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    7022 Middle Rd Peoria, IL 61607

    Sponsored
    For Sale
    Contact for pricing

    Large hangar facility, ideal for aviation businesses.

    Property size:
    88,145 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional 88,145-square-foot aircraft hangar facility in Peoria, Illinois, is available for sale or lease. Built in 2013, the property boasts two approximately 36,005-square-foot hangar bays, offering ample space for aircraft storage and maintenance. In addition to the hangar space, the facility includes approximately 10,321 square feet of combined office, conference, break, and shop space, providing a comfortable and functional workspace. A 5,814-square-foot parking garage ensures convenient parking for staff and visitors. The property also features approximately 110,000 square feet of private ramp space. This facility is LEED Silver Certified, demonstrating a commitment to sustainability. Utilities include Ameren services, 480 VAC, and 500kVA electrical service. Two fuel cabinets with two 20,000-gallon in-ground tanks are also on-site. The hangar bays are equipped with radiant heat, Wi-Fi, and GPS repeaters. A hangar fall protection rail system enhances safety. Six utility walls provide convenient access to 115/400Hz AC power cords, 480v, 277v, and 110v connections, water, and air compressor connections. A reverse osmosis (RO) water system and a dedicated room for an air compressor with multiple connections are also included. The property also features a dedicated hazmat room and shop areas. Safety features include a wet sprinkler system throughout the facility and an aqueous foam system in the hangar bays. Security is ensured with a fenced perimeter, badge/intercom access, security cameras, and an alarm system. An interior storm shelter and a Caterpillar generator for emergency power backup provide added peace of mind. This property is situated at 7022 W Middle Rd, Peoria, IL 61607, and presents a unique opportunity for a variety of aviation-related businesses. The ground lease is in place.

    Property Features for 7022 Middle Rd

    General Information

    Property type
    Airport retail
    Square Feet
    88,145 SF

    Building Details

    Year Built
    2013

    HighLights

    • Ameren utility service, 480 VAC, 500 kVA power.
    • Two 20,000‑gallon in‑ground fuel tanks.
    • Radiant heat, Wi‑Fi, and GPS repeaters in hangar bays.
    • Hangar fall protection system installed.
    • Six utility walls with 115/400Hz AC power, 480V, 277V, and 110V connections, plus water and air compressor hookups.
    • Reverse osmosis (RO) water system.
    Property Profile Location Intelligence

    Current Use by Public Records

    Airport retail

    Suggested Use

    Restaurant Clothing Store Electrical Service Daycare Center Car Rental Parking Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.704577
    Latitude
    40.673877

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    FAQs

    What type of property is this?
    Airport retail - Large hangar facility, ideal for aviation businesses.
    Where is this airport retail located?
    The property is located at 7022 Middle Rd Peoria, IL.
    What are key features of this property?
    This property features: Ameren utility service, 480 VAC, 500 kVA power.; Two 20,000-gallon in-ground fuel tanks.; Radiant heat, Wi-Fi, and GPS repeaters in hangar bays.
    Request Owner's contact information
    7022 Middle Rd Peoria, IL 61607
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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
    7022 Middle Rd Peoria, IL 61607
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