Corner Retail and Automotive
For Sale
$125,000
3037 Prospect Road, Peoria, IL 61603
High-traffic corner lot with newer siding and updated office space for automotive or smaller retail uses.
Property Size1,144 SF
Price / SF$109.27
Days on Market106
Property Features for 3037 Prospect Road
General Information
Standard status
Active
Size
1,144 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$2,678
Amenities
Central Air
3
Other
Building Details
Stories
1
Listing Agency:
Keller Williams Premier Realty
(309) 282-1555
Listed By:
Zachary Oyler · License #475172173
Source:
Xome
Added: Apr 29
Changed: Aug 8
Last Checked: Aug 11 at 4:56AM
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 Keller Williams Premier Realty
Investment Insights
Based on property information with market context.
This sale offering is a corner commercial building well suited for automotive-oriented operators or smaller retail. The property includes a dedicated office area, and recent improvements include new siding on the building along with updates to the office. The overall configuration supports day-to-day customer interaction and on-site administration for a service business or similar use.
The property is positioned on a high-traffic corner lot, which can support visibility and customer access for storefront-oriented operations. The listing describes the site as a strong match for a mechanic shop or car dealership, as well as smaller scale retail.
From a tenant or buyer fit perspective, the combination of an office and a straightforward automotive/retail use profile can reduce operational friction for businesses that need both customer-facing space and administrative support. The recent exterior siding and office updates are intended to provide a more current base for an operator looking to occupy without starting from scratch. Please note that the specific layout details beyond the office update and siding are not provided in the listing information.
The property is positioned on a high-traffic corner lot, which can support visibility and customer access for storefront-oriented operations. The listing describes the site as a strong match for a mechanic shop or car dealership, as well as smaller scale retail.
From a tenant or buyer fit perspective, the combination of an office and a straightforward automotive/retail use profile can reduce operational friction for businesses that need both customer-facing space and administrative support. The recent exterior siding and office updates are intended to provide a more current base for an operator looking to occupy without starting from scratch. Please note that the specific layout details beyond the office update and siding are not provided in the listing information.
Key Highlights
- High‑traffic corner lot suited for automotive or smaller retail uses
- New siding on the building
- Updated office space for business operations
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
$6,883
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
5.51%
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%
$137,660
$137.7K
Cap Rate 7%
$98,329
$98.3K
Cap Rate 9%
$76,478
$76.5K
Market Conditions
NOI Build-Up for 1,144 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
$10.3K $9.00/SF
− Vacancy
−$463 −$0.41/SF
EGI
$9.8K $8.59/SF
− OpEx
−$2.9K −$2.58/SF
NOI
$6.9K $6.02/SF
Area
Peoria, IL
Vacancy
4.50%
Lease Rate
$9.00 /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%
$137,660
Cap Rate 7%
$98,329
Cap Rate 9%
$76,478
Alternative Uses
Best Use
Retail
$195.6K
$171.2K – $228.2K
NOI $13,694 @ 7.0% cap · market cap 10.96%
Second Best
Industrial
$98.3K
$86.0K – $114.7K
NOI $6,883 @ 7.0% cap · market cap 5.51%
Theoretical Best
Multifamily LT 5
$1.00M
$875.7K – $1.17M
NOI $70,053 @ 7.0% cap · market cap 56.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
420
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61603, IL
15,503
Population
8,291
Households
1.9
Avg Household Size
33
Median Age
15%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
3,691
Density / Sq Mi
$40,405
Median Household Income
$29,084
Median Earnings
$976
Median Rent
$73,100
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.
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Frequently Asked Questions
What type of property is this?
Auto shop - High-traffic corner lot with newer siding and updated office space for automotive or smaller retail uses.
Where is this auto shop located?
The property is located at 3037 Prospect Road Peoria, IL.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: High‑traffic corner lot suited for automotive or smaller retail uses; New siding on the building; Updated office space for business operations
