Retail Building with Street
For Sale
Contact for pricing
2402 East Washington Street East Peoria IL, East Peoria, IL 61611
One-story retail property with substantial street exposure and mostly vacant occupancy, positioned alongside an established neighborhood shopping center.
Property Size11,300 SF
Price / SF$131.69
Days on Market206
Property Features for 2402 East Washington Street East Peoria IL
General Information
Standard status
Active
Size
11,300 SF
Property subtype
Office, Retail
Site & Location
Traffic Count
30,000 vehicles/day
Road Access
Yes
Building Details
Buildings
1
Stories
1
Units
6
Building Size
11,300 SF
Listing Agency:
Asher Group
Listed By:
Joshua Banilivy
Source:
Crexi
Added: Feb 11
Changed: Aug 31
Last Checked: Aug 30 at 8:45AM
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 Asher Group
Investment Insights
Based on property information with market context.
This one-story retail building is offered with separate parking and will be delivered 90% vacant. One veterinary tenant is expected to remain through 2028, providing an existing occupancy component within the property. The configuration supports continued retail use and future re-tenanting of the available space.
The property fronts East Washington Street with over 300’ of frontage and exposure to 30,000+ VPD. It shares a parcel with Fondulac Plaza, a neighborhood shopping center occupied by State Farm, Dollar General, Jackson Hewitt, and Worlds of Vitamins. McDonalds and Dollar Tree are neighboring strip tenants next door.
The property fronts East Washington Street with over 300’ of frontage and exposure to 30,000+ VPD. It shares a parcel with Fondulac Plaza, a neighborhood shopping center occupied by State Farm, Dollar General, Jackson Hewitt, and Worlds of Vitamins. McDonalds and Dollar Tree are neighboring strip tenants next door.
Key Highlights
- 90% vacant delivery with one veterinary tenant remaining until 2028
- Over 300’ of frontage along East Washington Street
- 30,000+ VPD exposure
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
$95,064
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
6.34%
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%
$1,901,280
$1.9M
Cap Rate 7%
$1,358,057
$1.4M
Cap Rate 9%
$1,056,267
$1.1M
Market Conditions
NOI Build-Up for 11,390 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
$147.6K $12.96/SF
− Vacancy
−$11.8K −$1.04/SF
EGI
$135.8K $11.92/SF
− OpEx
−$40.7K −$3.58/SF
NOI
$95.1K $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%
$1,901,280
Cap Rate 7%
$1,358,057
Cap Rate 9%
$1,056,267
Alternative Uses
Best Use
Healthcare Medical
$2.11M
$1.85M – $2.46M
NOI $147,614 @ 7.0% cap · market cap 9.84%
Second Best
Office B
$2.10M
$1.84M – $2.45M
NOI $147,102 @ 7.0% cap · market cap 9.81%
Theoretical Best
Multifamily LT 5
$9.96M
$8.72M – $11.62M
NOI $697,470 @ 7.0% cap · market cap 46.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - One-story retail property with substantial street exposure and mostly vacant occupancy, positioned alongside an established neighborhood shopping center.
Where is this retail space located?
The property is located at 2402 East Washington Street East Peoria IL East Peoria, IL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 90% vacant delivery with one veterinary tenant remaining until 2028; Over 300’ of frontage along East Washington Street; 30,000+ VPD exposure
