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 Market85
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: Sep 28
Last Checked: Oct 4 at 6:43AM
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
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.
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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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
