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    4615 N PROSPECT RD Peoria Heights, IL 61616

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    For Lease
    Contact for pricing

    Three unique spaces available on Peoria Heights' busiest commercial corridor.

    Type:Office
    Property size:
    18,725 SF
    Added:
    Sep 25, 2025
    Days on Market:
    192
    Last Refresh:
    Apr 1 at 8:13 pm

    Property Features for 4615 N PROSPECT RD

    General Information

    Standard status
    Active
    Size
    18,725 SF
    Property subtype
    Office

    We can help!

    Listing Contact
    Jessica Ball

    Listing agent Jessica Ball

    Listing office RE/MAX

    Listing date Sep 25, 2025

    Source Remaxcommercial

    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 RE/MAX

    Overview

    Peoria Heights Commercial Spaces for Lease

    Located at 4615-4617 N Prospect Road in Peoria Heights, this property offers three spaces for lease. Positioned on Prospect Road, the area's busiest commercial corridor, the available spaces include two garden-level suites and one entry-level suite, totaling 8,160 square feet. The spaces are suitable for upscale boutique retail, professional offices, artists, or specialized service providers. The landlord is offering to contribute toward tenant buildouts, allowing for customized finishes. Available spaces range from 1,694 to 3,490 square feet. Multiple subdivision and buildout options are available under a NNN lease type. The property is located on the corner of Prospect Road and Duryea.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Similar Places Nearby

    • Prospect Animal Clinic — 4015 N Prospect Rd, Peoria Heights, IL 61616
    • Dentino Maria DVM — 4015 N Prospect Rd, Peoria Heights, IL 61616, United States
    • Murdock Cassandra J DVM — 4015 N Prospect Rd, Peoria Heights, IL 61616

    Location Insight

    • Map
    • Local Demand
    City
    Peoria Heights
    County
    Peoria
    State
    Illinois
    Longitude
    -89.574467
    Latitude
    40.7442028

    Nearby Similar for Lease

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      Versatile Commercial Property in Peoria Heights

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      Peoria Heights Retail/Office Space

      2,000 SF retail/office space with full basement.
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      Updated Executive Office Suites Available

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      New Mixed-Use Development

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    FAQs

    What type of property is this?
    Medical Office Space - Three unique spaces available on Peoria Heights' busiest commercial corridor.
    Where is this medical office space located?
    The property is located at 4615 N PROSPECT RD Peoria Heights, IL.
    What are key features of this property?
    This property features: Prime location on Prospect Road in Peoria Heights, the busiest commercial corridor.; Landlord offers generous build‑out contributions to customize spaces.; Three available spaces suitable for various businesses: retail, offices, artists, service providers.
    (309) 323-0399
    We can help!
    Listing Contact
    Jessica Ball
    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.

    More about this property
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