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    The Largest CRE Database in the US with Over 1 Million Listings

    1115 N North St Peoria, IL 61606

    Sponsored
    For Sale
    $615,000

    Mixed Use - Peoria, IL

    Type:Mixed Use
    Property size:
    4,700 SF
    Days on Market:
    2
    Last Refresh:
    Feb 20 at 12:06 am

    Property Features for 1115 N North St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Standard status
    Active
    APN
    1804306046
    Size
    4,700 SF

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Building materials
    Frame, Vinyl Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Jenny Wisniewski
    Jenny Wisniewski

    Landmark Realty Godfrey (618) 466-1513

    Listing agent Jenny Wisniewski (618) 466-1513 License #475163192

    Listing date Feb 19, 2026

    MLS# 26009252 Listing URL

    Copyright © 2026 MARIS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Four-Unit Commercial Building in Peoria

    This is a four-unit commercial building with two of the four units currently occupied under state contract leases, generating a monthly rental income of $7,806. The two larger units, B and C, account for 70% of the total space. Unit A, a smaller 1,600-square-foot unit, is currently vacant. It features a conference room, men's and women's restrooms, a large common area suitable for copiers, and six offices within the suite. The common area inside the building is also vacant. Unit B spans 4,700 square feet and is leased to the Department of Corrections Probation office. The lease was renewed on November 1st for a term of five years. Units B and C are leased together. Unit C comprises 2,600 square feet and is occupied by the Department of Juvenile Justice, which has been a tenant for 30 years. The lease covers both units B and C. Unit D, totaling 1,250 square feet, is vacant and includes a conference room, two offices, two bathrooms, a kitchenette, and a large open space previously used for cubicles. The property is located in Peoria, Illinois, and is being offered as a 12-cap property with two vacancies.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Peoria Parole Office Probation Office Community Connections Publishing ... Publishing House

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.599527
    Latitude
    40.701136

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    FAQs

    What type of property is this?
    Mixed-use property - Four-unit commercial building with state contract leases and vacancy.
    Where is this mixed-use property located?
    The property is located at 1115 N North St Peoria, IL.
    What is the asking price?
    The asking price for this property is $615,000.
    What are key features of this property?
    This property features: - High Income Potential: Generate $7806 monthly from existing leases.; - Stable Tenants: Leases secured with State contracts including Department of Corrections and Department of Juvenile Justice.; - Long-Term Tenant: Benefit from a 30-year history with the Department of Juvenile Justice.
    (618) 791-8224
    Request Owner's contact information
    1115 N North St Peoria, IL 61606
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    Peoria, IL 61606
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1115 N North St Peoria, IL 61606
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    We can help!
    Listing Contact
    Jenny Wisniewski
    Jenny Wisniewski
    Real Estate License ID: 475163192
    (618) 791-8224 (618) 466-1513
    Learn more
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