Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    456 Fulton St Peoria, IL 61602

    Sponsored
    For Lease
    $6 SF/Yr

    Peoria, IL Office Suites Available

    Lot size:
    39,588 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This Peoria, Illinois property, Twin Towers Mall, offers 26 suites across 39,588 square feet of combined office, retail, and restaurant space. Built in 1984, this single building complex is located at 456 Fulton St, Peoria, IL 61602, in Peoria County. The property boasts a prime downtown location, situated across from Peoria City Hall, the Peoria Civic Center, and the Hotel Pere Marquette. Five office spaces are currently available, ranging from 388 to 4,854 square feet, making it suitable for businesses of various sizes. The main floor plaza features a diverse range of amenities, including a food court with casual and fine dining options, a copy shop, computer repair services, a barber shop, and a coffee lounge, along with other retail shops. One former restaurant space is available, retaining some equipment such as a 14-foot hood with an Ansul system, wash sinks, and a commercial dishwasher. Under new ownership, Twin Towers Mall is undergoing revitalization to become a vibrant, multi-use downtown hub. Attractive rental rates are offered with a full-service gross lease, encompassing all utilities for each unit. This presents a unique opportunity to establish a presence in a thriving downtown Peoria location.

    Property Features for 456 Fulton St

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    39,588 SF
    Total Rate
    20387.82

    Building Details

    Year Built
    1984
    Buildings
    1

    Unit(s) available at that property

    Space
    Suite 108
    Size
    2,056 SF
    Rate per SF
    $11
    Space
    Suite 186
    Size
    4,854 SF
    Rate per SF
    $6
    Space
    Suite 148
    Size
    901 SF
    Rate per SF
    $12
    Space
    Suite 170
    Size
    388 SF
    Rate per SF
    $20
    Space
    Suite 168
    Size
    600 SF
    Rate per SF
    $14

    HighLights

    • Twin Towers Mall, a 39,588 SF single‑building complex in Peoria, IL, offers 26 suites of office, retail, and restaurant space.
    • Located at 456 Fulton St, Peoria, IL 61602, the property enjoys a prime downtown location near City Hall, the Civic Center, and Hotel Pere Marquette.
    • Five office suites (388‑4,854 SF) are available for lease.
    • The main floor features a food court, retail shops, and amenities including a copy shop, computer repair, barber shop, and coffee lounge.
    • One former restaurant space is available with existing equipment (14‑foot hood, Ansul system, sinks, dishwasher).
    • Under new ownership, the property is undergoing revitalization and offers attractive, full‑service gross lease rates.
    Property Profile Location Intelligence

    Current Use by Public Records

    55 Gallon Drums ... Barrel Supplier LeFante Law Offices, ... Personal Injury Attorney FDC Solutions Consultant Infrastructure Engineering Inc. Engineering Consultant Hanauer Law Office, ... Criminal Justice Attorney

    Suggested Use

    Realty agency Spa & Massage Restaurant Dental Office Hair Salon Nail Salon Clothing Store Daycare Center Skin Care Clinic Building Supply

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.592387019199
    Latitude
    40.692494816886

    Nearby Similar for Lease

    • Contact for pricing
      43,560 SF

      Peoria Office Space For Rent

      2,525 SF office space with excellent accessibility and visibility.
      1820 N Sterling Ave, Peoria, IL 61604
      View Details
    • $8 SF/Yr
      57,100 SF

      Versatile Industrial and Office Building

      57,100 SF industrial/office space for lease in Peoria, Illinois.
      6533 N Galena Rd, Peoria, IL 61614
      View Details
    • Contact for pricing
      12,503 SF

      Prime Retail Space in Peoria

      Retail landmark with high visibility and strong market presence.
      2601 W Lake Ave, Peoria, IL 61615
      View Details
    • $6 SF/Yr
      3,300 SF

      Warehouse District Flex Building

      3,300 SF flex building in Peoria's Warehouse District.
      718 SW Adams St, Peoria, IL 61602
      View Details
    • $12 SF/Yr
      2,565 SF

      Renovated Loft Office Space Available

      Office suites available in renovated loft building on Water Street.
      311 SW Water St, Peoria, IL 61602
      View Details
    • $6 SF/Yr
      5,500 SF

      Warehouse/Flex Space in Warehouse District

      Warehouse/flex building for lease in the Warehouse District.
      720 SW Adams St, Peoria, IL 61603
      View Details
    • $12 SF/Yr
      34,142 SF

      Retail Space in Willow Knolls

      Retail and restaurant spaces available in Peoria shopping center.
      4100 W Willow Knl Rd, Peoria, IL
      View Details
    • $4 SF/Yr
      136,524 SF

      Warehouse Space in North Peoria

      136,524 SF warehouse space available for lease.
      8201 N University St, Peoria, IL 61615
      View Details
    • $11 SF/Yr
      3,791 SF

      Retail Spaces in High-Traffic Area

      Retail spaces available in a high-traffic Peoria location.
      4722-4810 N Sheridan Rd, Peoria, IL 61614
      View Details
    • $4 SF/Yr
      5,711 SF

      Peoria Office Space for Lease

      Flexible workspace solutions in Peoria, IL.
      416 Main St, Peoria, IL 61602
      View Details
    • $4 SF/Yr
      11,880 SF

      Warehouse Space in Warehouse District

      11,880 SF warehouse space for lease. Loft style with exposed brick.
      836 SW Washington St, Peoria, IL 61611
      View Details
    • $13 SF/Yr
      13,750 SF

      Prime Peoria Downtown Space

      Retail, Office, Restaurant - 2,500-13,750 SF
      128 Monroe St, Peoria, IL 61602
      View Details

    FAQs

    What type of property is this?
    Restaurant - Peoria, IL Office Suites Available
    Where is this restaurant located?
    The property is located at 456 Fulton St Peoria, IL.
    What is the lease rate?
    The lease rate is $6-$20 SF/Yr.
    What are key features of this property?
    This property features: Twin Towers Mall, a 39,588 SF single-building complex in Peoria, IL, offers 26 suites of office, retail, and restaurant space.; Located at 456 Fulton St, Peoria, IL 61602, the property enjoys a prime downtown location near City Hall, the Civic Center, and Hotel Pere Marquette.; Five office suites (388-4,854 SF) are available for lease.
    Request Owner's contact information
    456 Fulton St Peoria, IL 61602
    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.
    456 Fulton St
    Peoria, IL 61602
    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
    456 Fulton St Peoria, IL 61602
    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.