Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Peoria Heights Retail/Office Space Title is generated by Realmo AI

    924 E GLEN Avenue, Peoria Heights, IL 61616

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Lease opportunity in Peoria Heights with high traffic count.

    Type:Retail, Industrial, Office, Restaurant
    Property size:
    2,800 SF
    Added:
    Nov 22, 2024
    Days on Market:
    546
    Last Refresh:
    May 12 at 10:50 pm

    Property Features for 924 E GLEN Avenue

    General Information

    Standard status
    Active
    Size
    2,800 SF
    Property subtype
    Retail, Industrial, Office, Restaurant

    Spaces For Lease

    at 924 E GLEN Avenue Contact us

    We can help!

    Listing Contact
    Amber Neal

    Listing agent Amber Neal

    Listing office Jim Maloof/Realtor Peoria

    Listing date Nov 22, 2024

    Source Crexi

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

    All listing content including descriptions, pricing, images are the copyrighted material of Jim Maloof/Realtor Peoria

    HighLights

    • Prime Peoria Heights location
    • Existing salon operators willing to continue tenancy
    • Suitable for upscale retail or offices
    • High‑end retail and dentistry tenants already present
    • 1500 - 2800 sq ft of leasable space available
    • High average daily traffic count (5500 CPD)

    Overview

    Located in Peoria Heights, this property offers leasing opportunities for retail or office space. Available space ranges from 1500 to 2800 square feet, divisible into two spaces. One of the vacant spaces is currently operating as a salon, with the operators interested in continuing their business. The secondary space is suitable for upscale retail or office use. Other tenants include high-end retail businesses and a dentistry practice. The property benefits from an average daily traffic count of 5500 cars per day. CAM is estimated.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria Heights
    County
    Peoria
    State
    Illinois
    Longitude
    -89.578531
    Latitude
    40.7460462

    Nearby Similar for Lease

    • $5 SF/Yr
      5,510 SF

      Versatile Commercial Property in Peoria Heights

      Multi-use property with retail, office, and warehouse spaces for lease.
      920 E Glen Ave, Peoria Heights, IL
      View Details
    • Contact for pricing

      Peoria Heights Retail/Office Space

      Lease opportunity in Peoria Heights for retail or office use.
      924 E GLEN Avenue, Peoria Heights, IL 61616
      View Details
    • $13 SF/Yr
      2,000 SF

      Peoria Heights Retail/Office Space

      2,000 SF retail/office space with full basement.
      4111 N Prospect Rd, Peoria Heights, IL
      View Details
    • $8 SF/Yr
      1,356 SF

      Updated Executive Office Suites Available

      Move-in ready office suites with ample parking and easy access.
      4541 N Prospect Rd, Peoria Heights, IL
      View Details
    • Contact for pricing
      18,725 SF

      Peoria Heights Commercial Spaces for Lease

      Three unique spaces available on Peoria Heights' busiest commercial corridor.
      4615 N PROSPECT RD, Peoria Heights, IL 61616,
      View Details
    • Contact for pricing
      46,800 SF

      New Mixed-Use Development

      Four-story mixed-use building with retail and office space.
      4425 N Prospect Rd, Peoria Heights, IL
      View Details

    FAQs

    What type of property is this?
    Retail space - Lease opportunity in Peoria Heights with high traffic count.
    Where is this retail space located?
    The property is located at 924 E GLEN Avenue Peoria Heights, IL.
    What are key features of this property?
    This property features: Prime Peoria Heights location; Existing salon operators willing to continue tenancy; Suitable for upscale retail or offices
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Amber Neal
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    924 E GLEN Avenue, Peoria Heights, IL 61616
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!