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

    4541 N Prospect Rd Peoria Heights, IL 61616

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    For Lease
    $18 SF/Yr ($2,034 /Mo)

    Move-in ready office suites with ample parking and easy access.

    Property size:
    1,356 SF
    Lot size:
    1.76 Acres

    Property Features for 4541 N Prospect Rd

    General Information

    Size
    1,356 SF
    Lot size
    1.76 Acres

    We can help!

    Listing Contact
    Jason Miller
    Jason Miller
    Source: Moodyscre

    Listing Agent: Jason Miller

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

    Learn more

    Property Insight Report

    Overview

    Updated Executive Office Suites Available

    This updated executive office building offers office suites ranging from 1,500 to 3,200 square feet. The third-floor suites are move-in ready, with the potential for approximately 5,200 square feet on the third floor. The building provides two private parking lots accommodating approximately 125 vehicles. Common area lobbies and restrooms are available on all levels. The building is equipped with both passenger and freight elevators. It offers quick access to Illinois Route 29, Route 116, and US Route 150.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria Heights
    County
    Peoria
    State
    Illinois
    Longitude
    -89.574996
    Latitude
    40.7435976

    Nearby Similar for Lease

    • Contact for pricing

      Peoria Heights Retail/Office Space

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      Versatile Commercial Property in Peoria Heights

      Multi-use property with retail, office, and warehouse spaces for lease.
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      Peoria Heights Retail/Office Space

      2,000 SF retail/office space with full basement.
      4111 N Prospect Rd, Peoria Heights, IL 61616
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    • Contact for pricing
      2,800 SF

      Peoria Heights Commercial Space Available

      Prime Peoria Heights Office/Retail Space for Lease
      924 Glen Ave, Peoria Heights, IL 61616
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    • $15 SF/Yr
      1,560 SF

      Prospect Road Office Space

      Peoria Heights Office: 1560 sq ft
      4440 Prospect Rd, Peoria Heights, IL 61616
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    • Contact for pricing
      46,800 SF

      New Mixed-Use Development

      Four-story mixed-use building with retail and office space.
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      View Details

    FAQs

    What type of property is this?
    Office space - Move-in ready office suites with ample parking and easy access.
    Where is this office space located?
    The property is located at 4541 N Prospect Rd Peoria Heights, IL.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: - Move-in ready office suites available on the 3rd floor; - Ample parking with 2 private lots for 125± vehicles; - Flexible suite sizes: 1,500 sq. ft. - 3,200 sq. ft. available, with potential for ±5,200 sq. ft. on the 3rd floor
    (309) 693-3000
    Request Owner's contact information
    4541 N Prospect Rd Peoria Heights, IL 61616
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    Peoria Heights, IL 61616
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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
    4541 N Prospect Rd Peoria Heights, IL 61616
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    We can help!
    Listing Contact
    Jason Miller
    Jason Miller
    Real Estate License ID: IL 475164113
    (309) 693-3000
    Learn more
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