Versatile Commercial Space in
For Sale
Contact for pricing
3212 N University St, Peoria, IL 61604
Adaptable commercial property suitable for retail, office, or service businesses.
Property Size1,385 SF
Price / SF$137.11
Days on Market179
Property Features for 3212 N University St
General Information
Standard status
Active
Size
1,385 SF
Class
C
Property subtype
Office, Retail
Listing Agency:
Keller Williams Premier Realty East Peoria
(309) 339-2801
Listed By:
Rebecca Gaetz · License #IL
Source:
Crexi
Added: Feb 20
Changed: Aug 8
Last Checked: Aug 17 at 8:21AM
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 in Peoria, IL, presents an opportunity for various business ventures. The flexible space is suitable for retail, office, boutique, or service-based businesses. Available for sale, the property is positioned for investors seeking income potential or small business owners looking to own their location. The adaptable layout accommodates multiple business configurations, allowing for customization to meet specific operational needs. With 1385 square feet, this property offers affordable commercial ownership opportunities, with potential for long-term appreciation and business growth. It is located on N University St.
Key Highlights
- Versatile commercial space suitable for retail, office, boutique, or service‑based businesses.
- For sale or for lease, offering flexibility for different buyer needs.
- Adaptable layout allows for multiple business configurations and customization.
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
$16,578
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
8.73%
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%
$331,560
$331.6K
Cap Rate 7%
$236,829
$236.8K
Cap Rate 9%
$184,200
$184.2K
Market Conditions
NOI Build-Up for 1,385 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
$24.9K $18.00/SF
− Vacancy
−$1.2K −$0.90/SF
EGI
$23.7K $17.10/SF
− OpEx
−$7.1K −$5.13/SF
NOI
$16.6K $11.97/SF
Area
Peoria, IL
Vacancy
5.00%
Lease Rate
$18.00 /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%
$331,560
Cap Rate 7%
$236,829
Cap Rate 9%
$184,200
Alternative Uses
Best Use
Office B
$255.5K
$223.6K – $298.1K
NOI $17,887 @ 7.0% cap · market cap 9.42%
Second Best
Retail
$236.8K
$207.2K – $276.3K
NOI $16,578 @ 7.0% cap · market cap 8.73%
Theoretical Best
Multifamily LT 5
$1.21M
$1.06M – $1.41M
NOI $84,811 @ 7.0% cap · market cap 44.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
828
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 - Adaptable commercial property suitable for retail, office, or service businesses.
Where is this retail space located?
The property is located at 3212 N University St Peoria, IL.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Versatile commercial space suitable for retail, office, boutique, or service‑based businesses.; For sale or for lease, offering flexibility for different buyer needs.; Adaptable layout allows for multiple business configurations and customization.
