Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2420 W Nebraska Avenue Peoria, IL 61604

    View on Map
    For Lease
    Contact for pricing

    COMMERCIAL - Peoria, IL

    Type:Office
    Lot size:
    0.70 Acres
    Added:
    Feb 6, 2026
    Days on Market:
    54
    Last Refresh:
    Apr 1 at 6:06 am

    Property Features for 2420 W Nebraska Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    Lot size
    0.70 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1989
    Floors in Building
    1
    Building materials
    Brick, Concrete, Wood

    We can help!

    Listing Contact
    Nathan Whitney

    Listing agent Nathan Whitney License #475216466

    Listing office KELLER WILLIAMS-TREC 2441 Village Green Place, Champaign, IL

    Listing date Feb 6, 2026

    MLS# 12558711

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Office Space in Peoria, IL

    Located in Peoria, Illinois, this commercial property offers office space for rent. The property is situated on a 0.7-acre lot. The location is 2420 W Nebraska Avenue, Peoria, IL 61604.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Rachel Broquard NP Physician Cardiac Thoracic/endovsclr Therapy Physician Heartland Vascular Care Medical Clinic James B Williams ... Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.6318451
    Latitude
    40.7103001

    Nearby Similar for Lease

    • Contact for pricing

      Peoria Office Space For Rent

      2,525 SF office space with excellent accessibility and visibility.
      1820 N Sterling Avenue, Peoria, IL 61604
      View Details
    • Sponsored
      Contact for pricing

      IL, Peoria - Main St

      416 Main St, Unit 600, Peoria, IL 61602
      View Details
    • $8/mo

      Fitness Center and Office Space

      Fitness center and office space available for lease in Peoria.
      7620 N University, Peoria, IL
      View Details
    • Contact for pricing

      Salon/Barber Shop For Lease

      700 SF salon/barber shop with equipment included for lease.
      2524 W Farrelly Ave, Peoria, IL
      View Details
    • $14/mo

      Modern Office Building For Rent

      3,500 SF modern office building in prime Peoria location.
      7207-7221 N Allen Rd, Peoria, IL
      View Details
    • Contact for pricing

      Aircraft Hangar at Peoria Airport

      Premier aircraft hangar, maintenance, and office facility for lease.
      7022 West Middle Road, Peoria, IL, 61607
      View Details
    • $12/mo

      Main Street Office Space Available

      Office suites available on Main Street near medical facilities.
      711-719 Main St, Peoria, IL
      View Details
    • $7/mo

      Peoria Flex Space with Offices

      Flex space featuring offices, conference room, and loading dock.
      7206 N Terra Vista Drive, Peoria, IL
      View Details
    • $10/mo

      Warehouse/Flex Space in Warehouse District

      Warehouse/flex building for lease in the Warehouse District.
      720 SW Adams St, Peoria, IL
      View Details
    • $6/mo

      Warehouse District Flex Building

      3,300 SF flex building in Peoria's Warehouse District.
      718 SW Adams St, Peoria, IL
      View Details
    • $14/mo

      Executive Office Suite For Rent

      Executive office suite featuring 12 private offices and 5 cubicles.
      8512 N Knoxville Ave, Peoria, IL
      View Details
    • $4/mo

      Warehouse Space in North Peoria

      136,524 SF warehouse space available for lease.
      8201 N University St, Peoria, IL
      View Details

    FAQs

    What type of property is this?
    Office units - Office space available for rent in Peoria, Illinois.
    Where is this office units located?
    The property is located at 2420 W Nebraska Avenue Peoria, IL.
    What are key features of this property?
    This property features: Built in 1989, offering a well‑established property.; Central air conditioning for climate control.; Constructed with durable materials: Brick, Concrete, and Wood.
    (217) 356-6100
    We can help!
    Listing Contact
    Nathan Whitney
    Real Estate License ID: 475216466
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!