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    330 Water St Peoria, IL 61602

    Sponsored
    For Lease
    $120 SF/Yr

    Iconic two-story building, stunning river views.

    Lot size:
    6,370 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 6,370 square foot retail space at 330 Southwest Water Street in Peoria, IL (zip code 61602) presents a unique investment opportunity. The property, built in 1980, boasts a prime riverfront location with 1,800 square feet of decking offering unparalleled views. Its all-brick, two-story design is both visually striking and durable. The building is currently vacant and available for lease as a single-tenant space, with 3,185 square feet on each floor. Its strategic location next to a large city parking lot and a public boat dock ensures high visibility and accessibility. The high-traffic area of downtown Peoria hosts numerous year-round activities, creating a vibrant and bustling atmosphere. The lease rate is $14 per square foot, triple net. This property's unique combination of location, size, and aesthetic appeal makes it an ideal space for a variety of retail businesses seeking a prominent presence in the heart of Peoria. Don't miss this chance to secure a truly one-of-a-kind commercial property.

    Property Features for 330 Water St

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    6,370 SF
    Total Rate
    63700

    Building Details

    Year Built
    1980

    Unit(s) available at that property

    Space
    Available Space
    Size
    6,370 SF
    Rate per SF
    $120

    HighLights

    • 6,370 SF retail space at 330 Southwest Water Street, Peoria, IL 61602.
    • Prime riverfront location with 1,800 SF of decking.
    • Two‑story, all‑brick building (1980 construction), currently vacant.
    • 3,185 SF per floor, available for lease as a single‑tenant space.
    • High visibility due to proximity to a large city parking lot and public boat dock.
    • $14/SF triple net lease rate.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Building Supply Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.5903661
    Latitude
    40.6869456

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    FAQs

    What type of property is this?
    Retail property - Iconic two-story building, stunning river views.
    Where is this retail property located?
    The property is located at 330 Water St Peoria, IL.
    What is the lease rate?
    The lease rate is $120 SF/Yr.
    What are key features of this property?
    This property features: 6,370 SF retail space at 330 Southwest Water Street, Peoria, IL 61602.; Prime riverfront location with 1,800 SF of decking.; Two-story, all-brick building (1980 construction), currently vacant.
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    330 Water St Peoria, IL 61602
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    330 Water St Peoria, IL 61602
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