Automotive Sales and Service
For Sale
$1,699,000
1613 W Pioneer Parkway Peoria, Peoria, IL 61615
Car dealership sales and service center with multiple office areas and a 7-bay service shop with 10' overhead doors.
Property Size6,800 SF
Price / SF$249.85
Days on Market40
Property Features for 1613 W Pioneer Parkway Peoria
General Information
Standard status
Active
Size
6,800 SF
Total Parking Spaces
85
Zoning
C-2
Additional Details
Highway Access
Yes
Service Bays
7
Taxes and HOA fees
Annual Taxes
$32,655
Building Details
Building Size
6,800 SF
Listing Agency:
RE/MAX Traders Unlimited
(309) 722-1612
Listed By:
Justin Ball · License #475175281
(309) 722-1612
Source:
Realestatepeoria
Added: Jul 10
Changed: Aug 17
Last Checked: Aug 18 at 4:27AM
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 car dealership sales and service center includes a sales area with 5 private offices, 5 semi-private offices, a foyer and lobby with a coffee bar, an open work area suitable for 4 cubicles, 2 ADA-compliant restrooms, and storage. The service area features 7 bays, each with 10' x 10' overhead doors and floor drains, plus a shop restroom, electric room, and utility room. The service center also has a separate entrance, a lobby with an ADA-compliant restroom, and a service office.
The property is located on Pioneer Parkway with access to North Peoria, Dunlap, Route 6, and I-74, and it sits among other Peoria car dealerships and auto-related businesses. Well-lit parking lots surround the building and provide 85+ spaces.
Positioned in the Peoria Urban Enterprise Zone Amendment #8, the facility is set up for both customer-facing sales and operational service work within the same building.
The property is located on Pioneer Parkway with access to North Peoria, Dunlap, Route 6, and I-74, and it sits among other Peoria car dealerships and auto-related businesses. Well-lit parking lots surround the building and provide 85+ spaces.
Positioned in the Peoria Urban Enterprise Zone Amendment #8, the facility is set up for both customer-facing sales and operational service work within the same building.
Key Highlights
- Car dealership sales and service center with 7 service bays and 10’x10’ overhead doors
- Service bays include floor drains; separate service entrance, lobby with ADA‑compliant restroom, and service office
- Sales center features 5 private offices, 5 semi‑private offices, lobby with coffee bar, and open work area for 4 cubicles
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
$81,396
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
4.79%
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%
$1,627,920
$1.6M
Cap Rate 7%
$1,162,800
$1.2M
Cap Rate 9%
$904,400
$904.4K
Market Conditions
NOI Build-Up for 6,800 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
$122.4K $18.00/SF
− Vacancy
−$6.1K −$0.90/SF
EGI
$116.3K $17.10/SF
− OpEx
−$34.9K −$5.13/SF
NOI
$81.4K $11.97/SF
Area
Peoria, IL
Vacancy
5.00%
Lease Rate
$18.00 /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%
$1,627,920
Cap Rate 7%
$1,162,800
Cap Rate 9%
$904,400
Alternative Uses
Best Use
Retail
$1.16M
$1.02M – $1.36M
NOI $81,396 @ 7.0% cap · market cap 4.79%
Second Best
Industrial
$584.5K
$511.4K – $681.9K
NOI $40,912 @ 7.0% cap · market cap 2.41%
Theoretical Best
Multifamily LT 5
$5.95M
$5.21M – $6.94M
NOI $416,400 @ 7.0% cap · market cap 24.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Service bays
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
773
Businesses Nearby
43k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Dining 37%
Home Improvements & Furnishings 2%
Starbucks
Dining
11,751 visits/mo
0.1 miles
Chase Bank
Shops & Services
6,975 visits/mo
0.3 miles
Shell
Shops & Services
5,870 visits/mo
0.2 miles
Red Carpet Car Wash
Shops & Services
4,862 visits/mo
0.2 miles
Jimmy John's
Dining
4,228 visits/mo
0.5 miles
Demographics for 61615, IL
24,314
Population
11,334
Households
2.1
Avg Household Size
38
Median Age
53%
College-Educated
98%
High-School Grad
29.6 sq mi
ZIP Area
821
Density / Sq Mi
$82,157
Median Household Income
$50,165
Median Earnings
$1,079
Median Rent
$206,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Car dealership sales and service center with multiple office areas and a 7-bay service shop with 10' overhead doors.
Where is this auto shop located?
The property is located at 1613 W Pioneer Parkway Peoria Peoria, IL.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Car dealership sales and service center with 7 service bays and 10’x10’ overhead doors; Service bays include floor drains; separate service entrance, lobby with ADA‑compliant restroom, and service office; Sales center features 5 private offices, 5 semi‑private offices, lobby with coffee bar, and open work area for 4 cubicles
