Flex Space with Drive-In
1707 West Chanute Road, Peoria, IL 61615
For Sale
New
$175,000
I-1-zoned property combines warehouse, garage, and office areas with a fenced rear drive.
Property Size2,160 SF
Price / SF$81.02
Days on Market2
Property Features for 1707 West Chanute Road
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Highway Access
Fenced Yard
Additional Details
Gross Income
Drive-In Doors
Tenant in Place
Property Use
Building Details
Building Size
Listing Agency:
RE/MAX
Listed By:
Jessica Ball · License IL #475175281
(309) 863-5045
Source:
Remaxcommercial
Added: Nov 12
Last Checked: Nov 12 at 2:23PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,160-square-foot flex property brings together warehouse and garage areas with office space, a kitchenette, warehouse restrooms, and a separate office restroom. Drive-in doors at the front and rear support vehicle access through the building, while a loft above the office provides additional storage. The rear also has a fenced drive and usable space.
Zoned I-1, the property is reached from Route 6 and I-74 via Allen Road. Nearby commercial and industrial businesses include Illinois Crane, Wolf Distributing, Lynch Aluminum, Brown Animal Hospital, Byerly Sound Systems, BossTek, and Trane Heating and Cooling. The building is currently occupied under a month-to-month arrangement.
Zoned I-1, the property is reached from Route 6 and I-74 via Allen Road. Nearby commercial and industrial businesses include Illinois Crane, Wolf Distributing, Lynch Aluminum, Brown Animal Hospital, Byerly Sound Systems, BossTek, and Trane Heating and Cooling. The building is currently occupied under a month-to-month arrangement.
Key Highlights
- 2,160 square feet of flex space
- I‑1 zoning
- Front and rear drive‑in doors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,780
Cap Rate
9.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$315,600
$315.6K
Cap Rate 7%
$225,429
$225.4K
Cap Rate 9%
$175,333
$175.3K
Market Conditions
NOI Build-Up for 2,160 SF
Gross rent
$19.4K $9.00/SF
− Vacancy
−$875 −$0.41/SF
EGI
$18.6K $8.59/SF
− OpEx
−$2.8K −$1.29/SF
NOI
$15.8K $7.31/SF
Area
Peoria, IL
Vacancy
4.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$315,600
Cap Rate 7%
$225,429
Cap Rate 9%
$175,333
Alternative Uses
Best Use
Flex RnD
$276.8K
$242.2K – $322.9K
NOI $19,375 @ 7.0% cap · market cap 11.07%
Second Best
Warehouse
$225.4K
$197.3K – $263.0K
NOI $15,780 @ 7.0% cap · market cap 9.02%
Theoretical Best
Apartment 5plus
$1.66M
$1.46M – $1.94M
NOI $116,511 @ 7.0% cap
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
2
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
672
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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
$206,800
Median Home Value
Market
Average Price Trend$/SF for Flex space in Peoria, IL
Properties on Market for Flex space in Peoria
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - I-1-zoned property combines warehouse, garage, and office areas with a fenced rear drive.
Where is this flex space located?
The property is located at 1707 West Chanute Road Peoria, IL.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 2,160 square feet of flex space; I‑1 zoning; Front and rear drive‑in doors
