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    Loft Style Space For Lease Title is generated by Realmo AI

    428 SW Washington St, Peoria, IL 61602

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    Street-level loft space in warehouse district, suitable for office/fitness.

    Type:Retail, Office, Industrial
    Property size:
    4,775 SF
    Added:
    Aug 28, 2023
    Days on Market:
    1008
    Last Refresh:
    May 12 at 8:56 pm

    Property Features for 428 SW Washington St

    General Information

    Standard status
    Active
    Size
    4,775 SF
    Property subtype
    Retail, Office, Industrial

    Building Details

    Year Built
    1970

    Spaces For Lease

    at 428 SW Washington St Contact us

    $14/Mo

    Size
    1,586 SF
    Type
    Retail, Office, Industrial
    Contact us

    We can help!

    Listing Contact
    Will Hayes

    Listing agent Will Hayes License #IL 475.122056

    Listing office Joseph & Camper Commercial

    Listing date Aug 28, 2023

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Joseph & Camper Commercial

    HighLights

    • Loft‑style space in the warehouse district.
    • 1,586 SF unit available for lease.
    • Potential for various uses (fitness, office, etc.).
    • Existing restrooms (men's and women's).
    • Additional basement storage space.
    • Parking lot plus street parking and nearby surface lots.

    Overview

    Street-level loft-style space is available for lease in the warehouse district. The property is currently configured as two units. One unit, measuring 1,586 square feet, is available for lease. Unit 1 encompasses 4,775 square feet and is currently occupied by a fitness tenant. It includes men's and women's locker rooms and restrooms, with the majority of the space being open. Unit 2 is designed for office use, featuring two private offices, men's and women's restrooms, and an open area. Additional storage space is available in the basement. The property includes a small parking lot in front, with additional street parking and surface lots located nearby. The property is suitable for office and fitness use.
    Property Profile Location Intelligence

    Current Use by Public Records

    CrossFit Peoria Gym & Fitness Center

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

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

    Similar Places Nearby

    • Central Illinois Catering — 711 W McBean St, Peoria, IL 61605
    • Canterbury Creations — 456 Fulton St, Peoria, IL 61602

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.5931076
    Latitude
    40.6875834

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    FAQs

    What type of property is this?
    Flex space - Street-level loft space in warehouse district, suitable for office/fitness.
    Where is this flex space located?
    The property is located at 428 SW Washington St Peoria, IL.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: Loft‑style space in the warehouse district.; 1,586 SF unit available for lease.; Potential for various uses (fitness, office, etc.).
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Will Hayes
    Real Estate License ID: IL 475.122056
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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
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