Renovated Triplex with
1611 W Barker Ave, Peoria, IL 61606
For Sale
$289,999
Three updated units offer individual utilities, complete appliance packages, and in-unit laundry.
Property Size1,797 SF
Price / SF$161.38
Days on Market102
Property Features for 1611 W Barker Ave
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Additional Details
Multifamily Units
Amenities
in-unit washer/dryer
dishwasher
Building Details
Year Built
Year Renovated
Buildings
Listing Agency:
Adam Merrick Real Estate
Listed By:
Adam Merrick · License #471018071
(309) 678-3734
Source:
Searchillinoishomesforsale
Added: Jul 31
Changed: Nov 7
Last Checked: Nov 8 at 7:11AM
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 Adam Merrick Real Estate
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Investment Insights
Based on property information with market context.
Built in 1920, this triplex underwent renovation work in 2025 and 2026, including a new roof, HVAC updates, plumbing improvements, new wiring, and refreshed kitchens and bathrooms. The three units have matching contemporary finishes, with luxury vinyl plank flooring on the first and second floors and carpet in the lower-level residence. Each unit includes a dishwasher, washer and dryer, and its own utility setup. A 2-stall garage provides off-street parking.
The second-floor and lower-level units are occupied under one-year leases, while the main-floor unit is vacant and available for immediate showings. The property is located at 1611 W Barker Ave in Peoria, just blocks from Bradley University and minutes from major medical centers.
The second-floor and lower-level units are occupied under one-year leases, while the main-floor unit is vacant and available for immediate showings. The property is located at 1611 W Barker Ave in Peoria, just blocks from Bradley University and minutes from major medical centers.
Key Highlights
- Triplex renovated in 2025 and 2026
- New roof, updated HVAC, plumbing, wiring, kitchens, and bathrooms
- Second‑floor and lower‑level units occupied on one‑year leases
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,455
Cap Rate
3.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$209,100
$209.1K
Cap Rate 7%
$149,357
$149.4K
Cap Rate 9%
$116,167
$116.2K
Market Conditions
NOI Build-Up for 1,797 SF
Gross rent
$15.5K $8.64/SF
− Vacancy
−$590 −$0.33/SF
EGI
$14.9K $8.31/SF
− OpEx
−$4.5K −$2.49/SF
NOI
$10.5K $5.82/SF
Area
Peoria County, IL
Vacancy
3.80%
Lease Rate
$8.64 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$209,100
Cap Rate 7%
$149,357
Cap Rate 9%
$116,167
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.21M – $1.62M
NOI $96,931 @ 7.0% cap · market cap 33.42%
Second Best
Multifamily LT 5
$149.4K
$130.7K – $174.3K
NOI $10,455 @ 7.0% cap · market cap 3.61%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
630
Businesses Nearby
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Business Placement
Demographics for 61606, IL
6,798
Population
2,898
Households
2.3
Avg Household Size
26
Median Age
40%
College-Educated
92%
High-School Grad
1.2 sq mi
ZIP Area
5,665
Density / Sq Mi
$41,023
Median Household Income
$14,738
Median Earnings
$907
Median Rent
$119,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three updated units offer individual utilities, complete appliance packages, and in-unit laundry.
Where is this triplex located?
The property is located at 1611 W Barker Ave Peoria, IL.
What is the asking price?
The asking price for this property is $289,999.
What are key features of this property?
This property features: Triplex renovated in 2025 and 2026; New roof, updated HVAC, plumbing, wiring, kitchens, and bathrooms; Second‑floor and lower‑level units occupied on one‑year leases
