Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    3624 University St Unit Peoria, IL 61604

    Sponsored
    For Sale
    $1,590,000

    1.58 Acres, Prime Redevelopment Site

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    346
    This exceptional 1.58-acre commercial lot presents a unique investment opportunity in Peoria, Illinois. Situated at 3624 N University Street, Unit Lot 1, this coveted corner lot is ideally positioned within the rapidly developing War Memorial & University area. The property benefits from a newly constructed access road designed to improve traffic flow and site accessibility. Plans are underway to directly connect this access road to War Memorial Drive, further enhancing its strategic location. Utilities are roughed-in at the outlot boundary, streamlining the development process. This is a prime location for businesses seeking high visibility and convenient access. The creation of a Tax Increment Financing (TIF) district further supports the area's revitalization and offers potential economic incentives. While this 1.58-acre lot (Lot 1) is available for purchase individually, adjacent lots (Lot 2: 1.31 acres and Lot 3: 1.133 acres) are also available for purchase separately or as a combined 2.443-acre parcel, providing flexibility for larger-scale development projects. This is an unparalleled chance to be part of a significant urban renewal project in a high-demand location. The asking price for this exceptional property is $1,590,000. Don't miss this chance to secure a piece of Peoria's exciting future.

    Property Features for 3624 University St Unit

    General Information

    Property type
    Other commercial real estate
    Lot Size
    68,825 SF
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office 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
    -89.61132
    Latitude
    40.73214

    Nearby Similar for Sale

    • $1,600,000
      Pending

      20-Unit Multifamily Investment Opportunity

      Stabilized, income-producing property with renovation and rent growth potential.
      1119 N Underhill St, Peoria, IL 61606
      View Details
    • $168,000
      0.15 Acres

      Investment Opportunity Near Bradley University

      Multi-family property near Bradley University, ideal for student housing.
      1620 W Fredonia Ave, Peoria, IL 61606
      View Details
    • $550,000
      0.60 Acres

      Bradley University Investment Portfolio

      Six homes near Bradley University, prime investment opportunity.
      700 N Underhill St, Peoria, IL 61606
      View Details
    • $250,000
      Pending

      Updated Duplex in Peoria, IL

      Income-producing duplex with updates, spacious areas, and garages.
      1521-1523 W Daytona Dr, Peoria, IL 61614
      View Details
    • $105,000
      0.14 Acres

      Peoria Multifamily Investment Opportunity

      Multifamily property with two units, great investment potential.
      609 W Armstrong Ave, Peoria, IL 61606
      View Details
    • New
      $159,000
      Pending

      Updated Duplex with Separate Utilities

      Well-maintained duplex featuring separate utilities and recent updates.
      1411-1413 E Tripp Ave, Peoria, IL 61603
      View Details
    • $69,900
      Pending

      Peoria Triplex with Multiple Units

      Triplex in Peoria, IL featuring multiple units and on-site laundry.
      1631 N California Ave, Peoria, IL 61603
      View Details
    • New
      $49,900
      0.14 Acres

      Peoria Duplex: Investment Opportunity

      Duplex in Peoria, Illinois, offering income potential with TLC.
      818 NE Madison Ave, Peoria, IL 61603
      View Details
    • New
      $214,900
      0.31 Acres

      Mixed-Use Corner Lot in Peoria

      C-1 zoned property suitable for business or residential use.
      4303 W Lynnhurst Dr, Peoria, IL 61615
      View Details
    • $2,800,000
      0.80 Acres

      Iconic Restaurant & Brewpub Opportunity

      Turnkey restaurant and brewpub in downtown Peoria for sale.
      321 NE Madison Ave, Peoria, IL 61603
      View Details
    • $950,000
      2.01 Acres

      Peoria Industrial Location For Sale

      Commercial property in Peoria, Illinois, suitable for industrial use.
      1034 NE Adams St, Peoria, IL 61603
      View Details
    • Contact for pricing
      130,086 SF

      Multi-Venue Entertainment Complex For Sale

      Established entertainment complex with multiple revenue streams and investment opportunities.
      3225 N Dries Ln, Peoria, IL 61604
      View Details

    FAQs

    What type of property is this?
    Commercial real estate - 1.58 Acres, Prime Redevelopment Site
    Where is this commercial real estate located?
    The property is located at 3624 University St Unit Peoria, IL.
    What is the asking price?
    The asking price for this property is $1,590,000.
    Request Owner's contact information
    3624 University St Unit Peoria, IL 61604
    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.
    3624 University St Unit
    Peoria, IL 61604
    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.

    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
    3624 University St Unit Peoria, IL 61604
    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.