Last Sold Price
3,767 sqft$91/sqft
7340 W Lancaster Rd, Peoria, IL 61607

Description

Rare opportunity to own a three-unit multifamily property on 1.58 scenic acres overlooking a beautiful 1+ acre stocked pond in a peaceful rural Peoria County setting. This unique investment opportunity offers flexible living space, serene surroundings, and picturesque views. The main level features 2,204 square feet and includes two units. Unit 1 offers approximately 1,527 square feet with 3 bedrooms and 1 bath, and has been tastefully updated in 2025 with a renovated kitchen, updated bathroom, and...Rare opportunity to own a three-unit multifamily property on 1.58 scenic acres overlooking a beautiful 1+ acre stocked pond in a peaceful rural Peoria County setting. This unique investment opportunity offers flexible living space, serene surroundings, and picturesque views. The main level features 2,204 square feet and includes two units. Unit 1 offers approximately 1,527 square feet with 3 bedrooms and 1 bath, and has been tastefully updated in 2025 with a renovated kitchen, updated bathroom, and new flooring. This unit also features in-unit laundry, a recently refinished deck with beautiful pond views, and reserved garage and carport spaces. Unit 3 offers 713 square feet with 1 bedroom and 1 bath, highlighted by large kitchen windows that showcase the scenic setting, and also includes a reserved carport space. Unit 2 is located in the lower level and offers approximately 1,527 square feet with 2 bedrooms and 2 baths, along with one garage space. Units 2 and 3 share a laundry area located in the garage. Zoned R-3, this property may offer additional expansion potential. The stocked pond is home to channel catfish, bluegill, and largemouth bass, adding even more charm and appeal. Additional highlights include a roof replaced in 2017, new deck boards in 2025, a 2-stall garage, and a 20' x 25' carport. Whether you are looking to expand your portfolio or step into a truly special income-producing property, this is an exceptional opportunity.
LISTING CLOSED: 06/08/2026 12:00 AM

  1. Listed by Kindra Bruninga • Jim Maloof Realty, Inc.
    P: (309) 645-6993 kbruninga@maloofrealty.com
  2. Listed by Jared O Brien • Jim Maloof Realty, Inc.
    jobrien@maloofrealty.com

Property Details for 7340 West Lancaster Road

Status
MLS #
PA1265678
Days on Market
8
Taxes
$5,717 / year
HOA Fees
-
Condo/Co-op Fees
-
Property Type
MLS Type
Residential Income / Residential Income
Year Built
1971
Lot Size
1.58 AC / 68,824 SF
Parking Total
4.0
Subdivision Name
Country Meadows

Location

Listing Courtesy of Jim Maloof Realty, Inc.

Sold By Keller Williams Premier Realty

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Building Information for 7340 West Lancaster Road

Stories-Residences3Year Built1971Building Size-Lot Size1.58 AC / 68,824 SF

Payment Calculator

$2,225 per month

30 year fixed, 6.55% Interest

Principal and Interest

$1,749

Property Taxes

$476

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 7340 West Lancaster Road

Summary
Location and General Information
  • City: Peoria
  • County Or Parish: Peoria
  • Directions: Airport Rd. to Lancaster
  • Latitude: 40.628902
  • Longitude: -89.710231
  • MLSArea Minor: PAAR Area
  • Postal Code: 61607
  • State Or Province: IL
Taxes and HOA Information
  • Parcel Number: 17-33-328-011
  • Tax Annual Amount: $5,717
  • Tax Legal Description: COUNTRY MEADOWS SUB SW 1/4 SEC 33-8-7E LOT 8 1.5819 AC
  • Tax Year: 2024
School Information
  • High School: Limestone Comm
Parking
  • Parking Features: Attached, Carport, Assigned, Parking Garage
Property
Lot Information
  • Structure Type: One Story
  • Building Area Total: 3767.0
  • Lot Features: Level, Pond/Lake, Sloped, Lake View
  • Lot Size Acres: 1.58
  • Lot Size Dimensions: 202 x 95 x 322 x 217 x155
  • Number Of Units Total: 3
  • 100 Year Plain: No
  • Road Surface Type: Paved
Property and Assessments
  • Documents Available: Aerial Photos
  • Foundation Details: Block
  • New Construction: No
  • Year Built: 1971
  • Year Built Source: Public Records
Utilities
  • Number Of Electric Meters: 1
  • Number Of Gas Meters: 1
  • Numberof Water Meters: 1
  • Water Sewer Expense: $639
  • Water Source: Public, Septic System
Interior and Exterior Features
Exterior Features
  • Lawn Snow Removal: 1200
  • Roof: Shingle
  • Construction Materials: Brick Partial, Vinyl Siding
Interior Features
  • Basement: Partial, Unfinished, Walk-Out Access
  • Cooling: Zoned, Central Air
  • Heating: Heating Systems - 2+, Forced Air, Natural Gas, Gas Water Heater
  • Laundry Features: Common Area, Private
  • Number Of Central Air Units: 2
  • Number Of Dishwashers: 1
  • Number Of Dryers: 2
  • Number Of Heating Units: 2
  • Number Of Ranges: 3
  • Numberof Refrigerators: 3
  • Number Of Washers: 2
  • Number Of Water Heaters: 2
  • Number Of Window Units: 0
  • Operating Recording Device: Audio & Video
Multi Family
Income & Expenses
  • Electric Expense: $2,568
  • Gross Income: $47,400
  • Gross Scheduled Income: $47,400
  • Insurance Expense: $2,383
  • Maintenance Expense: $0
  • Manager Expense: $0
  • Net Operating Income: $34,175
  • Operating Expense: $7,508
  • Advertising Expense: 0
  • Gas Expense: 0
  • Misc Annual Income: 0
  • Trash Expense: $318
Unit 1
  • Fireplace YN: N
  • Full Baths: 1
  • Half Baths: 0
  • Number Covered: 2
  • Number Parking: 2
  • Number Uncovered: 0
  • Unit Type Beds Total: 3
  • Unit Type Type: Unit 1
Unit 2
  • Fireplace YN: N
  • Full Baths: 1
  • Half Baths: 0
  • Number Covered: 1
  • Number Parking: 1
  • Number Uncovered: 0
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 2
Unit 3
  • Fireplace YN: N
  • Full Baths: 1
  • Half Baths: 0
  • Number Covered: 1
  • Number Parking: 1
  • Number Uncovered: 0
  • Unit Type Beds Total: 1
  • Unit Type Type: Unit 3
Rental
Rent Information
  • Lease Term: Variable

Property History for 7340 West Lancaster Road

DateEvent & SourcePriceAppreciation
Jun 8, 2026

Sold (Public Record)

Public Record #1941789933

$344,000

+6.6% / yr

Jun 8, 2026

Sold

RMLS ALLIANCE #PA1265678

$344,000
Apr 25, 2026

Pending

RMLS ALLIANCE #PA1265678

DateEvent & SourcePrice
06/08/2026

Sold (Public Record)

Public Record #1941789933

$344,000

+6.6% / yr

06/08/2026

Sold

RMLS ALLIANCE #PA1265678

$344,000
04/25/2026

Pending

RMLS ALLIANCE #PA1265678

For completeness, we often displays two records for one sale: the MLS record and the public record.

Public Records for 7340 West Lancaster Road

Taxable ValueLand$17,600Additions$85,860Total$103,460
Tax Record2025$5,668 ($472 / month)
Home Facts
Beds6Baths3.5Total Finished SqFt2,240 SqFtAbove Grade Finished SqFt2,240 SqFtStories1Lot Size68,825 SqFtStyleSingle Family ResidenceYear Built1971CountyPEORIAAPN17-33-328-011

Schools near 7340 West Lancaster Road

This home is within Limestone Walters Central Consolidated School District 316.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - 9 to 12
Rating
School
Distance
Limestone Walters Elementary School
PublicPK to 8

Limestone Community High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the seller's discretion. No financial or legal advice provided. Equal Housing Opportunity. Subject to change at any time. Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties make no guarantee, warranty or representation regarding the accuracy of any waterfront feature, water view or waterfront view.

Listing Courtesy of Jim Maloof Realty, Inc.

Based on information submitted to the MLS GRID as of 06/11/2026 03:00 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Properties displayed may be listed or sold by various participants in the MLS. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed by MLS GRID. Use of the MLS GRID data may be subject to an end user license agreement prescribed by the applicable MLS of the Member Participant, if any, and as amended from time to time.