Government Office Building
607 Main St Peoria, IL 61602
607 Main St, Peoria, IL, 61602
$3,788,000
For Sale
$3,788,000
Institutionally leased government office with 100% occupancy under a gross lease and scheduled rental increases.
Property Size40,697 SF
Lot Size0.57 Acres
Price / SF$93.08
Days on Market49
Property Features for 607 Main St
General Information
- Standard status
- Active
- Size
- 40,697 SF
- Lot size
- 0.57 Acres
- Property subtype
- Office
Building Details
- Year Built
- 1972
Listing Agency
Marcus & Millichap | New Haven
(312) 624-7013
Listed by
Frank M. Roti · License #License(s): IL: 475.139806
(312) 624-7013
Source
Marcusmillichap
Added: Jun 1 Checked: Jul 17 at 1:55 pm
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 Marcus & Millichap | New Haven
Investment Insights
Based on property information with market context.
Constructed in 1972, this government office building totals 40,697 square feet on 0.57 acres. The property is currently 100% occupied by the Illinois Department of Corrections under a gross lease structure, providing a tenant-paid operating expense framework. The lease includes two percent annual rental increases every two years, and there are three years remaining on the current term. Fitch Ratings has assigned the State of Illinois a credit rating of A-.
The building is located on Main Street in Peoria, described as a key corridor connecting active commercial, medical, and educational areas. Main Street runs through central Peoria and provides direct connectivity to major roadways including Interstate 74, along with access to Interstate 55 and Interstate 39. The surrounding area features prominent institutions and amenities, including Bradley University and leading healthcare providers such as OSF HealthCare and UnityPoint Health, as well as restaurants and retail.
For investors seeking a stable, long-underwritten asset, this property offers the advantage of a fully occupied, state-agency tenancy with a defined lease schedule and state credit support. Its downtown-area access and institutional surroundings can also appeal to operators looking for a government-backed office platform in a well-trafficked commercial corridor.
The building is located on Main Street in Peoria, described as a key corridor connecting active commercial, medical, and educational areas. Main Street runs through central Peoria and provides direct connectivity to major roadways including Interstate 74, along with access to Interstate 55 and Interstate 39. The surrounding area features prominent institutions and amenities, including Bradley University and leading healthcare providers such as OSF HealthCare and UnityPoint Health, as well as restaurants and retail.
For investors seeking a stable, long-underwritten asset, this property offers the advantage of a fully occupied, state-agency tenancy with a defined lease schedule and state credit support. Its downtown-area access and institutional surroundings can also appeal to operators looking for a government-backed office platform in a well-trafficked commercial corridor.
Key Highlights
- Government office building constructed in 1972 with 40,697 SF on 0.57 acres
- 100% occupied by the Illinois Department of Corrections under a gross lease structure
- Lease has three years remaining with 2% annual rental increases every two years
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
DeKroyft-Metz & Co., Inc.
Department Store
Lucky Lads
General Contractor
The Center
Corporate Office
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FAQs
What type of property is this?
Office building - Institutionally leased government office with 100% occupancy under a gross lease and scheduled rental increases.
Where is this office building located?
The property is located at 607 Main St Peoria, IL.
What is the asking price?
The asking price for this property is $3,788,000.
What are key features of this property?
This property features: Government office building constructed in 1972 with 40,697 SF on 0.57 acres; 100% occupied by the Illinois Department of Corrections under a gross lease structure; Lease has three years remaining with 2% annual rental increases every two years
