2337 Washington RdWashington, IL 61571

Property Details for 2337 Washington Rd

Year built

1965

Lot size

0.57 AC

Property size (Sq ft)

3,600 SF

Property type

Car washes

APN

02-02-19-416-017

APU

20219416017

Description

This bank-owned, 3,600 square foot car wash in Washington, IL, presents a unique redevelopment opportunity. Located on a 0.57-acre lot at the corner of Washington Road (IL-8) and Briargate Road, this property benefits from high visibility and convenient access. Built in 1965 and renovated in 2018, the structure features a slab foundation, block construction, metal/steel roof, and vinyl veneer exterior. The former car wash included four self-service bays and one automatic wash bay, along with two vacuum systems (currently removed). The property boasts a large parking lot and one curb cut on Washington Road/IL-8, plus two separate ingress/egress points on Briargate Road. Each of the approximately 450 square foot bays could be repurposed as individual storage units. The property's previous gross revenue was $105,000, with a net income of $35,000. Currently closed and without power, the equipment condition is unknown. This property is situated within the Northern Tazewell County Enterprise Zone, offering potential incentives for commercial development. The asking price is $165,000. This presents a compelling opportunity for investors seeking a prime location for redevelopment or repurposing.

• CAP approach

  CAP return

  Valuation

  6%

  $955,533

  6.5%

  $882,031

  7%

  $819,029

• Comparable approach

  Method

  Valuation

  Relative Method

  $921,018

  Geo Method

  $1,181,628

• Alternative Use

  Use

  Valuation

  Residential

  $744,026

  Hospitality

  $681,524

  Educational

  $567,020

  Medical

  $586,520

  Retail

  $882,031

Location Insight

City

Washington

County

Tazewell

State

Illinois

Latitude

40.6922

Longitude

-89.4865

CBSA code

37900

CBSA name

PEORIA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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