Warehouse and Office
For Sale
$349,900
502 WAR MEMORIAL Drive, Peoria, IL 61614
Brick commercial building offers office, showroom, and warehouse space with two restrooms and a monument sign.
Property Size3,475 SF
Price / SF$100.69
Days on Market436
Property Features for 502 WAR MEMORIAL Drive
General Information
Standard status
Active
Size
3,475 SF
Property subtype
General Commercial
Site & Location
Traffic Count
26,500 vehicles/day
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$9,369
Amenities
large monument sign
Central Air
3
Tile, Concrete, Other, Carpet
Flat
14 Parking Spaces.
Building Details
Year Built
1969
Stories
1
Construction
brick
Listing Agency:
RE/MAX Traders Unlimited
(309) 687-5000
Listed By:
Justin Ball · License #475175281
Source:
Xome
Added: Jun 11, 2025
Changed: Aug 14
Last Checked: Aug 20 at 5:07AM
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)
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
$31,171
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
8.91%
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%
$623,420
$623.4K
Cap Rate 7%
$445,300
$445.3K
Cap Rate 9%
$346,344
$346.3K
Market Conditions
NOI Build-Up for 3,475 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
$52.1K $15.00/SF
− Vacancy
−$4.2K −$1.20/SF
EGI
$48.0K $13.80/SF
− OpEx
−$16.8K −$4.83/SF
NOI
$31.2K $8.97/SF
Area
Peoria, IL
Vacancy
8.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$623,420
Cap Rate 7%
$445,300
Cap Rate 9%
$346,344
Alternative Uses
Best Use
Flex RnD
$445.3K
$389.6K – $519.5K
NOI $31,171 @ 7.0% cap · market cap 8.91%
Second Best
Warehouse
$362.7K
$317.3K – $423.1K
NOI $25,387 @ 7.0% cap · market cap 7.26%
Theoretical Best
Multifamily LT 5
$3.04M
$2.66M – $3.55M
NOI $212,793 @ 7.0% cap · market cap 60.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
26,500 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
535
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61614, IL
27,119
Population
13,870
Households
2
Avg Household Size
41
Median Age
46%
College-Educated
97%
High-School Grad
12.0 sq mi
ZIP Area
2,260
Density / Sq Mi
$68,379
Median Household Income
$46,540
Median Earnings
$948
Median Rent
$169,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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 WAR MEMORIAL Drive Peoria, IL.
What is the asking price?
The asking price for this property is $349,900.
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)
