3328 Willow Knolls Dr Peoria, IL 61614
- Office Properties & Spaces
- 16,161 SF
- 1.93 lot acres
Current Use by Public Records
- ODAR Office - Disability Judges / Courthouse
- Seguro social / Medical Clinic
Property Details for 3328 Willow Knolls Dr
- Year built
- 2005
- Lot size
- 1.93 lot acres
- Property size
- 16,161 SF
- Property type
- Office Properties & Spaces
Description
This exceptional investment opportunity presents a fee-simple interest in a 16,161-square-foot, single-story office building situated on a 1.93-acre lot in Peoria, Illinois. Built in 2005, this property is currently 100% occupied by the U.S. Social Security Administration's Office of Hearing Operations under a modified gross lease with a corporate guarantee. The lease, with a remaining term of approximately 9.4 years, extends to April 6, 2034, representing a significant long-term commitment. The property boasts a strong 7.90% cap rate and a Net Operating Income (NOI) of $424,713, with an asking price of $5,375,015 ($332.59/sq ft). The building features 96 parking spaces and enjoys excellent visibility on West Willow Knolls Drive, near the intersection of US 150 and Illinois Route 6, providing convenient access to a densely populated area with a high average household income exceeding $97,000 annually. The tenant's mission-critical operation, overseeing eight Social Security Benefits Offices in the region, further enhances the investment's stability and long-term prospects. This is a rare opportunity to acquire a well-located, government-leased property with a proven track record and substantial remaining lease term. The property's strong demographics, favorable lease terms, and the tenant's exceptional credit rating (S&P: AA+) combine to create a compelling investment proposition.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Peoria
- County
- Peoria
- State
- Illinois
- Longitude
- -89.6456
- Latitude
- 40.7753
