Eight-Building Industrial Commerce
For Sale
$8,750,000
125 Thunderbird Lane, East Peoria, IL 61611
Small- to mid-bay industrial park with diversified tenants and 36 leased suites across eight buildings.
Property Size154,000 SF
Lot Size12.32 Acres
Price / SF$59.84
Days on Market24
Property Features for 125 Thunderbird Lane
General Information
Standard status
Active
Size
154,000 SF
Lot size
12.32 Acres
Property subtype
Office Warehouse
Additional Details
Cap Rate
7.65%
Highway Access
Yes
Amenities
Small/Mid Bay Flex Industrial Park with Eight Buildings Totaling 146,214 RBA on 12.32 Acres; 99 Percent Occupancy; Almost Half the Tenants have been in their Units for 10-Plus Years
Anchored by Publicly Traded & Credit Tenants: SiteOne Landscape Supply (NYSE: SITE; S&P: BB), Ferguson (NYSE: FERG; S&P: BBB+), Water Solutions Unlimited (NASDAQ: HWKN), NuMotion (Moody's: B3)
Average Flex Market Rent is $8.00 SF NNN (CoStar); Subject Property Average Rent: $5.06 SF
74% Leases are NNN | WALT: 2.35 Years | Allows for Mark-to-Market Rent Growth; Opportunity to Convert Remaining Leases to NNN
Potential to Develop an Additional Building Up to 12,000 SF on Remaining Undeveloped Parcel
East Peoria is Home to Global Manufacturers and Leading Healthcare Systems: Caterpillar, Komatsu, Carle Health, OSF HealthCare, Morton Industries, Liberty Steel & Wire, ATS, SC2 Services and RLI
Strategic Midwest Location: Immediate Access to I-74, I-474, US-150 and US-24; Approximately 80 Percent of the U.S. Population Accessible Within a Two-Day Drive
Building Details
Building Size
154,000 SF
Year Built
1997
Tenancy
Multi
Listing Agency:
Marcus & Millichap | Indianapolis
(317) 218-5366
Listed By:
Julia Evinger · License #License(s): IN: RB14040143
(317) 218-5366
Source:
Marcusmillichap
Added: Jul 17
Changed: Aug 8
Last Checked: Aug 8 at 2:41AM
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 | Indianapolis
Investment Insights
Based on property information with market context.
Thunderbird Commerce Park is an eight-building small- to mid-bay industrial park totaling approximately 146,214 square feet on 12.32 acres. The property is leased to 30 tenants across 36 suites and is described as having historically high long-term occupancy, including nine tenants in place for 10-plus years. The park is 74 percent leased on a triple-net basis, with a diversified tenant mix spanning local, regional, and national users.
The park is located at 125 Thunderbird Lane in East Peoria, Illinois, with access described as convenient to I-74 and the US-150/US-24 interchange. The property is anchored by publicly traded and credit tenants including Ferguson, SiteOne Landscape Supply, NuMotion, and Water Solutions Unlimited.
The offering is presented as providing in-place cash flow with staggered lease expirations and a stated 2.35-year WALT. Additional potential income opportunities mentioned include converting remaining leases to triple-net terms, along with options related to a remaining undeveloped lot that could support a building or an IOS/laydown yard.
The park is located at 125 Thunderbird Lane in East Peoria, Illinois, with access described as convenient to I-74 and the US-150/US-24 interchange. The property is anchored by publicly traded and credit tenants including Ferguson, SiteOne Landscape Supply, NuMotion, and Water Solutions Unlimited.
The offering is presented as providing in-place cash flow with staggered lease expirations and a stated 2.35-year WALT. Additional potential income opportunities mentioned include converting remaining leases to triple-net terms, along with options related to a remaining undeveloped lot that could support a building or an IOS/laydown yard.
Key Highlights
- Thunderbird Commerce Park is an eight‑building small- to mid‑bay industrial park totaling ~146,214 SF on 12.32 acres, built in 1997.
- Historically high occupancy: 99% occupied with nine tenants in place for 10+ years (47% of RBA).
- Leased to 30 tenants across 36 suites with a diversified mix of local, regional, and national users.
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
$746,437
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
8.53%
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%
$14,928,740
$14.9M
Cap Rate 7%
$10,663,386
$10.7M
Cap Rate 9%
$8,293,744
$8.3M
Market Conditions
NOI Build-Up for 146,214 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
$1.14M $7.80/SF
− Vacancy
−$74.1K −$0.51/SF
EGI
$1.07M $7.29/SF
− OpEx
−$319.9K −$2.19/SF
NOI
$746.4K $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%
$14,928,740
Cap Rate 7%
$10,663,386
Cap Rate 9%
$8,293,744
Alternative Uses
Best Use
Flex RnD
$18.74M
$16.39M – $21.86M
NOI $1,311,540 @ 7.0% cap · market cap 14.99%
Second Best
Warehouse
$14.45M
$12.64M – $16.86M
NOI $1,011,515 @ 7.0% cap · market cap 11.56%
Theoretical Best
Multifamily LT 5
$127.91M
$111.92M – $149.22M
NOI $8,953,462 @ 7.0% cap · market cap 102.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
164
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Small- to mid-bay industrial park with diversified tenants and 36 leased suites across eight buildings.
Where is this flex space located?
The property is located at 125 Thunderbird Lane 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: Thunderbird Commerce Park is an eight‑building small- to mid‑bay industrial park totaling ~146,214 SF on 12.32 acres, built in 1997.; Historically high occupancy: 99% occupied with nine tenants in place for 10+ years (47% of RBA).; Leased to 30 tenants across 36 suites with a diversified mix of local, regional, and national users.
