Peoria Flex Property For
For Sale
Contact for pricing
3605 N Parish Ave, Peoria, IL
Flex property with high visibility in Peoria, Illinois.
Property Size23,454 SF
Lot Size3.04 Acres
Price / SF$74.32
Days on Market1092
Property Features for 3605 N Parish Ave
General Information
Standard status
Active
Size
23,454 SF
Lot size
3.04 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Maloof Commercial
(309) 693-3000
Listed By:
Dan Maloof · License ##475.122647
Source:
Moodyscre
Added: Aug 25, 2023
Changed: Aug 9
Last Checked: Aug 19 at 8:42AM
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
Investment Insights
Based on property information with market context.
This is a pre-engineered metal and wood frame flex property offering significant visibility from a heavily traveled thoroughfare in Peoria. The property has a size of 23454 square feet.
Key Highlights
- Great visibility from a heavily traveled thoroughfare
- Flex property
- Pre‑engineered metal and wood frame
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$141,111
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,822,220
$2.8M
Cap Rate 7%
$2,015,871
$2.0M
Cap Rate 9%
$1,567,900
$1.6M
Market Conditions
NOI Build-Up for 23,454 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$211.1K $9.00/SF
− Vacancy
−$9.5K −$0.41/SF
EGI
$201.6K $8.59/SF
− OpEx
−$60.5K −$2.58/SF
NOI
$141.1K $6.02/SF
Area
Peoria, IL
Vacancy
4.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,822,220
Cap Rate 7%
$2,015,871
Cap Rate 9%
$1,567,900
Alternative Uses
Best Use
Flex RnD
$3.01M
$2.63M – $3.51M
NOI $210,382 @ 7.0% cap · market cap 12.07%
Second Best
Industrial
$2.02M
$1.76M – $2.35M
NOI $141,111 @ 7.0% cap · market cap 8.10%
Theoretical Best
Multifamily LT 5
$20.52M
$17.95M – $23.94M
NOI $1,436,213 @ 7.0% cap · market cap 82.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
603
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Hy-Vee Catering — 4125 N Sheridan Rd Ste 20, Peoria, IL 61614
- Childers Banquet and Catering Center — 3113 N Dries Ln, Peoria, IL 61604
Frequently Asked Questions
What type of property is this?
Flex space - Flex property with high visibility in Peoria, Illinois.
Where is this flex space located?
The property is located at 3605 N Parish Ave Peoria, IL.
What is the asking price?
The asking price for this property is $1,743,067.
What are key features of this property?
This property features: Great visibility from a heavily traveled thoroughfare; Flex property; Pre‑engineered metal and wood frame
