Renovated Mixed-Use
For Sale
Contact for pricing
6603 N Sheridan Rd, Peoria, IL 61614
Updated asset combining furnished residential units, commercial space, and landscaped outdoor areas.
Property Size2,448 SF
Price / SF$218.55
Days on Market194
Property Features for 6603 N Sheridan Rd
General Information
Standard status
Active
Size
2,448 SF
Property subtype
Multifamily
Zoning
C-1
Additional Details
Furnished
Yes
Multifamily Units
3
Amenities
in-unit washer and dryer
dishwasher
front deck
rear deck
landscaped grounds
garage
Building Details
Year Renovated
2025
Buildings
1
Stories
2
Units
5
Listing Agency:
RE/MAX Traders Unlimited
(309) 687-5000
Listed By:
Jessica Ball · License #475175281
Source:
Crexi
Added: Feb 17
Changed: Aug 30
Last Checked: Aug 30 at 5:17AM
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 five-unit mixed-use property includes three furnished residential units used for short-term rentals and two commercial units. Extensive 2025 improvements include new roofs, gutters, windows, HVAC systems, electrical service, PEX plumbing, appliances, furnishings, and interior finishes. The commercial portion also received new siding and exterior paint. Each residential unit has an in-unit washer and dryer, while the main and upper units include dishwashers.
Outdoor features include front and rear decks, landscaped grounds, concrete walkways, on-site parking, and a two-stall garage associated with the main unit. Located at 6603 N Sheridan Rd in Peoria, Illinois, the property is zoned C-1.
Outdoor features include front and rear decks, landscaped grounds, concrete walkways, on-site parking, and a two-stall garage associated with the main unit. Located at 6603 N Sheridan Rd in Peoria, Illinois, the property is zoned C-1.
Key Highlights
- Five‑unit mixed‑use property with 3 furnished residential units and 2 commercial units
- Extensive 2025 improvements, including roofs, windows, HVAC, electrical, plumbing, and interiors
- Residential units include in‑unit washers and dryers; main and upper units have dishwashers
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
$25,337
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
4.74%
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%
$506,740
$506.7K
Cap Rate 7%
$361,957
$362.0K
Cap Rate 9%
$281,522
$281.5K
Market Conditions
NOI Build-Up for 2,448 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
$44.1K $18.00/SF
− Vacancy
−$3.5K −$1.44/SF
EGI
$40.5K $16.56/SF
− OpEx
−$15.2K −$6.21/SF
NOI
$25.3K $10.35/SF
Area
Peoria, IL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$506,740
Cap Rate 7%
$361,957
Cap Rate 9%
$281,522
Alternative Uses
Best Use
Apartment 5plus
$1.89M
$1.65M – $2.20M
NOI $132,046 @ 7.0% cap · market cap 24.68%
Second Best
Mixed Use
$362.0K
$316.7K – $422.3K
NOI $25,337 @ 7.0% cap · market cap 4.74%
Theoretical Best
Multifamily LT 5
$2.14M
$1.87M – $2.50M
NOI $149,904 @ 7.0% cap · market cap 28.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
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 Multifamily 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?
Mixed-use property - Updated asset combining furnished residential units, commercial space, and landscaped outdoor areas.
Where is this mixed-use property located?
The property is located at 6603 N Sheridan Rd Peoria, IL.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Five‑unit mixed‑use property with 3 furnished residential units and 2 commercial units; Extensive 2025 improvements, including roofs, windows, HVAC, electrical, plumbing, and interiors; Residential units include in‑unit washers and dryers; main and upper units have dishwashers
