Warehouse and Office
502 E War Memorial Drive Peoria, IL 61614
502 E War Memorial Drive, Peoria, IL, 61614
$395,000
For Sale
$395,000
Brick commercial building offers office, showroom, and warehouse space with two restrooms and a monument sign.
Property Size3,475 SF
Price / SF$113.67
Days on Market414
Property Features for 502 E War Memorial Drive
General Information
- Standard status
- Active
- Size
- 3,475 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1969
Listing agency
RE/MAX Traders Unlimited
(309) 323-0399
Listed by
Justin Ball
Source
Xome
Added: Jun 3, 2025 Updated: Jul 21 at 11:47AM Checked: Jul 21 at 11:47AM
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 Traders Unlimited
Investment Insights
Based on property information with market context.
This brick commercial building includes office space, showroom space, and warehouse space, totaling 3,475 square feet. The property is served by two restrooms and features a large monument sign intended to support visibility.
The building is located on War Memorial Drive/U.S. Route 150 and is described as high-visibility along the corridor. Reported traffic counts are listed from IDOT as 26,500 cars per day.
The available layout supports a mix of customer-facing showroom and functional warehouse operations within one structure.
The building is located on War Memorial Drive/U.S. Route 150 and is described as high-visibility along the corridor. Reported traffic counts are listed from IDOT as 26,500 cars per day.
The available layout supports a mix of customer-facing showroom and functional warehouse operations within one structure.
Key Highlights
- 3,475 SF brick commercial building with office, showroom, and warehouse space
- Monument sign plus high‑visibility frontage on War Memorial/U.S. Route 150
- Reported traffic counts of 26,500 cars per day (IDOT)
Local Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $52.1k | $15.00 |
| − Vacancy | −$4.2k | −$1.20 |
| EGI | $48.0k | $13.80 |
| − OpEx | −$16.8k | −$4.83 |
| NOI | $31.2k | $8.97 |
3,475 SF · lease $15.00/SF/yr · vacancy 8.00% · expense 35.00%
Alternative Uses
Best Use
Office B
$641.1K
$561.0K – $748.0K
NOI $44,880 @ 7.0% cap · market cap 11.36%
Second Best
Retail
$594.2K
$520.0K – $693.3K
NOI $41,596 @ 7.0% cap · market cap 10.53%
Theoretical Best
Multifamily LT 5
$3.04M
$2.66M – $3.55M
NOI $212,793 @ 7.0% cap · market cap 53.87%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Flex space
Similar For Sale Nearby
FAQs
What type of property is this?
Flex space - Brick commercial building offers office, showroom, and warehouse space with two restrooms and a monument sign.
Where is this flex space located?
The property is located at 502 E War Memorial Drive Peoria, IL.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 3,475 SF brick commercial building with office, showroom, and warehouse space; Monument sign plus high‑visibility frontage on War Memorial/U.S. Route 150; Reported traffic counts of 26,500 cars per day (IDOT)
