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    1506 Knoxville Ave Peoria, IL 61603

    For Sale
    $1,920,000

    1.75 Acres, High-Traffic Location

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    308
    This exceptional 1.75-acre commercial land parcel presents a unique development opportunity in Peoria, Illinois. Strategically located at the intersection of Knoxville Avenue (Route 40) and Pennsylvania Avenue, this property enjoys unparalleled visibility and accessibility. Its prime position directly across from the OSF hospital campus and the I-74 Knoxville Exit ensures high traffic volume and significant exposure to a large potential customer base. The site is already cleared and ready for immediate development, eliminating costly pre-construction preparation. This offering encompasses eight contiguous parcels, totaling 1.75 acres, all zoned CG General Commercial. The property's location within the East Village Growth Cell – TIF (2034) provides developers with access to substantial financial incentives, detailed in the associated documents. These incentives represent a significant advantage for prospective developers seeking to maximize their return on investment. The individual parcel numbers are: 18-04-251-001, 18-04-251-002, 18-04-251-003, 18-04-251-004, 18-04-251-005, 18-04-251-006, 18-04-251-007, and 18-04-251-008. This is a rare opportunity to acquire a large, well-situated commercial property in a thriving area with significant growth potential. The asking price is $1,920,000.

    Property Features for 1506 Knoxville Ave

    General Information

    Property type
    Other commercial real estate
    Lot Size
    76,230 SF
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Law Firm Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.59367
    Latitude
    40.70545

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    FAQs

    What type of property is this?
    Commercial real estate - 1.75 Acres, High-Traffic Location
    Where is this commercial real estate located?
    The property is located at 1506 Knoxville Ave Peoria, IL.
    What is the asking price?
    The asking price for this property is $1,920,000.
    Request Owner's contact information
    1506 Knoxville Ave Peoria, IL 61603
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    Realmo Value Estimation

    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.

    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.

    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
    1506 Knoxville Ave Peoria, IL 61603
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