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    523 Adams St Peoria, IL 61603

    Sponsored
    For Sale
    $250,000

    Prime Peoria commercial land, redevelopment opportunity.

    Property size:
    21,373 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 0.65-acre property, located at 523 NE Adams St, Peoria, IL 61603, presents a unique redevelopment opportunity. The property features the historic Peoria Armory building, constructed in 1924 by the Illinois Military and Naval Department. The three-story brick and limestone structure boasts approximately 21,373 to 40,480 square feet of space, with each floor encompassing nearly 5,300 square feet. The building includes impressive entrances, flanking double staircases, and office spaces. The property is zoned R-8 and situated within the East Village TIF District (District #980), offering potential tax incentives. While the building shows its age and is being sold AS-IS with no utilities currently connected, its rich history and prominent location in Peoria offer immense potential for adaptive reuse. The Armory has served as a civic center hosting various events, including conventions, political rallies, circuses, boxing matches, and Bradley University basketball games. This is a rare chance to acquire a piece of Peoria's history and transform it into a thriving commercial venture. The property is owned by Armory Holding LLC.

    Property Features for 523 Adams St

    General Information

    Property type
    Land
    Square Feet
    21,373 SF
    Lot Size
    28,314 SF

    Building Details

    Year Built
    1924
    Buildings
    1
    Stories
    3

    HighLights

    • 0.65‑acre redevelopment opportunity at 523 NE Adams St, Peoria, IL.
    • Historic 1924 Peoria Armory building, 21,373 - 40,480 SF, three stories.
    • R‑8 zoning in the East Village TIF District (#980), offering tax incentives.
    • Building sold AS‑IS, no utilities connected.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.584034154893
    Latitude
    40.695311835389

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    FAQs

    What type of property is this?
    Land - Prime Peoria commercial land, redevelopment opportunity.
    Where is this land located?
    The property is located at 523 Adams St Peoria, IL.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: 0.65-acre redevelopment opportunity at 523 NE Adams St, Peoria, IL.; Historic 1924 Peoria Armory building, 21,373 - 40,480 SF, three stories.; R-8 zoning in the East Village TIF District (#980), offering tax incentives.
    (309) 360-6686
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    523 Adams St Peoria, IL 61603
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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
    523 Adams St Peoria, IL 61603
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