Office Building with Oversized
For Sale
$417,000
7319 N University Street Peoria, Peoria, IL 61614
Office building with large windows, updated HVAC and metal roof, two ADA restrooms, and an oversized parking lot.
Property Size2,610 SF
Price / SF$159.77
Days on Market99
Property Features for 7319 N University Street Peoria
General Information
Standard status
Active
Size
2,610 SF
Zoning
C1
Taxes and HOA fees
Annual Taxes
$13,014
Building Details
Building Size
2,610 SF
Year Renovated
2022
Buildings
1
Listed By:
Barb Primm
(309) 722-1612
Source:
Realestatepeoria
Added: Jul 13
Changed: Oct 9
Last Checked: Oct 7 at 9:56AM
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 Barb Primm
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Investment Insights
Based on property information with market context.
This office building offers a bright interior with large windows and a range of improvements completed in 2022. Updates include a new metal roof, HVAC system, paint, flooring, and two ADA-accessible restrooms. The property also includes a basement dewatering system.
The building is positioned for visibility in a high-traffic setting and features an oversized parking lot designed to accommodate customers, clients, or employees.
With the 2022 updates and existing office-ready configuration, the property presents a straightforward option for an owner seeking a maintained office facility with dedicated parking.
The building is positioned for visibility in a high-traffic setting and features an oversized parking lot designed to accommodate customers, clients, or employees.
With the 2022 updates and existing office-ready configuration, the property presents a straightforward option for an owner seeking a maintained office facility with dedicated parking.
Key Highlights
- Numerous 2022 updates: new metal roof, HVAC system, paint, and flooring
- Office building with large windows for natural light throughout the space
- Includes two ADA‑accessible restrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,708
Cap Rate
8.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$674,160
$674.2K
Cap Rate 7%
$481,543
$481.5K
Cap Rate 9%
$374,533
$374.5K
Market Conditions
NOI Build-Up for 2,610 SF
Gross rent
$54.8K $21.00/SF
− Vacancy
−$9.9K −$3.78/SF
EGI
$44.9K $17.22/SF
− OpEx
−$11.2K −$4.31/SF
NOI
$33.7K $12.92/SF
Area
Peoria, IL
Vacancy
18.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$674,160
Cap Rate 7%
$481,543
Cap Rate 9%
$374,533
Alternative Uses
Best Use
Office B
$481.5K
$421.4K – $561.8K
NOI $33,708 @ 7.0% cap · market cap 8.08%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.28M
$2.00M – $2.66M
NOI $159,824 @ 7.0% cap · market cap 38.33%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,036
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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Office building with large windows, updated HVAC and metal roof, two ADA restrooms, and an oversized parking lot.
Where is this office building located?
The property is located at 7319 N University Street Peoria Peoria, IL.
What is the asking price?
The asking price for this property is $417,000.
What are key features of this property?
This property features: Numerous 2022 updates: new metal roof, HVAC system, paint, and flooring; Office building with large windows for natural light throughout the space; Includes two ADA‑accessible restrooms
