2020 War Memorial Dr Peoria, IL 61614

Property Details for 2020 War Memorial Dr

Year built

1970

Lot size

1.25 lot acres

Property type

Retirement homes

Property subtype

Assisted living facilities

Description

This exceptional redevelopment opportunity presents a 26,216 square foot, three-story brick building situated on a 1.25-acre lot in Peoria, Illinois. Currently vacant, the property boasts a permitted C2 zoning designation, allowing for its conversion into senior housing – a project already approved. Built in 1970, the building offers ample parking with 55 spaces, a significant advantage in this market. The property's strategic location provides easy access to I-74, Northwoods Mall, Westlake Shopping Center, numerous hotels, and various restaurants, ensuring high visibility and convenient access for residents. A fully furnished one-bedroom apartment is included on the third floor. Adding to the potential, the seller has a relationship with the owner of an adjacent 1.2-acre parcel, potentially opening up expansion opportunities. The asking price for this prime Peoria property is $925,000. This presents a unique chance to capitalize on the growing demand for senior housing in a highly desirable location. The property's existing infrastructure and approved conversion plans significantly reduce the time and cost associated with typical redevelopment projects. This is a truly exceptional investment opportunity. The APN is 14-30-201-004.

Location Insight

City

Peoria

County

Peoria

State

Illinois

Longitude

-89.6261

Latitude

40.739