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    Historic Office Building in Downtown Title is generated by Realmo AI

    416 Main St, Peoria, IL 61602

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    For Lease
    Contact for pricing

    Premier office spaces in a vibrant downtown location.

    Type:Office
    Added:
    Sep 9, 2022
    Days on Market:
    1352
    Last Refresh:
    May 12 at 10:06 pm

    Property Features for 416 Main St

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 416 Main St Contact us

    Suite 700 $16/Mo

    Size
    3,090 SF
    Type
    Office
    Contact us

    Suite 517 $16/Mo

    Size
    526 SF
    Type
    Office
    Contact us

    Suite 800 $16/Mo

    Size
    1,750 SF
    Type
    Office
    Contact us

    Suite 719 $16/Mo

    Size
    1,823 SF
    Type
    Office
    Contact us

    Suite 1000 $16/Mo

    Size
    2,881 SF
    Type
    Office
    Contact us

    Suite 323 $16/Mo

    Size
    5,323 SF
    Type
    Office
    Contact us

    Suite 1300 $16/Mo

    Size
    1,150 SF
    Type
    Office
    Contact us

    Suite 717 $16/Mo

    Size
    2,233 SF
    Type
    Office
    Contact us

    Suite 815 $16/Mo

    Size
    2,059 SF
    Type
    Office
    Contact us

    Suite 1300 $16/Mo

    Size
    1,150 SF
    Type
    Office
    Contact us

    Suite 923 $16/Mo

    Size
    1,316 SF
    Type
    Office
    Can be combined with suite 917
    Contact us

    Suite 917 $16/Mo

    Size
    2,277 SF
    Type
    Office
    Can be combined with suite 923
    Contact us

    Suite 409 $16/Mo

    Size
    1,853 SF
    Type
    Office
    Contact us

    Suite 500 $16/Mo

    Size
    4,637 SF
    Type
    Office
    Contact us

    Suite 915 $16/Mo

    Size
    4,046 SF
    Type
    Office
    Contact us

    Suite 920 $16/Mo

    Size
    311 SF
    Type
    Office
    Contact us

    Suite 1007 $16/Mo

    Size
    282 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    Erikka Claerhout

    Listing agent Erikka Claerhout License #IL

    Listing office Huber commercial Inc.

    Listing date Sep 9, 2022

    Source Crexi

    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 Huber commercial Inc.

    HighLights

    • Premier downtown location at the corner of Main and Jefferson, across from the Peoria County Courthouse and one block from Caterpillar offices.
    • Historic terra cotta building with a marble‑lined lobby and elevator lobbies, visible from Interstate 74.
    • Recent $5.5 million infrastructure improvements.
    • Home to prestigious law firms and leading companies.
    • On‑site management services for fast response to tenant needs.
    • Custom office design available to suit business needs.

    Overview

    Located at the corner of Main Street and Jefferson, 416 Main is conveniently situated across from the Peoria County Courthouse and one block from Caterpillar offices. The Peoria Civic Center and the Hotel Marriott Pere Marquette are in close proximity, along with the downtown food court and food pushcarts. This historic building anchors the heart of downtown Peoria, which has recently undergone $5.5 million of infrastructure improvements. Many of the suites have been updated and are home to some of Peoria's most prestigious law firms and other leading companies. Formerly known as the First National Bank Building and then the Commerce Building, 416 Main features a marble-lined lobby, with most of the elevator lobbies and corridors also marble-lined. The building's history dates to the 1920s, and it is one of the only remaining terra cotta buildings in the area. Visible for miles to those traveling Interstate 74 through Peoria, 416 Main is ready to custom design an office for your business, providing a premier location enjoyed by quality tenants for over 80 years. On-site management services are available for fast response to tenant needs. The property is suitable for office use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    North Casting Industry ... Factory Walden Investigative Group ... Law Firm Linda S, Groezinger, ... Law Firm Mutual Medical Plans ... Insurance Agency Cassidy Timothy J Law Firm

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Law Firm Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.5999538
    Latitude
    40.699402

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    FAQs

    What type of property is this?
    Office building - Premier office spaces in a vibrant downtown location.
    Where is this office building located?
    The property is located at 416 Main St Peoria, IL.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Premier downtown location at the corner of Main and Jefferson, across from the Peoria County Courthouse and one block from Caterpillar offices.; Historic terra cotta building with a marble‑lined lobby and elevator lobbies, visible from Interstate 74.; Recent $5.5 million infrastructure improvements.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Erikka Claerhout
    Real Estate License ID: IL
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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