Building Details

Tenancy Multi

Listing Agency: Maloof Commercial Show Phone

Listed By: Dan Maloof · License ##475.122647 Show Phone

Source: Moodyscre

Added: May 22 Changed: Oct 3 Last Checked: Oct 15 at 1:58AM

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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.

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 / Yr

$265,854

Cap Rate

8.95%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,317,080 $5.3M

Cap Rate 7%

$3,797,914 $3.8M

Cap Rate 9%

$2,953,933 $3.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 22,210 SF

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 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 (±1% cap)

NOI $286,842 @ 7.0% cap · market cap 9.66%

Second Best

Retail

$3.80M

$3.32M – $4.43M (±1% cap)

NOI $265,854 @ 7.0% cap · market cap 8.95%

Theoretical Best

Multifamily LT 5

$19.43M

$17.00M – $22.67M (±1% cap)

NOI $1,360,037 @ 7.0% cap · market cap 45.80%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Shopping centers

Suggested Use

Top Pick Real Estate Agency Dental Office Big Box & Wholesale Store Storage Facility Kitchen & Bath Showroom Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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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