Commercial Building on University
For Sale
Contact for pricing
3204 & 08 N UNIVERSITY Street, Peoria, IL 61604
2430 sq ft commercial building with garage/storage for sale.
Property Size2,430 SF
Price / SF$246.87
Days on Market189
Property Features for 3204 & 08 N UNIVERSITY Street
General Information
Standard status
Active
Size
2,430 SF
Class
C
Property subtype
Office, Retail
Zoning
0060
Lease Type
NNN
Listing Agency:
Keller Williams Premier Realty East Peoria
(309) 339-2801
Listed By:
Rebecca Gaetz · License #IL
Source:
Crexi
Added: Feb 10
Changed: Aug 8
Last Checked: Jul 15 at 12:51PM
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 East Peoria
Investment Insights
Based on property information with market context.
This commercial property features an approximately 2430 sq ft building with an additional garage or storage area. The offering includes two parcels, providing an expanded site size and frontage. It benefits from prime exposure on University Street, which experiences strong daily traffic. The property is suitable for an owner-user, redevelopment, or investment. It offers excellent visibility and accessibility within a well-established commercial corridor. The property is available for sale or for lease.
Key Highlights
- Prime University St exposure with strong daily traffic counts
- Approx. 2430 sq ft commercial building plus additional garage/storage
- Two‑parcel offering providing expanded site size and frontage
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
$31,383
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
5.23%
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%
$627,660
$627.7K
Cap Rate 7%
$448,329
$448.3K
Cap Rate 9%
$348,700
$348.7K
Market Conditions
NOI Build-Up for 2,430 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
$51.0K $21.00/SF
− Vacancy
−$9.2K −$3.78/SF
EGI
$41.8K $17.22/SF
− OpEx
−$10.5K −$4.31/SF
NOI
$31.4K $12.92/SF
Area
Peoria, IL
Vacancy
18.00%
Lease Rate
$21.00 /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%
$627,660
Cap Rate 7%
$448,329
Cap Rate 9%
$348,700
Alternative Uses
Best Use
Office B
$448.3K
$392.3K – $523.1K
NOI $31,383 @ 7.0% cap · market cap 5.23%
Second Best
Retail
$415.5K
$363.6K – $484.8K
NOI $29,087 @ 7.0% cap · market cap 4.85%
Theoretical Best
Multifamily LT 5
$2.13M
$1.86M – $2.48M
NOI $148,802 @ 7.0% cap · market cap 24.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
Explore this area
Business Placement
Demographics for 61604, IL
29,344
Population
13,341
Households
2.2
Avg Household Size
39
Median Age
22%
College-Educated
89%
High-School Grad
15.2 sq mi
ZIP Area
1,931
Density / Sq Mi
$50,628
Median Household Income
$34,577
Median Earnings
$904
Median Rent
$100,000
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 - 2430 sq ft commercial building with garage/storage for sale.
Where is this retail space located?
The property is located at 3204 & 08 N UNIVERSITY Street Peoria, IL.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Prime University St exposure with strong daily traffic counts; Approx. 2430 sq ft commercial building plus additional garage/storage; Two‑parcel offering providing expanded site size and frontage
