Freestanding Restaurant and
For Sale
$3,500,000
230 Conference Center Drive East Peoria, East Peoria, IL 61611
Custom-built restaurant with an open-view brewery tank area, open-view kitchen, mezzanine, and outdoor river-view seating.
Property Size9,135 SF
Price / SF$383.14
Days on Market36
Property Features for 230 Conference Center Drive East Peoria
General Information
Standard status
Active
Size
9,135 SF
Total Parking Spaces
80
Zoning
B-3
Taxes and HOA fees
Annual Taxes
$44,400
Amenities
open-view brewery tank area
open-view kitchen
outdoor river view seating area
Building Details
Building Size
9,135 SF
Year Built
2007
Buildings
1
Listing Agency:
RE/MAX Traders Unlimited
(309) 722-1612
Listed By:
Justin Ball · License #475175281
(309) 722-1612
Source:
Realestatepeoria
Added: Jul 14
Changed: Aug 16
Last Checked: Aug 18 at 4:52AM
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 RE/MAX Traders Unlimited
Investment Insights
Based on property information with market context.
This custom-built, free-standing restaurant building totals 9,135 SF and was constructed as an upscale casual concept with an open-view brewery tank area and open-view kitchen. The facility includes a 510 SF mezzanine above the brewery equipment and an outdoor river-view seating area measuring 1,850 SF.
The property is located in East Peoria, IL, at 230 Conference Center Drive, and benefits from ample on-site surface parking with a parking ratio of 8.76 per 1,000 SF. The adjacent area continues to develop, including a 2026 Hampton Inn next door at 220 Conference Center Dr.
For development and redevelopment incentives, the property is located in both a TIF and Enterprise Zone.
The property is located in East Peoria, IL, at 230 Conference Center Drive, and benefits from ample on-site surface parking with a parking ratio of 8.76 per 1,000 SF. The adjacent area continues to develop, including a 2026 Hampton Inn next door at 220 Conference Center Dr.
For development and redevelopment incentives, the property is located in both a TIF and Enterprise Zone.
Key Highlights
- 9,135 SF custom‑built, free‑standing restaurant originally Granite City Food & Brewery (built in 2007)
- Open‑view brewery tank area plus open‑view kitchen
- 510 SF mezzanine above the brewery equipment
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
$109,507
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
3.13%
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%
$2,190,140
$2.2M
Cap Rate 7%
$1,564,386
$1.6M
Cap Rate 9%
$1,216,744
$1.2M
Market Conditions
NOI Build-Up for 9,135 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
$155.7K $17.04/SF
− Vacancy
−$9.7K −$1.06/SF
EGI
$146.0K $15.98/SF
− OpEx
−$36.5K −$4.00/SF
NOI
$109.5K $11.99/SF
Area
Peoria County, IL
Vacancy
6.20%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$2,190,140
Cap Rate 7%
$1,564,386
Cap Rate 9%
$1,216,744
Alternative Uses
Best Use
Specialty Retail
$1.56M
$1.37M – $1.83M
NOI $109,507 @ 7.0% cap · market cap 3.13%
Second Best
Industrial
$666.2K
$582.9K – $777.3K
NOI $46,635 @ 7.0% cap · market cap 1.33%
Theoretical Best
Multifamily LT 5
$7.99M
$6.99M – $9.32M
NOI $559,385 @ 7.0% cap · market cap 15.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,014
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Custom-built restaurant with an open-view brewery tank area, open-view kitchen, mezzanine, and outdoor river-view seating.
Where is this conventional restaurant located?
The property is located at 230 Conference Center Drive East Peoria East Peoria, IL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 9,135 SF custom‑built, free‑standing restaurant originally Granite City Food & Brewery (built in 2007); Open‑view brewery tank area plus open‑view kitchen; 510 SF mezzanine above the brewery equipment
