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    3225 N Dries Ln Peoria, IL

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    Established entertainment complex with multiple revenue streams and investment opportunities.

    Type:RETAIL
    Property size:
    130,086 SF
    Lot size:
    13.03 Acres
    Added:
    May 13, 2024
    Days on Market:
    717
    Last Refresh:
    Apr 5 at 9:37 pm

    Property Features for 3225 N Dries Ln

    General Information

    Standard status
    Active
    Size
    130,086 SF
    Lot size
    13.03 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Jason Miller
    Jason Miller

    Listing agent Jason Miller License #475180439

    Listing office Maloof Commercial

    Listing date May 13, 2024

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Maloof Commercial

    Overview

    Multi-Venue Entertainment Complex For Sale

    This fully operational and well-maintained entertainment complex, known as Landmark Recreation Center, presents a unique investment opportunity with multiple revenue streams. The complex includes Landmark Health and Fitness, a full-service health and fitness center spanning approximately 54,000 square feet, featuring an indoor track, swimming pool, racquetball courts, dance studios, tanning facilities, private and group classes, childcare services, and a licensed massage therapist. The Banquet Hall & Highly Flavored Restaurant, encompassing approximately 28,680 square feet, includes Highly Flavored, an on-site bar and restaurant that provides catering and banquet-style gatherings of all sizes in various event spaces. Landmark Lanes, a premier 50-lane bowling center, spans approximately 42,000 square feet and is equipped with a BES-X Scoring System, redemption arcade, snack bar, and full-time mechanics. The Peoria Esports Complex, housed within the facility and covering approximately 6,700 square feet, offers ggCircuit stats displayed on movie theater screens, online streams, and full-length features, hosting events ranging from birthday parties and casual gaming to competitive tournaments. Additionally, the former movie theater, approximately 26,000 square feet, offers further income opportunities with potential tenants for uses such as indoor storage or local music events in the sound-proof cinemas. The entire property encompasses 130,086 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Peoria Forest Hill ... Cinema Landmark Lanes Bowling Alley The x Bar Bar & Pub Landmark Banquet Center Wedding Service BowlersMart Peoria Bowling Alley

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.6169
    Latitude
    40.7266

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    FAQs

    What type of property is this?
    Bowling alley - Established entertainment complex with multiple revenue streams and investment opportunities.
    Where is this bowling alley located?
    The property is located at 3225 N Dries Ln Peoria, IL.
    What are key features of this property?
    This property features: Established, successful, and fully operational multi‑venue entertainment complex with multiple revenue streams.; Premier 50‑lane bowling center (Landmark Lanes) with advanced scoring system and arcade.; Full‑service health & fitness center (Landmark Health and Fitness) with diverse amenities.
    (309) 693-3000 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jason Miller
    Jason Miller
    Real Estate License ID: 475180439
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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
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