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    7800 Sommer St Peoria, IL 61615

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    For Lease
    Contact for pricing

    North Peoria Retail & Office Suites

    Lot size:
    25,000 SF

    Property Features for 7800 Sommer St

    General Information

    Property type
    Individual retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    25,000 SF
    Class
    B
    Total Rate
    16666.67

    Building Details

    Year Built
    1999

    Spaces For Lease

    at 7800 Sommer St, Peoria, IL 61615 Contact us
    Unit Suite 101

    $12 /Mo

    Size
    1,200 SF
    Contact us
    Unit Suite 201

    $12 /Mo

    Size
    1,320 SF
    Contact us
    Unit Suite 414

    $8 /Mo

    Size
    1,563 SF
    Contact us
    Unit Suite 422

    $8 /Mo

    Size
    1,763 SF
    Contact us
    Unit Suite 507

    $12 /Mo

    Size
    1,250 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Will Hayes
    Will Hayes

    Listing Agency: Joseph & Camper Commercial Listing Agent: Will Hayes

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

    Learn more

    Property Insight Report

    Overview

    Parkway Plaza, located at 7800 N Sommer St in Peoria County, offers exceptional coworking and retail opportunities. This Class B property, built in 1999, boasts a total of 25,000 square feet on a 7.16-acre lot, zoned C-2. Currently, five individual units are available for lease, ranging in size from 1,200 to 1,763 square feet. The spaces are in excellent condition, with several move-in ready, providing immediate occupancy for businesses. The property features a convenient storefront design, ideal for maximizing visibility and foot traffic. Ample parking is available both in the front and rear of the building, ensuring convenient access for tenants and their clients. The strategic location offers direct access to the Rock Island Trail, providing a pleasant amenity for employees and visitors. Competitive rental rates are available, making this an attractive investment for businesses seeking a prime location in North Peoria. The property's multiple tenancy structure allows for flexibility and diverse occupancy. This retail and office space presents a unique opportunity to establish a thriving business in a well-maintained and conveniently located building.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    OSF Rehabilitation Medical Clinic Benjamin Deig Alternative Medicine Practice Code Ninjas Training Center Eagle Rock Insurance ... Insurance Agency Power Zone Gym & Fitness Center

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon 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
    -89.613304764239
    Latitude
    40.782179153072

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    FAQs

    What type of property is this?
    Individual retail property - North Peoria Retail & Office Suites
    Where is this individual retail property located?
    The property is located at 7800 Sommer St Peoria, IL.
    What is the lease rate?
    The lease rate is $8-$12 SF/Yr.
    What are key features of this property?
    This property features: Retail and office space totaling 25,000 square feet available in Peoria County.; Five coworking/storefront spaces available, ranging from 1,200 to 1,763 square feet.; Located in Parkway Plaza, North Peoria, with ample front and rear parking.
    (309) 643-0717 Call to check price and availability
    Request Owner's contact information
    7800 Sommer St Peoria, IL 61615
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    Peoria, IL 61615
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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.

    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
    7800 Sommer St Peoria, IL 61615
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Will Hayes
    Will Hayes
    (309) 643-0717 (309) 691-5919
    Learn more
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