Three-Tenant Office Strip
For Sale
Contact for pricing
2014-2016 N Knoxville Ave, Peoria, IL 61603
Three-tenant strip center with a 6,119 SF one-story building on 0.84 acres, built in 1995 and renovated in 2016.
Property Size6,119 SF
Lot Size0.84 Acres
Price / SF$146.92
Days on Market1087
Property Features for 2014-2016 N Knoxville Ave
General Information
Standard status
Active
Size
6,119 SF
Lot size
0.84 Acres
Property subtype
OFFICE
Zoning
O2
Net Operating Income
$58,923
Financials
Asking Price
$899,000
Cap Rate
7%
Additional Details
Office Units
3
Amenities
monument signage
Building Details
Year Built
1995
Year Renovated
2016
Buildings
1
Stories
1
Building Size
6,119 SF
Tenancy
Multi
Listing Agency:
Maloof Commercial
(309) 693-3000
Listed By:
Dan Maloof · License ##475.122647
Source:
Moodyscre
Added: Aug 28, 2023
Changed: Aug 8
Last Checked: Aug 18 at 9:28AM
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.
Three-tenant office strip center featuring a 6,119 SF, one-story building situated on 0.84 acres. The property was built in 1995 and renovated in 2016, and it includes abundant shared parking with neighboring tenants. Monument signage is available on Knoxville Avenue, supporting branding and access for prospective users.
The surrounding area is primarily residential and is less than a mile from OSF St. Francis Medical Center, OSF Healthcare Children’s Hospital of Illinois, UnityPoint Health Methodist Hospital, and Ronald McDonald House Charities of Central Illinois. Nearby businesses include OSF Medical Group Primary Care, Midtown Plaza Shopping Center, and retail and restaurant establishments such as Aaron’s and Rent-A-Center.
Zoned O2 Exclusive Office Park, the center offers an owner-provided up to one-year leaseback option. Reported traffic counts are 26,011, and the property’s noted offering performance includes a 7.0% cap rate.
The surrounding area is primarily residential and is less than a mile from OSF St. Francis Medical Center, OSF Healthcare Children’s Hospital of Illinois, UnityPoint Health Methodist Hospital, and Ronald McDonald House Charities of Central Illinois. Nearby businesses include OSF Medical Group Primary Care, Midtown Plaza Shopping Center, and retail and restaurant establishments such as Aaron’s and Rent-A-Center.
Zoned O2 Exclusive Office Park, the center offers an owner-provided up to one-year leaseback option. Reported traffic counts are 26,011, and the property’s noted offering performance includes a 7.0% cap rate.
Key Highlights
- 3‑tenant office strip center
- 6,119 SF, one‑story building on 0.84 acres
- Built in 1995; renovated in 2016
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
$79,027
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
8.79%
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%
$1,580,540
$1.6M
Cap Rate 7%
$1,128,957
$1.1M
Cap Rate 9%
$878,078
$878.1K
Market Conditions
NOI Build-Up for 6,119 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
$128.5K $21.00/SF
− Vacancy
−$23.1K −$3.78/SF
EGI
$105.4K $17.22/SF
− OpEx
−$26.3K −$4.31/SF
NOI
$79.0K $12.92/SF
Area
Peoria, IL
Vacancy
18.00%
Lease Rate
$21.00 /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%
$1,580,540
Cap Rate 7%
$1,128,957
Cap Rate 9%
$878,078
Alternative Uses
Best Use
Office B
$1.13M
$987.8K – $1.32M
NOI $79,027 @ 7.0% cap · market cap 8.79%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$5.35M
$4.68M – $6.24M
NOI $374,699 @ 7.0% cap · market cap 41.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
718
Businesses Nearby
Explore this area
Business Placement
Demographics for 61603, IL
15,503
Population
8,291
Households
1.9
Avg Household Size
33
Median Age
15%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
3,691
Density / Sq Mi
$40,405
Median Household Income
$29,084
Median Earnings
$976
Median Rent
$73,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Three-tenant strip center with a 6,119 SF one-story building on 0.84 acres, built in 1995 and renovated in 2016.
Where is this office units located?
The property is located at 2014-2016 N Knoxville Ave Peoria, IL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 3‑tenant office strip center; 6,119 SF, one‑story building on 0.84 acres; Built in 1995; renovated in 2016
