Updated Office Building with
For Sale
$417,000
7319 N University Street, Peoria, IL 61614
Updated office building with large windows, two ADA restrooms, and an oversized parking lot for convenient access.
Property Size2,610 SF
Price / SF$159.77
Days on Market61
Property Features for 7319 N University Street
General Information
Standard status
Active
Size
2,610 SF
Property subtype
Commercial
Amenities
ADA-accessible restrooms
Building Details
Building Size
2,610 SF
Year Renovated
2022
Listing Agency:
Jim Maloof Realty, Inc.
(309) 279-3936
Listed By:
Maryanne Czubora
(309) 279-3936
Source:
Craggsrealtors
Added: Jun 9
Changed: Jul 26
Last Checked: Aug 8 at 12:52PM
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 Jim Maloof Realty, Inc.
Investment Insights
Based on property information with market context.
This updated office building offers a bright interior with large windows providing natural light throughout the space. Improvements completed in 2022 include a new metal roof, HVAC system, fresh paint, and new flooring. The property also features two ADA-accessible restrooms and a basement dewatering system to support below-grade space.
Located at 7319 N University Street in Peoria, IL, the building benefits from a high-traffic setting with strong visibility. An oversized parking lot is available for customers, clients, or employees, supporting day-to-day operations.
With the 2022 updates and practical layout for office use, the property is positioned for a new owner looking for a maintained office facility and on-site parking.
Located at 7319 N University Street in Peoria, IL, the building benefits from a high-traffic setting with strong visibility. An oversized parking lot is available for customers, clients, or employees, supporting day-to-day operations.
With the 2022 updates and practical layout for office use, the property is positioned for a new owner looking for a maintained office facility and on-site parking.
Key Highlights
- Numerous updates completed in 2022: new metal roof, HVAC system, paint, and flooring
- Office building with large windows for natural light throughout the space
- Two ADA‑accessible restrooms
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
$33,708
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
8.08%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
879
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Updated office building with large windows, two ADA restrooms, and an oversized parking lot for convenient access.
Where is this office building located?
The property is located at 7319 N University Street 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 updates completed in 2022: new metal roof, HVAC system, paint, and flooring; Office building with large windows for natural light throughout the space; Two ADA‑accessible restrooms
