Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    War Memorial Dr Peoria, IL 61615

    • Land
    • 600,000 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 War Memorial Dr

    Lot size
    0.06 lot acres
    Property size
    600,000 SF
    Property type
    Land

    Description

    This exceptional commercial land opportunity in Peoria, Illinois, offers build-to-suit or ground lease options within the thriving Grand Prairie Developments. Located along Orange Prairie Road, connecting War Memorial Drive to Illinois Route 91, this highly visible site benefits from a substantial 30-county trade area boasting over 1.8 million residents. Lots range from 0.06 to 3.96 acres, providing flexibility for various development projects. The property is part of a successful retail development encompassing Prairie Place, Plaza at Grand Prairie, and Plaza West, and enjoys proximity to major national retailers such as Dick's Sporting Goods, DSW, Marshalls, HomeGoods, Old Navy, Buffalo Wild Wings, and AMC Grand Prairie 18. Additional nearby amenities include the Bob Michel VA Outpatient Clinic, Apartments at Grand Prairie, Academy Sports + Outdoors, Hy-Vee Supermarket and convenience store, Casey's General Store, and five hotels, including the Holiday Inn Suites & Conference Center with a 6,000 square foot ballroom and restaurant. The development's strategic location near the $18 million Louisville Slugger Sports Complex, attracting 500,000-600,000 annual visitors, further enhances its appeal and potential for significant return on investment. Total available land area is 600,000 square feet. This prime location presents a unique opportunity for businesses seeking high visibility and access to a large consumer base in a rapidly growing area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.6384
    Latitude
    40.7589

    Comparable in this City

    • Value Estimation by Request
      1.60 Acres

      Orange Prairie Rd

      Land • 1.60 Acres
      0 Orange Prairie Rd, Peoria, IL 61615
      View Details
    • Value Estimation by Request
      1.68 Acres

      Centerway Dr

      Land • 1.68 Acres
      0 Centerway Dr, Peoria, IL 61615
      View Details
    • Value Estimation by Request

      Orange Prairie Rd

      Restaurants
      0 Orange Prairie Rd, Peoria, IL 61615
      View Details
    • Value Estimation by Request

      5423 Wood Sage Rd

      Land
      5423 Wood Sage Rd, Peoria, IL 61615
      View Details
    • Value Estimation by Request
      7.40 Acres

      5514 War Memorial Dr

      Farms • 7.40 Acres
      5514 War Memorial Dr, Peoria, IL 61615
      View Details
    • Value Estimation by Request
      6.34 Acres

      Orange Prairie Rd

      Lifestyle centers • 6.34 Acres
      0 Orange Prairie Rd, Peoria, IL 61615
      View Details

    Similar Nearby for Sale

    • $2,198,038
      8.41 Acres

      Prime Peoria Commercial Land

      8.41 Acres, Development Ready
      0 Centerway Dr, Peoria, IL 61615
      View Details
    • $2,836,500
      1.15 Acres

      Prime Peoria Commercial Land

      9.41 Acres, C2 Zoning, High Traffic
      0 Oakwood Dr, Peoria, IL 61615
      View Details
    • $608,097
      3.49 Acres

      Peoria Industrial Land - $608K

      3.49-acre commercial/industrial lot.
      2900 Townline Rd, Peoria, IL 61615
      View Details
    • $361,003
      1.95 Acres

      Prime Peoria Industrial Land

      1.95-acre commercial/industrial lot, shovel-ready.
      2900 Townline Rd, Peoria, IL 61615
      View Details
    • $1,764,942
      8.53 Acres

      Prime Peoria Industrial Land

      8.5 Acres, I1 Zoning, Excellent Location
      9818 Allen Rd, Peoria, IL 61615
      View Details
    • Contact for pricing
      1.30 Acres

      North Orange Prairie

      Land • 1.30 Acres
      0 Orange Prairie Rd, Peoria, IL 61615
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      2,300 SF

      Prime Peoria Office Space

      Move-in ready suite, high visibility, ample parking.
      8305 Allen Rd, Peoria, IL 61615
      View Details
    • $15 SF/Yr
      2,900 SF

      Summit Crossing Office Sublease

      Move-in ready office suite, high visibility.
      8305 Allen Rd, Peoria, IL 61615
      View Details
    • Contact for pricing
      9,075 SF

      Prairie Point Flex Space Build-to-Suit

      Peoria, IL: Prime Flex/Warehouse Opportunity
      8924 Prairie Pt, Peoria, IL 61615
      View Details
    • $13 SF/Yr
      156,000 SF

      Peoria Retail Center - Knoxville Ave

      Prime Peoria retail space, high traffic area.
      8817 Knoxville Ave, Peoria, IL 61615
      View Details
    • $14 SF/Yr
      12,129 SF

      Peoria Executive Office Space Available

      Prime Peoria Office: 4,576 sq ft Available
      8630 Allen Rd, Peoria, IL 61615
      View Details
    • $174 SF/Yr
      46,430 SF

      Peoria Retail Space - 46,430 SF

      High-traffic retail space, ideal for family entertainment.
      5001 Big Hollow Rd, Peoria, IL 61615
      View Details
    Request Owner's contact information
    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.
    War Memorial Dr
    Peoria, IL 61615
    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
    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
    Thank You

    You are Unsubscribed From Notifications

    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.