Historic Entertainment
For Sale
$3,900,000
400 PERRY Avenue, Peoria, IL 61603
Renovated historic theater with furnished interior, seating, and supporting banquet hall, bar, and commercial kitchen.
Property Size30,000 SF
Price / SF$130
Days on Market373
Property Features for 400 PERRY Avenue
General Information
Standard status
Active
Size
30,000 SF
Property subtype
General Commercial
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$88,552
Amenities
state-of-the-art sound/light systems
pipe organ
banquet hall
hand-crafted bar
commercial kitchen
offices
meeting rooms
conference rooms
storage closets
Central Air
3
Other, Carpet, Terrazzo
Slate
120 Parking Spaces.
336x171
Building Details
Year Built
1924
Listing Agency:
Keller Williams Premier Realty
(309) 282-1555
Listed By:
Julie Bielfeldt
(217) 641-2995
Source:
Xome
Added: Sep 2, 2025
Changed: Sep 8
Last Checked: Sep 8 at 8:25AM
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 furnished, historically significant entertainment venue has been renovated while retaining original craftsmanship details. The grand theater seats 845 and provides total capacity of 905 with a standing room floor layout. The production systems include a Grand MA3 lighting console and an L-Acoustic sound system, supported by newly installed mechanicals and updated sound and light systems. The property also includes a banquet hall, a hand-crafted bar, and a commercial kitchen.
Additional interior areas include office space, meeting and conference rooms, and storage closets on each level. The building is listed on the National Register of Historic Places. For detailed equipment and operational specifications, a production specifications document is available, including items such as loading dock and rigging, lighting, sound, and related hardware.
With its theater seating capacity, banquet and event support spaces, and dedicated commercial kitchen, the layout is designed to support a full entertainment and event program in one property.
Additional interior areas include office space, meeting and conference rooms, and storage closets on each level. The building is listed on the National Register of Historic Places. For detailed equipment and operational specifications, a production specifications document is available, including items such as loading dock and rigging, lighting, sound, and related hardware.
With its theater seating capacity, banquet and event support spaces, and dedicated commercial kitchen, the layout is designed to support a full entertainment and event program in one property.
Key Highlights
- Built in 1924, this renovated historic theater is listed on the National Register of Historic Places.
- Grand theater seating for 845 and total capacity of 905 with the standing room floor layout.
- Includes L‑Acoustic sound system and Grand MA3 lighting console for theater performances.
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
$180,495
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
4.63%
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%
$3,609,900
$3.6M
Cap Rate 7%
$2,578,500
$2.6M
Cap Rate 9%
$2,005,500
$2.0M
Market Conditions
NOI Build-Up for 30,000 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
$270.0K $9.00/SF
− Vacancy
−$12.2K −$0.41/SF
EGI
$257.9K $8.59/SF
− OpEx
−$77.4K −$2.58/SF
NOI
$180.5K $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%
$3,609,900
Cap Rate 7%
$2,578,500
Cap Rate 9%
$2,005,500
Alternative Uses
Best Use
Specialty Retail
$5.50M
$4.81M – $6.41M
NOI $384,750 @ 7.0% cap · market cap 9.87%
Second Best
Industrial
$2.58M
$2.26M – $3.01M
NOI $180,495 @ 7.0% cap · market cap 4.63%
Theoretical Best
Multifamily LT 5
$26.24M
$22.96M – $30.62M
NOI $1,837,060 @ 7.0% cap · market cap 47.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,715
Businesses Nearby
18k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 93%
Electronics 5%
Shops & Services 2%
Peoria Marriott Pere Marquette
Hotels & Casinos
7,366 visits/mo
0.3 miles
Four Points by Sheraton Peoria
Hotels & Casinos
5,062 visits/mo
0.2 miles
Courtyard Peoria Downtown
Hotels & Casinos
4,461 visits/mo
0.3 miles
AT&T
Electronics
870 visits/mo
0.4 miles
Red Carpet Car Wash
Shops & Services
416 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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Theater & concert hall - Renovated historic theater with furnished interior, seating, and supporting banquet hall, bar, and commercial kitchen.
Where is this theater & concert hall located?
The property is located at 400 PERRY Avenue Peoria, IL.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Built in 1924, this renovated historic theater is listed on the National Register of Historic Places.; Grand theater seating for 845 and total capacity of 905 with the standing room floor layout.; Includes L‑Acoustic sound system and Grand MA3 lighting console for theater performances.
