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    406 Washington St Peoria, IL 61602

    Sponsored
    For Lease
    Contact for pricing

    Downtown Peoria Office, Retail Potential

    Lot size:
    5,290 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional two-story, 5,290 square foot commercial property, located at 406 SW Washington St, Peoria, IL 61602, presents a unique investment opportunity. Built in 1970, this Class B building offers a versatile layout currently configured as a single-tenant office space. The main level encompasses approximately 4,260 square feet, featuring a welcoming reception area, six private offices, two conference rooms, a kitchen, file room, supply room, and separate restrooms. An additional 1,030 square feet of office space is available on a rear mezzanine level, bringing the total to 5,290 square feet. The property's zoning (B1) allows for flexibility, making it suitable for office use or redevelopment into retail or restaurant space. Its prominent corner location at Washington and Harrison Streets offers excellent visibility and accessibility, complemented by convenient onsite parking. The property's single-tenancy status provides a streamlined ownership experience. This Peoria County property (APN: 18-09-404-006) is an attractive option for businesses seeking a well-established space or developers envisioning a revitalization project. The building's existing infrastructure provides a solid foundation for either scenario. This is a rare opportunity to acquire a versatile commercial property in a desirable Peoria location.

    Property Features for 406 Washington St

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    5,290 SF
    Class
    B

    Building Details

    Year Built
    1970
    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    Size
    5,290 SF

    HighLights

    • 5,290 SF two‑story commercial building in Peoria, IL.
    • Class B building, built in 1970, currently configured as single‑tenant office space.
    • Main level features 4,260 SF with reception, six offices, two conference rooms, kitchen, and restrooms; plus 1,030 SF mezzanine.
    • B1 zoning allows for office, retail, or restaurant use.
    • Excellent visibility and accessibility at corner of Washington & Harrison Streets with on‑site parking.
    Property Profile Location Intelligence

    Current Use by Public Records

    Crumbl - East Peoria Dessert Shop Cohen Development Co Real Estate Developer

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.592550230516
    Latitude
    40.68823901299

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    FAQs

    What type of property is this?
    Restaurant - Downtown Peoria Office, Retail Potential
    Where is this restaurant located?
    The property is located at 406 Washington St Peoria, IL.
    What are key features of this property?
    This property features: 5,290 SF two-story commercial building in Peoria, IL.; Class B building, built in 1970, currently configured as single-tenant office space.; Main level features 4,260 SF with reception, six offices, two conference rooms, kitchen, and restrooms; plus 1,030 SF mezzanine.
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    406 Washington 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
    406 Washington St Peoria, IL 61602
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