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    2619 Heading Ave West Peoria, IL 61604

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    For Lease
    Contact for pricing

    Prime West Peoria location, multiple suites available.

    Lot size:
    18,206 SF

    Property Features for 2619 Heading Ave

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    18,206 SF
    Total Rate
    17993.6

    Building Details

    Year Built
    1937

    Spaces For Lease

    at 2619 Heading Ave, West Peoria, IL 61604 Contact us
    Unit Suite 100

    $13 /Mo

    Size
    459 SF
    Contact us
    Unit Suite 222-225

    $17 /Mo

    Size
    941 SF
    Contact us
    Unit Suite 219-220

    $25 /Mo

    Size
    278 SF
    Contact us
    Unit Suite 307

    $23 /Mo

    Size
    254 SF
    Contact us
    Unit Suite 101

    $11 /Mo

    Size
    253 SF
    Contact us
    Unit Suite 111

    $15 /Mo

    Size
    318 SF
    Contact us
    Unit Suite 312

    $19 /Mo

    Size
    362 SF
    Contact us
    Unit Suite 206

    $33 /Mo

    Size
    106 SF
    Contact us
    Unit Suite 315

    $31 /Mo

    Size
    152 SF
    Contact us
    Unit Suite 301

    $20 /Mo

    Size
    Contact us
    Unit Suite 205

    $16 /Mo

    Size
    496 SF
    Contact us
    Unit Suite 213

    $35 /Mo

    Size
    120 SF
    Contact us
    Unit Suite 103-105 (Kitchen Space)

    $16 /Mo

    Size
    714 SF
    Contact us
    Unit Suite 314

    $39 /Mo

    Size
    120 SF
    Contact us
    Unit Suite 313

    $40 /Mo

    Size
    120 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

    The Woodridge Professional Building, a 18,206 square foot office building situated on a 5.06-acre wooded lot in West Peoria, Illinois (zip code 61604), presents a unique leasing opportunity. Built in 1937, this property offers a variety of office spaces, ideal for small businesses and entrepreneurs. Multiple furnished suites are available, ranging in size from a minimum of 80 square feet to a maximum contiguous space of 724 square feet
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    West Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.6351607348
    Latitude
    40.699836097457

    Nearby Similar for Lease

    • $1,500 /Mo
      1,680 SF

      Remodeled Salon Space Available

      1,680 sq ft remodeled salon space near Bradley University.
      2027 W Farmington Rd, West Peoria, IL 61604
      View Details

    FAQs

    What type of property is this?
    Restaurant - Prime West Peoria location, multiple suites available.
    Where is this restaurant located?
    The property is located at 2619 Heading Ave West Peoria, IL.
    What is the lease rate?
    The lease rate is $11-$40 SF/Yr.
    What are key features of this property?
    This property features: 18,206 SF office building on a 5.06-acre lot in West Peoria, IL (61604).; Built in 1937, offering furnished suites from 80 SF to 724 SF contiguous.; Features include high-quality finishes such as crystal chandeliers, wood crown molding, tile roof, and restored terrazzo floors.
    (309) 643-0717 Call to check price and availability
    Request Owner's contact information
    2619 Heading Ave West Peoria, IL 61604
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    West Peoria, IL 61604
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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
    2619 Heading Ave West Peoria, IL 61604
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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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