Multi-Tenant Flex Industrial
For Sale
Contact for pricing
125 Thunderbird Ln, East Peoria, IL 61611
Eight-building flex industrial portfolio on 12.32 acres, 97.56 percent occupied by 29 tenants in 33 suites.
Property Size154,610 SF
Lot Size12.32 Acres
Price / SF$56.59
Days on Market382
Property Features for 125 Thunderbird Ln
General Information
Standard status
Active
Size
154,610 SF
Lot size
12.32 Acres
Property subtype
INDUSTRIAL
Occupancy
98%
Additional Details
Highway Access
Yes
Building Details
Buildings
8
Listing Agency:
Marcus & Millichap | Chicago Oak Brook
(630) 570-2200
Listed By:
Steven Weinstock · License #(S):IL:471.011175
(630) 570-2250
Source:
Moodyscre
Added: Aug 29, 2025
Changed: Aug 15
Last Checked: Sep 13 at 11:41AM
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 Marcus & Millichap | Chicago Oak Brook
Investment Insights
Based on property information with market context.
Multi-tenant flex industrial portfolio for sale featuring eight buildings totaling 154,610 square feet across 12.32 acres on three parcels in the East Peoria Business Center (125 Thunderbird Ln, East Peoria, IL 61611). The portfolio includes a mix of single-tenant net lease (STNL) and multi-tenant buildings, currently 97.56 percent occupied by 29 tenants across 33 suites.
Tenancy is anchored by nationally recognized credit tenants, with 32 percent of gross leasable area leased to publicly traded companies, including SiteOne Landscape Supply (NYSE: SITE), Ferguson (NYSE: FERG), and Water Solutions Unlimited (NASDAQ: HWKN). The property is positioned with ease of access to I-74 and I-474.
For nearby higher education, Bradley University (Enrollment: 4,800) and Illinois Central College (Enrollment: 19,929) are within a 10-mile radius. The surrounding area demographics referenced include population of 227,957 and average household income of $99,688.
Tenancy is anchored by nationally recognized credit tenants, with 32 percent of gross leasable area leased to publicly traded companies, including SiteOne Landscape Supply (NYSE: SITE), Ferguson (NYSE: FERG), and Water Solutions Unlimited (NASDAQ: HWKN). The property is positioned with ease of access to I-74 and I-474.
For nearby higher education, Bradley University (Enrollment: 4,800) and Illinois Central College (Enrollment: 19,929) are within a 10-mile radius. The surrounding area demographics referenced include population of 227,957 and average household income of $99,688.
Key Highlights
- Eight‑building flex industrial portfolio totaling 154,610 SF
- 12.32 acres across three parcels in the East Peoria Business Center
- 97.56 percent occupied by 29 tenants across 33 suites
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
$789,300
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
9.02%
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%
$15,786,000
$15.8M
Cap Rate 7%
$11,275,714
$11.3M
Cap Rate 9%
$8,770,000
$8.8M
Market Conditions
NOI Build-Up for 154,610 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
$1.21M $7.80/SF
− Vacancy
−$78.4K −$0.51/SF
EGI
$1.13M $7.29/SF
− OpEx
−$338.3K −$2.19/SF
NOI
$789.3K $5.11/SF
Area
Peoria County, IL
Vacancy
6.50%
Lease Rate
$7.80 /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%
$15,786,000
Cap Rate 7%
$11,275,714
Cap Rate 9%
$8,770,000
Alternative Uses
Best Use
Flex RnD
$19.81M
$17.34M – $23.11M
NOI $1,386,852 @ 7.0% cap · market cap 15.85%
Second Best
Industrial
$11.28M
$9.87M – $13.16M
NOI $789,300 @ 7.0% cap · market cap 9.02%
Theoretical Best
Multifamily LT 5
$135.25M
$118.34M – $157.79M
NOI $9,467,594 @ 7.0% cap · market cap 108.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
97.6%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
140
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61611, IL
23,837
Population
11,207
Households
2.1
Avg Household Size
44
Median Age
26%
College-Educated
93%
High-School Grad
41.0 sq mi
ZIP Area
581
Density / Sq Mi
$76,329
Median Household Income
$44,586
Median Earnings
$942
Median Rent
$162,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Eight-building flex industrial portfolio on 12.32 acres, 97.56 percent occupied by 29 tenants in 33 suites.
Where is this flex space located?
The property is located at 125 Thunderbird Ln East Peoria, IL.
What is the asking price?
The asking price for this property is $8,750,000.
What are key features of this property?
This property features: Eight‑building flex industrial portfolio totaling 154,610 SF; 12.32 acres across three parcels in the East Peoria Business Center; 97.56 percent occupied by 29 tenants across 33 suites
