Historic Stone Restaurant
For Sale
Contact for pricing
321 NE MADISON AVE, Peoria, IL 61603
Historic stone restaurant building renovated in 2016, with a full commercial kitchen, multiple bars, and 150+ guest seating on the lower level.
Property Size10,800 SF
Price / SF$259.26
Days on Market100
Property Features for 321 NE MADISON AVE
General Information
Standard status
Active
Size
10,800 SF
Property subtype
Hospitality, Special Purpose, Business for Sale
Zoning
Commercial
Building Details
Units
1
Listing Agency:
The Real Estate Group Inc.
Listed By:
Dan Sperry · License #475118029
(217) 725-2467
Source:
Crexi
Added: Jun 28
Changed: Oct 1
Last Checked: Oct 4 at 9:59AM
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 The Real Estate Group Inc.
Investment Insights
Based on property information with market context.
This historic stone restaurant building was originally built in 1870 and renovated in 2016. The property is designed to support hospitality and gathering uses, with a full commercial kitchen, multiple bars, and flexible interior spaces on the lower level. The lower level provides seating for 150+ guests across approximately 10,000 square feet, with room for dining, events, or other entertainment-focused layouts.
Located in downtown Peoria, the property offers visibility and immediate access to major medical and business hubs, with proximity to the interstate. Its distinctive architectural presence and landmark status make it a high-profile option for an owner-operator or investor seeking a versatile, heritage-based commercial asset.
Additional space is included throughout the building to complement the lower level’s event and dining configuration, supporting a range of hospitality and adaptive-use possibilities within the existing structure.
Located in downtown Peoria, the property offers visibility and immediate access to major medical and business hubs, with proximity to the interstate. Its distinctive architectural presence and landmark status make it a high-profile option for an owner-operator or investor seeking a versatile, heritage-based commercial asset.
Additional space is included throughout the building to complement the lower level’s event and dining configuration, supporting a range of hospitality and adaptive-use possibilities within the existing structure.
Key Highlights
- Historic stone building originally built in 1870 and renovated in 2016 at 321 NE Madison Ave, Peoria, IL 61603
- Over 31,000 SF total with a lower level of approximately 10,000 SF
- Lower level seating for 150+ guests with space for dining, events, or gathering areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$138,510
Cap Rate
4.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,770,200
$2.8M
Cap Rate 7%
$1,978,714
$2.0M
Cap Rate 9%
$1,539,000
$1.5M
Market Conditions
NOI Build-Up for 10,800 SF
Gross rent
$194.4K $18.00/SF
− Vacancy
−$9.7K −$0.90/SF
EGI
$184.7K $17.10/SF
− OpEx
−$46.2K −$4.27/SF
NOI
$138.5K $12.83/SF
Area
Peoria, IL
Vacancy
5.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,770,200
Cap Rate 7%
$1,978,714
Cap Rate 9%
$1,539,000
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,510 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$9.45M
$8.27M – $11.02M
NOI $661,342 @ 7.0% cap · market cap 23.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,661
Businesses Nearby
20k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 94%
Electronics 4%
Shops & Services 2%
Peoria Marriott Pere Marquette
Hotels & Casinos
7,366 visits/mo
0.2 miles
Four Points by Sheraton Peoria
Hotels & Casinos
5,062 visits/mo
0.0 miles
Courtyard Peoria Downtown
Hotels & Casinos
4,461 visits/mo
0.2 miles
Staybridge Suites Peoria-Downtown, an IHG Hotel
Hotels & Casinos
1,678 visits/mo
0.4 miles
AT&T
Electronics
870 visits/mo
0.2 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Historic stone restaurant building renovated in 2016, with a full commercial kitchen, multiple bars, and 150+ guest seating on the lower level.
Where is this conventional restaurant located?
The property is located at 321 NE MADISON AVE Peoria, IL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Historic stone building originally built in 1870 and renovated in 2016 at 321 NE Madison Ave, Peoria, IL 61603; Over 31,000 SF total with a lower level of approximately 10,000 SF; Lower level seating for 150+ guests with space for dining, events, or gathering areas
