Single-Tenant State Office
For Sale
$3,788,000
607 Main St, Peoria, IL 61602
Single-tenant office operated by the Illinois Department of Corrections under a gross lease with three years remaining.
Property Size40,697 SF
Lot Size0.57 Acres
Price / SF$93.08
Days on Market94
Property Features for 607 Main St
General Information
Standard status
Active
Size
40,697 SF
Lot size
0.57 Acres
Property subtype
Office
Occupancy
100%
Additional Details
Highway Access
Yes
Amenities
100 Percent Occupied Government Office
Two Percent Annual Rental Increases Every Two Years
Three Years of Lease Term Remaining
Building Details
Building Size
40,697 SF
Year Built
1972
Tenancy
Single
Listing Agency:
Marcus & Millichap - Chicago Downtown
(312) 624-7013
Listed By:
Frank Roti · License #License(s): IL: 475.139806
(312) 624-7013
Source:
Marcusmillichap
Added: Jun 1
Changed: Aug 8
Last Checked: Sep 1 at 2:39PM
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 - Chicago Downtown
Investment Insights
Based on property information with market context.
This single-tenant government office building totals 40,697 square feet on 0.57 acres and was constructed in 1972. The property is 100 percent occupied by the Illinois Department of Corrections (IDOC) operating under a gross lease structure. The lease provides for two percent annual rental increases every two years, with three years of lease remaining.
The building is located on Main Street in Peoria, a key corridor connecting multiple commercial, medical, and educational areas in the city. The remarks describe direct access to major regional roadways including Interstate 74, along with access to Interstate 55 and Interstate 39.
Fitch Ratings has assigned the State of Illinois a credit rating of A-.
The building is located on Main Street in Peoria, a key corridor connecting multiple commercial, medical, and educational areas in the city. The remarks describe direct access to major regional roadways including Interstate 74, along with access to Interstate 55 and Interstate 39.
Fitch Ratings has assigned the State of Illinois a credit rating of A-.
Key Highlights
- 40,697 SF government office building on 0.57 acres
- Constructed in 1972
- 100% occupied by the Illinois Department of Corrections
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 61602, IL
1,198
Population
813
Households
1.5
Avg Household Size
39
Median Age
37%
College-Educated
92%
High-School Grad
1.1 sq mi
ZIP Area
1,089
Density / Sq Mi
$17,273
Median Household Income
$34,082
Median Earnings
$912
Median Rent
$222,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Single-tenant office operated by the Illinois Department of Corrections under a gross lease with three years remaining.
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: 40,697 SF government office building on 0.57 acres; Constructed in 1972; 100% occupied by the Illinois Department of Corrections
