Mixed-Use NNN
For Sale
Contact for pricing
7700-7730 N Grand Prairie Dr, Peoria, IL 61615
The center combines retail and office tenants with direct access from a large surface parking area.
Property Size22,210 SF
Lot Size2.42 Acres
Price / SF$133.70
Days on Market101
Property Features for 7700-7730 N Grand Prairie Dr
General Information
Standard status
Active
Size
22,210 SF
Lot size
2.42 Acres
Property subtype
RETAIL
Building Details
Tenancy
Multi
Listing Agency:
Maloof Commercial
(309) 693-3000
Listed By:
Dan Maloof · License ##475.122647
Source:
Moodyscre
Added: May 22
Changed: Aug 29
Last Checked: Aug 29 at 5:17PM
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 Maloof Commercial
Investment Insights
Based on property information with market context.
This 22,210-square-foot mixed-use property is arranged as a 14-unit center serving a combination of retail and office tenants. The NNN structure provides a defined commercial operating format, while the property’s professionally managed presentation supports ongoing occupancy across the existing unit mix.
Set on 2.42 acres, the property includes a large surface parking lot with direct access to the individual spaces. It functions as an outlot of The Shoppes at Grand Prairie and carries the address range 7700–7730 N Grand Prairie Dr in Peoria, Illinois.
Set on 2.42 acres, the property includes a large surface parking lot with direct access to the individual spaces. It functions as an outlot of The Shoppes at Grand Prairie and carries the address range 7700–7730 N Grand Prairie Dr in Peoria, Illinois.
Key Highlights
- 22,210‑square‑foot mixed‑use NNN center
- 14 units with a mix of retail and office tenants
- Situated on 2.42 acres
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
$265,854
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
8.95%
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%
$5,317,080
$5.3M
Cap Rate 7%
$3,797,914
$3.8M
Cap Rate 9%
$2,953,933
$3.0M
Market Conditions
NOI Build-Up for 22,210 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
$399.8K $18.00/SF
− Vacancy
−$20.0K −$0.90/SF
EGI
$379.8K $17.10/SF
− OpEx
−$113.9K −$5.13/SF
NOI
$265.9K $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 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%
$5,317,080
Cap Rate 7%
$3,797,914
Cap Rate 9%
$2,953,933
Alternative Uses
Best Use
Office B
$4.10M
$3.59M – $4.78M
NOI $286,842 @ 7.0% cap · market cap 9.66%
Second Best
Retail
$3.80M
$3.32M – $4.43M
NOI $265,854 @ 7.0% cap · market cap 8.95%
Theoretical Best
Multifamily LT 5
$19.43M
$17.00M – $22.67M
NOI $1,360,037 @ 7.0% cap · market cap 45.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
Explore this area
Business Placement
Demographics for 61615, IL
24,314
Population
11,334
Households
2.1
Avg Household Size
38
Median Age
53%
College-Educated
98%
High-School Grad
29.6 sq mi
ZIP Area
821
Density / Sq Mi
$82,157
Median Household Income
$50,165
Median Earnings
$1,079
Median Rent
$206,800
Median Home Value
Market
Vacancy Rate% for Office 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 - The center combines retail and office tenants with direct access from a large surface parking area.
Where is this mixed-use property located?
The property is located at 7700-7730 N Grand Prairie Dr Peoria, IL.
What is the asking price?
The asking price for this property is $2,969,454.
What are key features of this property?
This property features: 22,210‑square‑foot mixed‑use NNN center; 14 units with a mix of retail and office tenants; Situated on 2.42 acres
