,197,779

  Educational

  $2,660,515

  Medical

  $2,752,014

  Retail

  $4,138,578

Location Insight

City

Pekin

County

Tazewell

State

Illinois

Latitude

40.56

Longitude

-89.6176

CBSA code

37900

CBSA name

PEORIA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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