Freestanding Commercial Building For
For Sale
Contact for pricing
4100 W Willow Knolls Dr, Peoria, IL 61615
2,980 SF commercial building on a prime corner.
Property Size2,980 SF
Price / SF$201.01
Days on Market1502
Property Features for 4100 W Willow Knolls Dr
General Information
Standard status
Active
Size
2,980 SF
Class
B
Property subtype
Mixed Use, Office, Retail
Zoning
C2
Building Details
Year Built
1993
Buildings
1
Stories
1
Listing Agency:
Joseph & Camper Commercial
(309) 256-1020
Listed By:
Will Hayes · License #475122056
Source:
Crexi
Added: Jul 12, 2022
Changed: Aug 13
Last Checked: Aug 20 at 12:48PM
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 Joseph & Camper Commercial
Investment Insights
Based on property information with market context.
This 2,980 SF freestanding commercial building is available for sale. It occupies a prominent hard corner in Peoria, IL, specifically at the intersection of Willow Knolls Drive and War Memorial Drive/US Route 150. The location is anchored by Sam’s Club, Kohls, and Willow Knolls Theatre. It is also adjacent to freestanding retailers such as Applebees, Olive Garden, and Office Depot. Formerly a bank branch, the building features a large open lobby, three teller stations, a vault, and two viewing rooms. A three-year deed restriction from the sale date applies to bank and financial services.
Key Highlights
- Prime hard corner location at Willow Knolls and War Memorial Drive/US Route 150
- Freestanding 2,980 SF commercial building
- Anchored by Sam’s Club, Kohls, and Willow Knolls Theatre
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
$38,219
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
6.38%
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%
$764,380
$764.4K
Cap Rate 7%
$545,986
$546.0K
Cap Rate 9%
$424,656
$424.7K
Market Conditions
NOI Build-Up for 2,980 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
$53.6K $18.00/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$51.0K $17.10/SF
− OpEx
−$12.7K −$4.27/SF
NOI
$38.2K $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 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%
$764,380
Cap Rate 7%
$545,986
Cap Rate 9%
$424,656
Alternative Uses
Best Use
Specialty Retail
$546.0K
$477.7K – $637.0K
NOI $38,219 @ 7.0% cap · market cap 6.38%
Second Best
Retail
$509.6K
$445.9K – $594.5K
NOI $35,671 @ 7.0% cap · market cap 5.96%
Theoretical Best
Multifamily LT 5
$2.61M
$2.28M – $3.04M
NOI $182,481 @ 7.0% cap · market cap 30.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
326k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 29%
Dining 28%
Shops & Services 18%
Apparel 16%
Sam's Club
Superstores
94,647 visits/mo
0.2 miles
Kohl's
Apparel
53,392 visits/mo
0.2 miles
Olive Garden
Dining
33,321 visits/mo
0.4 miles
Dollar Tree
Shops & Services
27,657 visits/mo
0.4 miles
McDonald's
Dining
26,307 visits/mo
0.5 miles
Demographics for 61615, IL
24,314
Population
11,334
Households
2.1
Avg Household Size
38
Median Age
53%
College-Educated
98%
High-School Grad
29.6 sq mi
ZIP Area
821
Density / Sq Mi
$82,157
Median Household Income
$50,165
Median Earnings
$1,079
Median Rent
$206,800
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?
Bank - 2,980 SF commercial building on a prime corner.
Where is this bank located?
The property is located at 4100 W Willow Knolls Dr Peoria, IL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Prime hard corner location at Willow Knolls and War Memorial Drive/US Route 150; Freestanding 2,980 SF commercial building; Anchored by Sam’s Club, Kohls, and Willow Knolls Theatre
