Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1616 Chanute Rd Peoria, IL 61615

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Large warehouse, multiple tenants, ample parking.

    Lot size:
    107,496 SF

    Property Features for 1616 Chanute Rd

    General Information

    Property type
    Distribution properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    107,496 SF
    Total Rate
    33592.5

    Spaces For Lease

    at 1616 Chanute Rd, Peoria, IL 61615 Contact us
    Unit Space Available - 1616 Chanute

    $3 /Mo

    Size
    43,266 SF
    Contact us
    Unit Space Available - 1620 Chanute

    $3 /Mo

    Size
    64,230 SF
    Contact us

    We can help!

    Listing Contact
    Daniel Maloof
    Daniel Maloof

    Listing Agency: Maloof Commercial Real Estate Listing Agent: Daniel Maloof

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional industrial property, located at 1616-1620 W Chanute Rd in Peoria, Illinois, offers a significant opportunity for warehouse and distribution businesses. The property encompasses a substantial 107,496 square feet of space, currently entirely vacant and available for lease. The building is divisible, with a minimum leasable area of 64,230 square feet and a maximum contiguous space of 43,266 square feet, providing flexibility for various business needs. The property sits on a generous 7.41-acre lot, ensuring ample room for operations and expansion. Loading and unloading are facilitated by 24 loading docks and 2 drive-in doors. Extensive parking is available to accommodate employees and visitors. The warehouse benefits from robust 3-phase, 300-amp power, supporting demanding operational requirements. Situated in Peoria County, Illinois, zip code 61615, this property offers excellent access to major transportation routes, making it an ideal location for efficient logistics and distribution. This is a rare opportunity to secure a large, well-equipped warehouse space in a prime industrial location. Contact us today to learn more about leasing options.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Vital Records Control Storage Facility Riverside Tool & Die Building Supply

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Hair Salon Big Box & Wholesale Store Auto Repair Shop Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.6175801
    Latitude
    40.7932343

    Nearby Similar for Lease

    • Contact for pricing
      30,492 SF

      Office Space in Peoria, IL

      Office space available for rent in Peoria, Illinois.
      2420 W Nebraska Ave, Peoria, IL 61604
      View Details
    • Sponsored
      Contact for pricing

      IL, Peoria - Main St

      Workspaces, services and support to help you work better in Frisco Square
      416 Main St, Peoria, IL 61602
      View Details
    • Contact for pricing
      43,560 SF

      Peoria Office Space For Rent

      2,525 SF office space with excellent accessibility and visibility.
      1820 N Sterling Ave, Peoria, IL 61604
      View Details
    • $14 SF/Yr
      5,400 SF

      Executive Office Suite For Rent

      Executive office suite featuring 12 private offices and 5 cubicles.
      8512 N Knoxville Ave, Peoria, IL 61615
      View Details
    • $9 SF/Yr
      7,378 SF

      Freestanding Retail Property Sublease

      Freestanding retail property available for sublease until April 2027.
      814 NE Jefferson Ave, Peoria, IL 61605
      View Details
    • $15 SF/Yr
      1,200 SF

      Office Space For Rent

      1,200 sq ft office space available for rent.
      7310 N Villa Lake Dr, Peoria, IL 61614
      View Details
    • $12 SF/Yr
      2,270 SF

      Downtown Peoria Class A Office

      Class A office building with suites available for lease.
      211 Fulton St, Peoria, IL 61602
      View Details
    • $16 SF/Yr
      2,895 SF

      Class A Office Space Peoria

      Fully furnished, renovated office space available for lease.
      1300 W Commerce Dr, Peoria, IL 61615
      View Details
    • $13 SF/Yr
      6,500 SF

      Glen Avenue Office Space Available

      Four-story office building with available space and city views.
      1100 W Glen Ave, Peoria, IL 61614
      View Details
    • $1,300 /Mo
      1,089 SF

      Retail/Office Building with Ample Parking

      Retail and office spaces available in high-traffic location.
      7501 N University St, Peoria, IL 61614
      View Details
    • $15 SF/Yr
      4,738 SF

      Peoria Office Space Available

      Office space available for rent in Peoria, Illinois.
      411 Hamilton Blvd, Peoria, IL 61602
      View Details
    • $8 SF/Yr
      16,132 SF

      Two-Story Office Building For Lease

      Two-story office building featuring private offices, breakroom, and conference room.
      1318 S Johanson Rd, Peoria, IL 61607
      View Details

    FAQs

    What type of property is this?
    Distribution property - Large warehouse, multiple tenants, ample parking.
    Where is this distribution property located?
    The property is located at 1616 Chanute Rd Peoria, IL.
    What is the lease rate?
    The lease rate is $3 SF/Yr.
    What are key features of this property?
    This property features: 107,496 square feet of total available warehouse space.; Ample parking with direct unit access.; Fully sprinklered buildings.
    (309) 693-3000 Call to check price and availability
    Request Owner's contact information
    1616 Chanute Rd Peoria, IL 61615
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1616 Chanute Rd
    Peoria, IL 61615
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    1616 Chanute Rd Peoria, IL 61615
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Daniel Maloof
    Daniel Maloof
    Real Estate License ID: 475122647
    (309) 693-3000 (309) 696-7200
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!