Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    514 Main St Peoria, IL 61606

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    514 Main St Peoria, IL 61606

    View on Map
    • Warehouses
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • The Neon Bison / Bar & Pub

    Property Details for 514 Main St

    Property type
    Warehouses
    Property subtype
    Retail properties & Spaces

    Description

    This exceptional 1.65-acre Peoria, Illinois property, located at 514 W MAIN Street, zip code 61606, presents a unique investment opportunity. The site boasts five existing buildings offering diverse potential uses. One building, a former car dealership, provides ample storage space. An adjacent building features a blend of apartments and office space, while another building previously served as a restaurant. All buildings are available for sale together, or the property can be subdivided through negotiation. The property's prime location on a highly trafficked section of Main Street, situated between Peoria's hospitals and Bradley University, makes it ideal for redevelopment or continued use. The existing structures offer immediate income potential or the opportunity to create a mixed-use development. This substantial land parcel offers significant upside for investors seeking a multi-faceted commercial venture. Furthermore, an additional 1.14 acres of adjacent land is available for purchase, expanding the development potential to a total of 2.79 acres. This presents a rare chance to acquire a large-scale development site in a thriving Peoria location. The property is zoned for commercial use and offers excellent visibility and accessibility.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.601
    Latitude
    40.6993

    Comparable in this City

    • Value Estimation by Request

      1001 Moss Ave

      Multifamily properties
      1001 Moss Ave, Peoria, IL 61606-0000
      View Details
    • Value Estimation by Request

      1609 Barker Ave

      Multifamily properties
      1609 Barker Ave, Peoria, IL 61606
      View Details
    • Value Estimation by Request
      71,691 SF

      1600 Main St

      Individual retail properties • 71,691 SF
      1600 Main St, Peoria, IL 61606
      View Details
    • Value Estimation by Request
      1,840 SF

      630 Main St

      Restaurants • 1,840 SF
      630 Main St, Peoria, IL 61606
      View Details
    • Value Estimation
      $3,800,000

      Peoria, IL 61606

      INDUSTRIAL (GENERAL)
      Peoria, IL 61606
      View Details
    • Value Estimation
      $3,800,000

      Peoria, IL 61606

      INDUSTRIAL (GENERAL)
      Peoria, IL 61606
      View Details

    Similar Nearby for Sale

    • $570,000
      4,700 SF

      Four-Unit Commercial Building in Peoria

      Four-unit commercial building with state contract leases and vacancies.
      1115 N North St, Peoria, IL 61606
      View Details
    • Contact for pricing
      3,380 SF

      Retail Building in Prime Location

      3,380 SF building ideal for retail or business.
      1017 W Main St, Peoria, IL 61606
      View Details
    • $999,000
      31,333 SF

      Peoria Main Street Commercial Complex

      High-traffic location, multi-use potential.
      514 Main St, Peoria, IL 61606
      View Details
    • $440,000
      3,250 SF

      Peoria Multi-Family Investment Property

      Five-unit apartment building, strong rental income.
      1001 Moss Ave, Peoria, IL 61606
      View Details
    • Contact for pricing
      0.18 Acres

      Residential Lot in Central Peoria

      Vacant residential lot near medical center, university, and golf.
      1402 N Broadway St, Peoria, IL 61606
      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.
    514 Main St
    Peoria, IL 61606
    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

    Thank You for Inquiry

    514 Main St, Peoria, IL, 61606

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!