Historic Mixed-Use
For Sale
$3,100,000
701 Main Street, Peoria, IL 61602
Renovated landmark combines apartments with ground-floor retail space.
Property Size17,292 SF
Days on Market82
Property Features for 701 Main Street
General Information
Standard status
Active
Size
17,292 SF
Property subtype
Multifamily
Units
Unit Mix
18 x studio, 8 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
28
Building Details
Building Size
17,292 SF
Year Built
1924
Year Renovated
2017
Buildings
1
Tenancy
Multi
Listed By:
Dan Short, MBA
(312) 515-9238
Source:
Svn
Added: Jul 30
Changed: Oct 4
Last Checked: Oct 19 at 4:05AM
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 Dan Short, MBA
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Investment Insights
Based on property information with market context.
Marquette Place is a historic mixed-use property at 701 Main Street in Downtown Peoria, originally constructed in 1924 and listed on the National Register of Historic Places. The property includes 28 apartments—18 studios, 8 one-bedroom/one-bathroom units, and 2 two-bedroom/one-bathroom units—along with 8 ground-floor retail spaces.
A major renovation was completed in 2017, taking the building down to the studs and replacing or modernizing virtually all major building systems. Retail tenants include Aveanna Healthcare, GFI Digital, and Blue Peak Insurance, with the majority of retail leases extending beyond 2030. Residential tenants pay their own heat and electric through individually controlled mini-split HVAC systems; ownership provides water, sewer, trash, and high-speed internet.
The property is located in Downtown Peoria near major employers, healthcare systems, restaurants, entertainment, and the Peoria Riverfront. A 50% real estate tax reimbursement through December 2031 is also in place through a Tax Increment Financing incentive.
A major renovation was completed in 2017, taking the building down to the studs and replacing or modernizing virtually all major building systems. Retail tenants include Aveanna Healthcare, GFI Digital, and Blue Peak Insurance, with the majority of retail leases extending beyond 2030. Residential tenants pay their own heat and electric through individually controlled mini-split HVAC systems; ownership provides water, sewer, trash, and high-speed internet.
The property is located in Downtown Peoria near major employers, healthcare systems, restaurants, entertainment, and the Peoria Riverfront. A 50% real estate tax reimbursement through December 2031 is also in place through a Tax Increment Financing incentive.
Key Highlights
- 28 apartments: 18 studios, 8 one‑bedroom/one‑bathroom, and 2 two‑bedroom/one‑bathroom units
- 8 ground‑floor retail spaces with the majority of leases extending beyond 2030
- Renovation completed in 2017 after the building was taken down to the studs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$206,985
Cap Rate
6.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,139,700
$4.1M
Cap Rate 7%
$2,956,929
$3.0M
Cap Rate 9%
$2,299,833
$2.3M
Market Conditions
NOI Build-Up for 17,292 SF
Gross rent
$311.3K $18.00/SF
− Vacancy
−$15.6K −$0.90/SF
EGI
$295.7K $17.10/SF
− OpEx
−$88.7K −$5.13/SF
NOI
$207.0K $11.97/SF
Area
Peoria, IL
Vacancy
5.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,139,700
Cap Rate 7%
$2,956,929
Cap Rate 9%
$2,299,833
Alternative Uses
Best Use
Apartment 5plus
$13.32M
$11.66M – $15.55M
NOI $932,736 @ 7.0% cap · market cap 30.09%
Second Best
Retail
$2.96M
$2.59M – $3.45M
NOI $206,985 @ 7.0% cap · market cap 6.68%
Theoretical Best
Multifamily LT 5
$15.13M
$13.24M – $17.65M
NOI $1,058,881 @ 7.0% cap · market cap 34.16%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
28
Residential units
Multi-tenant
Tenancy
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated landmark combines apartments with ground-floor retail space.
Where is this mixed-use property located?
The property is located at 701 Main Street Peoria, IL.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: 28 apartments: 18 studios, 8 one‑bedroom/one‑bathroom, and 2 two‑bedroom/one‑bathroom units; 8 ground‑floor retail spaces with the majority of leases extending beyond 2030; Renovation completed in 2017 after the building was taken down to the studs
