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    113 Adams St Peoria, IL 61602

    Sponsored
    For Sale
    $1,300,000

    3-Story, 38,624 SF Office Space

    Property size:
    38,624 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 3-story, 38,624 square foot office building, constructed in 1948, is situated in Peoria's vibrant downtown central business district, directly across from the new OSF Healthcare Foundation Headquarters. The property features a full basement and a rooftop deck, offering versatile space and attractive outdoor amenity. Each of the three floors comprises 9,656 square feet, readily adaptable to various uses. Previously utilized by Illinois Central College, the building includes office spaces, classrooms, and laboratories, making it suitable for a single tenant or multiple occupants. Convenient elevator and cargo elevator access serve all floors. This prime location benefits from multiple tax incentive zones, including the River Edge Redevelopment Zone Program (RERZ), Peoria Downtown Conservation TIF, and the Federal Opportunity Zone Census Tract 12, presenting significant financial advantages. The building sits on a 0.89-acre lot and is zoned B1. The asking price is $1,300,000, translating to $33.66 per square foot. The property is currently vacant, presenting a unique opportunity for immediate occupancy and customization. This is a rare chance to acquire a substantial, well-located building in a thriving downtown area with significant potential for growth and return on investment.

    Property Features for 113 Adams St

    General Information

    Property type
    Schools
    Square Feet
    38,624 SF
    Lot Size
    38,768 SF

    Building Details

    Year Built
    1948
    Buildings
    1
    Stories
    3

    HighLights

    • Three‑story, elevator building with full basement and roof deck in Peoria's CBD.
    • 9,656 square feet per floor, configured for office, classroom, and lab use.
    • Located within multiple tax incentive zones: RERZ, Peoria Downtown Conservation TIF, and Federal Opportunity Zone.
    Property Profile Location Intelligence

    Current Use by Public Records

    Schools

    Suggested Use

    Realty agency Restaurant Spa & Massage Building Supply Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.590358684699
    Latitude
    40.691365384756

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    FAQs

    What type of property is this?
    School - 3-Story, 38,624 SF Office Space
    Where is this school located?
    The property is located at 113 Adams St Peoria, IL.
    What is the asking price?
    The asking price for this property is $1,300,000.
    What are key features of this property?
    This property features: Three-story, elevator building with full basement and roof deck in Peoria's CBD.; 9,656 square feet per floor, configured for office, classroom, and lab use.; Located within multiple tax incentive zones: RERZ, Peoria Downtown Conservation TIF, and Federal Opportunity Zone.
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    113 Adams St Peoria, IL 61602
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    Peoria, IL 61602
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    Realmo Value Estimation

    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.

    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.

    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
    113 Adams St Peoria, IL 61602
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