Drive-Thru Restaurant
For Sale
Contact for pricing
245 FARMDALE RD, East Peoria, IL 61611
Former QSR drive-thru building on a 1.06-acre lot with ample parking and strong visibility.
Property Size1,500 SF
Lot Size1.06 Acres
Price / SF$366
Days on Market130
Property Features for 245 FARMDALE RD
General Information
Standard status
Active
Size
1,500 SF
Lot size
1.06 Acres
Property subtype
Retail
Zoning
B-3
Building Details
Year Built
2007
Buildings
1
Stories
1
Units
1
Listing Agency:
Axis 360 Commercial Real Estate Specialists
Listed By:
John Keck · License #475.214697
(309) 663-7653
Source:
Crexi
Added: Apr 30
Changed: Sep 4
Last Checked: Sep 4 at 3:33PM
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 Axis 360 Commercial Real Estate Specialists
Investment Insights
Based on property information with market context.
Former QSR drive-thru restaurant building totaling approximately 1,500 SF on a 1.06-acre lot in East Peoria. The site includes a drive-thru configuration and ample parking, creating a straightforward setup for food service concepts or other commercial uses.
Public remarks note strong visibility and good access along Farmdale Road, with Enterprise Zone incentives that include 100% property tax abatement on improvements for five years, sales tax abatement on building materials purchased in Illinois, and half-price building permits. The combination of site features and cost-saving incentives may be relevant for owner-users and investors evaluating redevelopment or re-tenanting.
The property is positioned to support retail, restaurant, service, or other commercial uses, subject to applicable approvals.
Public remarks note strong visibility and good access along Farmdale Road, with Enterprise Zone incentives that include 100% property tax abatement on improvements for five years, sales tax abatement on building materials purchased in Illinois, and half-price building permits. The combination of site features and cost-saving incentives may be relevant for owner-users and investors evaluating redevelopment or re-tenanting.
The property is positioned to support retail, restaurant, service, or other commercial uses, subject to applicable approvals.
Key Highlights
- Former QSR at 245 Farmdale Road in East Peoria on a 1.06‑acre lot
- Approximately 1,500 SF former drive‑thru building
- Ample parking on‑site
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
$17,981
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
3.28%
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%
$359,620
$359.6K
Cap Rate 7%
$256,871
$256.9K
Cap Rate 9%
$199,789
$199.8K
Market Conditions
NOI Build-Up for 1,500 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
$25.6K $17.04/SF
− Vacancy
−$1.6K −$1.06/SF
EGI
$24.0K $15.98/SF
− OpEx
−$6.0K −$4.00/SF
NOI
$18.0K $11.99/SF
Area
Peoria County, IL
Vacancy
6.20%
Lease Rate
$17.04 /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%
$359,620
Cap Rate 7%
$256,871
Cap Rate 9%
$199,789
Alternative Uses
Best Use
Specialty Retail
$256.9K
$224.8K – $299.7K
NOI $17,981 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.31M
$1.15M – $1.53M
NOI $91,853 @ 7.0% cap · market cap 16.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
85k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Dining 27%
Superstores 24%
Big Lots
Superstores
20,114 visits/mo
0.2 miles
McDonald's
Dining
15,766 visits/mo
0.1 miles
Thorntons
Shops & Services
15,201 visits/mo
0.4 miles
East Peoria #3
Shops & Services
12,681 visits/mo
0.0 miles
Dollar Tree
Shops & Services
9,508 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
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Former QSR drive-thru building on a 1.06-acre lot with ample parking and strong visibility.
Where is this drive through restaurant located?
The property is located at 245 FARMDALE RD East Peoria, IL.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Former QSR at 245 Farmdale Road in East Peoria on a 1.06‑acre lot; Approximately 1,500 SF former drive‑thru building; Ample parking on‑site
