Remodeled Conventional
For Sale
$469,000
1830 4th St, Peru, IL 61354
B-3-zoned property with a restaurant buildout, separate utility metering, and updated building systems.
Property Size5,800 SF
Price / SF$213.18
Days on Market89
Property Features for 1830 4th St
General Information
Standard status
Active
Size
5,800 SF
Property subtype
Retail
Zoning
B-3
Occupancy
67%
Additional Details
Asking Price
$469,000
Utilities to Site
Yes
Amenities
wood-fired pizza oven
ADA restrooms
fully equipped kitchen
Building Details
Building Size
5,800 SF
Year Renovated
2024
Buildings
1
Tenancy
Multi
Listing Agency:
Cawley Chicago
(312) 446-6455
Listed By:
Jon Chamlin
Source:
Cawleycre
Added: Jun 3
Changed: Aug 30
Last Checked: Aug 30 at 1:27AM
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 Cawley Chicago
Investment Insights
Based on property information with market context.
This 2,200-square-foot conventional restaurant property in Peru, Illinois, was substantially remodeled in 2024. Improvements include a replacement roof and windows, new HVAC equipment, water heaters, electrical panels, and separate meters for utilities. The building contains three units, with two currently occupied, along with a restaurant layout featuring dining space, kitchen facilities, storage, and ADA restrooms.
The restaurant buildout includes a wood-fired pizza oven, 36-inch six-burner Vulcan range, three-compartment sink, handwash sink, deep-wash sink, and janitorial sink. The dining room measures 18 feet 4 inches by 53 feet, while the kitchen and restroom area measures 18 feet 4 inches by 24 feet. The property is zoned B-3 and includes a 200-amp dedicated service.
The restaurant buildout includes a wood-fired pizza oven, 36-inch six-burner Vulcan range, three-compartment sink, handwash sink, deep-wash sink, and janitorial sink. The dining room measures 18 feet 4 inches by 53 feet, while the kitchen and restroom area measures 18 feet 4 inches by 24 feet. The property is zoned B-3 and includes a 200-amp dedicated service.
Key Highlights
- 2,200 SF conventional restaurant property in Peru, IL
- 2024 remodel with new roof, windows, HVAC, water heaters, and electrical panels
- Three units with tenants in 2 of 3 units
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
$29,344
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
6.26%
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%
$586,880
$586.9K
Cap Rate 7%
$419,200
$419.2K
Cap Rate 9%
$326,044
$326.0K
Market Conditions
NOI Build-Up for 2,200 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
$41.7K $18.96/SF
− Vacancy
−$2.6K −$1.18/SF
EGI
$39.1K $17.78/SF
− OpEx
−$9.8K −$4.45/SF
NOI
$29.3K $13.34/SF
Area
LaSalle, IL
La Salle County, LA
Vacancy
6.20%
Lease Rate
$18.96 /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%
$586,880
Cap Rate 7%
$419,200
Cap Rate 9%
$326,044
Alternative Uses
Best Use
Specialty Retail
$419.2K
$366.8K – $489.1K
NOI $29,344 @ 7.0% cap · market cap 6.26%
Second Best
Retail
$285.1K
$249.5K – $332.6K
NOI $19,958 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$550.6K
$481.8K – $642.4K
NOI $38,544 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
66.7%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
16k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Home Improvements & Furnishings 30%
Dollar General
Shops & Services
7,226 visits/mo
0.2 miles
Debo Ace Hardware
Home Improvements & Furnishings
4,988 visits/mo
0.1 miles
BP
Shops & Services
4,201 visits/mo
0.1 miles
Demographics for 61354, IL
10,447
Population
5,111
Households
2
Avg Household Size
46
Median Age
21%
College-Educated
95%
High-School Grad
42.6 sq mi
ZIP Area
245
Density / Sq Mi
$69,382
Median Household Income
$45,114
Median Earnings
$877
Median Rent
$160,100
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?
Conventional restaurant - B-3-zoned property with a restaurant buildout, separate utility metering, and updated building systems.
Where is this conventional restaurant located?
The property is located at 1830 4th St Peru, IL.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: 2,200 SF conventional restaurant property in Peru, IL; 2024 remodel with new roof, windows, HVAC, water heaters, and electrical panels; Three units with tenants in 2 of 3 units
