Freestanding Drive-Through
For Sale
$1,150,000
8905 N Allen Rd, Peoria, IL 61615
Former quick-service facility includes kitchen equipment and an existing drive-through.
Property Size2,707 SF
Days on Market152
Property Features for 8905 N Allen Rd
General Information
Standard status
Active
Size
2,707 SF
Property subtype
Retail
Building Details
Building Size
2,707 SF
Listing Agency:
Latitude Commercial
(219) 308-3553
Listed By:
Myles Rapchak · License #IN #RB14052315
(219) 308-3553
Source:
Latitudeco
Added: Apr 1
Changed: Aug 30
Last Checked: Aug 30 at 7:05AM
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 Latitude Commercial
Investment Insights
Based on property information with market context.
This standalone restaurant property includes a fully built-out kitchen, existing drive-through infrastructure, and equipment associated with its former quick-service operation. The building can support continued restaurant use or redevelopment, subject to applicable approvals.
Located at 8905 N Allen Rd in Peoria, the property occupies an outparcel position to Walmart with access to Route 6. The surrounding retail environment includes Menards, Aldi, AutoZone, Bob Evans, Arby’s, and Burger King, creating an established commercial setting for the site.
Located at 8905 N Allen Rd in Peoria, the property occupies an outparcel position to Walmart with access to Route 6. The surrounding retail environment includes Menards, Aldi, AutoZone, Bob Evans, Arby’s, and Burger King, creating an established commercial setting for the site.
Key Highlights
- Standalone former quick‑service restaurant with an existing drive‑through
- Fully built‑out kitchen with equipment included
- Outparcel to Walmart at 8905 N Allen Rd
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
$34,717
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
3.02%
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%
$694,340
$694.3K
Cap Rate 7%
$495,957
$496.0K
Cap Rate 9%
$385,744
$385.7K
Market Conditions
NOI Build-Up for 2,707 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
$48.7K $18.00/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$46.3K $17.10/SF
− OpEx
−$11.6K −$4.27/SF
NOI
$34.7K $12.83/SF
Area
Peoria, IL
Vacancy
5.00%
Lease Rate
$18.00 /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%
$694,340
Cap Rate 7%
$495,957
Cap Rate 9%
$385,744
Alternative Uses
Best Use
Specialty Retail
$496.0K
$434.0K – $578.6K
NOI $34,717 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.37M
$2.07M – $2.76M
NOI $165,764 @ 7.0% cap · market cap 14.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
542
Businesses Nearby
259k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 47%
Home Improvements & Furnishings 19%
Shops & Services 14%
Groceries 10%
Walmart
Superstores
121,672 visits/mo
0.1 miles
Menards
Home Improvements & Furnishings
49,413 visits/mo
0.2 miles
Shell
Shops & Services
25,949 visits/mo
0.1 miles
Aldi
Groceries
25,191 visits/mo
0.2 miles
Arby's
Dining
8,574 visits/mo
0.1 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Former quick-service facility includes kitchen equipment and an existing drive-through.
Where is this drive through restaurant located?
The property is located at 8905 N Allen Rd Peoria, IL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Standalone former quick‑service restaurant with an existing drive‑through; Fully built‑out kitchen with equipment included; Outparcel to Walmart at 8905 N Allen Rd
