Retail Building with Versatile
For Sale
$528,000
1318 E Washington Street, East Peoria, IL 61611
2,640-square-foot retail building built in 1978 and zoned B3 Business Service District.
Property Size2,640 SF
Price / SF$200
Days on Market94
Property Features for 1318 E Washington Street
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Retail
Zoning
B3
Building Details
Building Size
2,640 SF
Year Built
1978
Listing Agency:
Maloof Commercial Real Estate
(309) 370-5959
Listed By:
Zac Maloof · License #IL #475.139281
(309) 370-5959
Source:
Maloofcom
Added: May 27
Changed: Aug 26
Last Checked: Aug 26 at 10:58AM
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 Real Estate
Investment Insights
Based on property information with market context.
This property features a 2,640-square-foot retail building built in 1978. It is zoned B3 Business Service District, supporting a range of business uses consistent with that zoning classification.
The offering is located in East Peoria and is presented as a versatile option for retail or a free-standing building venture. The property’s significant visibility and exposure are noted in the public remarks.
With a dedicated building footprint and B3 zoning, the site is positioned for tenants or owners seeking a straightforward commercial structure suitable for retail-oriented operations within the limits of the existing zoning.
The offering is located in East Peoria and is presented as a versatile option for retail or a free-standing building venture. The property’s significant visibility and exposure are noted in the public remarks.
With a dedicated building footprint and B3 zoning, the site is positioned for tenants or owners seeking a straightforward commercial structure suitable for retail-oriented operations within the limits of the existing zoning.
Key Highlights
- 2,640 sq ft retail building built in 1978
- Zoned B3 Business Service District
- Suitable for retail or free‑standing building ventures
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
$22,034
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
4.17%
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%
$440,680
$440.7K
Cap Rate 7%
$314,771
$314.8K
Cap Rate 9%
$244,822
$244.8K
Market Conditions
NOI Build-Up for 2,640 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
$34.2K $12.96/SF
− Vacancy
−$2.7K −$1.04/SF
EGI
$31.5K $11.92/SF
− OpEx
−$9.4K −$3.58/SF
NOI
$22.0K $8.35/SF
Area
Peoria County, IL
Vacancy
8.00%
Lease Rate
$12.96 /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%
$440,680
Cap Rate 7%
$314,771
Cap Rate 9%
$244,822
Alternative Uses
Best Use
Retail
$314.8K
$275.4K – $367.2K
NOI $22,034 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.31M
$2.02M – $2.69M
NOI $161,661 @ 7.0% cap · market cap 30.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
207
Businesses Nearby
9k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 71%
Dining 29%
Sunoco
Shops & Services
3,407 visits/mo
0.4 miles
O'Reilly Auto Parts
Shops & Services
2,487 visits/mo
0.1 miles
SUBWAY
Dining
2,416 visits/mo
0.1 miles
Gerber Collision & Glass
Shops & Services
578 visits/mo
0.5 miles
Twistee Treat
Dining
282 visits/mo
0.1 miles
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 Retail 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?
Retail space - 2,640-square-foot retail building built in 1978 and zoned B3 Business Service District.
Where is this retail space located?
The property is located at 1318 E Washington Street East Peoria, IL.
What is the asking price?
The asking price for this property is $528,000.
What are key features of this property?
This property features: 2,640 sq ft retail building built in 1978; Zoned B3 Business Service District; Suitable for retail or free‑standing building ventures
