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    Main St East Peoria, IL 61611

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    Main St East Peoria, IL 61611

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    • Neighborhood centers
    • 46,257 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 0 Main St

    Year built
    1986
    Property size
    46,257 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    Community Plaza, located at 210-270 S Main St, East Peoria, IL 61611, presents a prime retail opportunity. This single-story, Class C strip center totals 46,257 square feet and features six suites, with one space currently available, ranging from 4,638 to 20,298 contiguous square feet. Built in 1986, the property sits on a 3.62-acre lot and offers ample parking with 181 spaces. Convenient ingress/egress is provided via Main Street and Washington Street access. The center enjoys a highly trafficked location in downtown East Peoria, benefiting from proximity to The Levee District, a vibrant mixed-use shopping center attracting over three million visitors annually. This location within the East Peoria submarket of Tazewell County places the property in the third largest metro area in Illinois, Peoria, a city situated on the Illinois River. The property's strategic location and substantial space make it an ideal investment for businesses seeking high visibility and convenient access for customers and employees. The available space offers flexibility for a variety of retail uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    East Peoria
    County
    Tazewell
    State
    Illinois
    Longitude
    -89.5815
    Latitude
    40.6664

    Comparable in this City

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      11,880 SF

      222 Camp St

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      15,000 SF

      416 Riverside Dr

      Lifestyle centers • 15,000 SF
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      $3,220,000
      29,750 SF

      900 Main St

      SHOPPING CENTER, STRIP CENTER • 29,750 SF
      900 Main St, East Peoria, IL 61611-3201
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      32,094 SF

      2400-2519 Main St

      Restaurants • 32,094 SF
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    • Value Estimation by Request
      3,200 SF

      422 Washington St

      Individual retail properties • 3,200 SF
      422 Washington St, East Peoria, IL 61611
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    • Value Estimation by Request
      11,475 SF

      103 River Rd

      Medical Office Space • 11,475 SF
      103 River Rd, East Peoria, IL 61611
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    Similar Nearby for Lease

    • $18 SF/Yr

      East Peoria Retail Space Available

      Retail property available for lease in East Peoria, Illinois.
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      Retail Spaces at Fondulac Plaza

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      2400 E Washington St, East Peoria, IL 61611
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      Retail Space in Fondulac Plaza

      Retail spaces for lease in busy East Peoria shopping center.
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      Retail Space in Fondulac Plaza

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      East Peoria Retail Space Available

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      Retail Space Near Bradley University

      Retail spaces available near Bradley University in Peoria, Illinois.
      1200 W Main St, Peoria, IL 61611
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    East Peoria, IL 61611
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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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    Main St, East Peoria, IL, 61611

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