Property Details for 416 Riverside Dr

Year built

1997

Lot size

1.61 lot acres

Property size

15,000 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional 15,000-square-foot, Class A shopping center in East Peoria, IL, presents a compelling investment opportunity. Boasting eight tenants, including Smoothie King, Sally Beauty Supply, and Bard Optical, the center enjoys 100% occupancy and a strong NOI of $164,640, yielding an 8.44% cap rate. The property, built in 1997, sits on a 1.61-acre lot with a convenient location immediately off I-74 (64,700 vehicles per day), featuring a signalized entrance. The Smoothie King unit includes a drive-thru. The center benefits from its placement in a high barrier-to-entry market, surrounded by over 2.1 million square feet of retail within a one-mile radius, including major national retailers like Walmart, Lowe's, Target, and Costco. Its proximity to Caterpillar Inc.'s manufacturing plant (12,000 employees) further enhances its appeal. The property's strong tenant mix, with 55% of tenants operating since 2004 or earlier, demonstrates long-term stability. Significant value-add potential exists through the enforcement of CAM and management fee reimbursements, as well as market rent increases. The asking price is $1,950,000 ($130/sq ft). This is a fee-simple ownership opportunity with a net lease structure and credit-rated tenants. The property is zoned commercial and consists of a single, one-story building. According to Placer.ai, this center ranks in the top 1% of strip/convenience shopping centers nationwide and statewide in foot traffic, receiving almost 5 million visits annually.

Location Insight

City

East Peoria

County

Tazewell

State

Illinois

Longitude

-89.582

Latitude

40.68