406 Elm St Peoria, IL 61605-3913
- Commercial real estate
Current Use by Public Records
- Career Link / Employment Agency / Employment Center
- Illinois Department Of Employment Security / Employment Agency / Unemployment Office
- Veterans Employment Rep / Employment Center
- Job Corps / Technical School
Property Details for 406 Elm St
- Property type
- Commercial real estate
- APN
- 18-09-160-027
- APU
- 1809160027
Description
This exceptional investment opportunity presents a 22,620 square foot, Class B commercial office building located at 406 Elm St, Peoria, IL 61605. The property, built in 1998, is a single-tenant building currently 100% occupied by a long-term government tenant (State of Illinois) under a gross lease. The tenant has recently demonstrated strong financial stability and expressed a desire to maintain their long-term presence in the building. This presents a secure and stable income stream for the investor. The building boasts a desirable location, proximate to Dozer Park (Peoria Chiefs baseball stadium) and adjacent to a Caterpillar professional building, ensuring high visibility and accessibility. The property is zoned for commercial use and offers a compelling 8.25% cap rate on an asking price of $2,990,000. This is a rare opportunity to acquire a well-located, fully occupied, and financially sound commercial property in a thriving Illinois market. The masonry construction ensures durability and longevity. The single-unit structure simplifies management and maintenance, making this an attractive investment for both seasoned and new investors seeking a stable, high-return asset. This is a turnkey investment ready for immediate income generation.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,410,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $2,390,000
- 6.5%
- $2,610,000
- 7%
- $2,470,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,235,000
- Geo Method
- $2,480,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,935,000
- Retail
- $2,110,000
- Mixed-Use
- $2,600,000
- Hospitality
- $2,230,000
- Educational
- $2,255,000
- Residential Income
- $2,580,000
- Energy
- $2,370,000
- Income-Based Land
- $2,505,000
- Food Service
- $2,510,000
Location Insight
- Map
- Local Demand
- City
- Peoria
- County
- Peoria
- State
- Illinois
- Longitude
- -89.6004
- Latitude
- 40.6873
- CBSA code
- 37900
- CBSA name
- PEORIA, IL METROPOLITAN STATISTICAL AREA
