Retail and Office Multi-Tenant
For Sale
Contact for pricing
7700 North Grand Prairie Drive, Peoria, IL 61615
Multi-tenant retail and office property with 14 units and a surface parking lot directly accessible to the buildings.
Property Size22,210 SF
Lot Size2.42 Acres
Price / SF$152.94
Days on Market155
Property Features for 7700 North Grand Prairie Drive
General Information
Standard status
Active
Size
22,210 SF
Lot size
2.42 Acres
Property subtype
Office, Retail
Building Details
Year Built
2003
Tenancy
Multi
Listing Agency:
Maloof Commercial Real Estate
(309) 693-3000
Listed By:
Daniel Maloof · License #IL 475122647
Source:
Crexi
Added: Mar 4
Changed: Jul 23
Last Checked: Aug 6 at 10:43AM
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 Maloof Commercial Real Estate
Investment Insights
Based on property information with market context.
Shoppes West at Grand Prairie is a multi-tenant retail and office property offering 14 units across 22,210 square feet on 2.42 acres. The asset is described as well-maintained and positioned as an outlot of The Shoppes at Grand Prairie, providing a large surface parking lot directly accessible to the units.
The property is located at 7700–7730 N. Grand Prairie Drive in Peoria, Illinois. Public remarks note convenient access to major roadways and proximity to national retailers, restaurants, and entertainment options, with adjacency to the Louisville Slugger Sports Complex.
As presented in the offering materials, the tenant mix includes both retail and office users within the same shopping center setting.
The property is located at 7700–7730 N. Grand Prairie Drive in Peoria, Illinois. Public remarks note convenient access to major roadways and proximity to national retailers, restaurants, and entertainment options, with adjacency to the Louisville Slugger Sports Complex.
As presented in the offering materials, the tenant mix includes both retail and office users within the same shopping center setting.
Key Highlights
- 22,210 SF multi‑tenant retail and office property built in 2003
- Comprises 14 units with a retail and office tenant mix
- Located on 2.42 acres and positioned as an outlot of The Shoppes at Grand Prairie
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
$286,842
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
8.44%
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%
$5,736,840
$5.7M
Cap Rate 7%
$4,097,743
$4.1M
Cap Rate 9%
$3,187,133
$3.2M
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
$466.4K $21.00/SF
− Vacancy
−$84.0K −$3.78/SF
EGI
$382.5K $17.22/SF
− OpEx
−$95.6K −$4.31/SF
NOI
$286.8K $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%
$5,736,840
Cap Rate 7%
$4,097,743
Cap Rate 9%
$3,187,133
Alternative Uses
Best Use
Office B
$4.10M
$3.59M – $4.78M
NOI $286,842 @ 7.0% cap · market cap 8.44%
Second Best
Retail
$3.80M
$3.32M – $4.43M
NOI $265,854 @ 7.0% cap · market cap 7.83%
Theoretical Best
Multifamily LT 5
$19.43M
$17.00M – $22.67M
NOI $1,360,037 @ 7.0% cap · market cap 40.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
366
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
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Frequently Asked Questions
What type of property is this?
NNN property - Multi-tenant retail and office property with 14 units and a surface parking lot directly accessible to the buildings.
Where is this nnn property located?
The property is located at 7700 North Grand Prairie Drive Peoria, IL.
What is the asking price?
The asking price for this property is $3,396,852.
What are key features of this property?
This property features: 22,210 SF multi‑tenant retail and office property built in 2003; Comprises 14 units with a retail and office tenant mix; Located on 2.42 acres and positioned as an outlot of The Shoppes at Grand Prairie
