Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2020 War Memorial Dr Peoria, IL 61614
    Back to Search
    Property profile & analytics

    2020 War Memorial Dr Peoria, IL 61614

    View on Map
    • Retirement homes
    • 1.25 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Rocky Darnell American Family Insurance / Insurance Agency
    • Zosky Realty Inc / Real Estate Agency
    • SE Clark & Associates / Association / Organization
    • Erin Surratt / Foster Care Service / Social Service Agency
    • The Dead Fret / (Bike/Boat/Book/etc) Store

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.6261
    Latitude
    40.739

    Comparable in this City

    • Value Estimation by Request
      15,600 SF

      7336 University St

      Office Units • 15,600 SF
      7336 University St, Peoria, IL 61614
      View Details
    • Value Estimation by Request
      5,506 SF

      6001 Knoxville Ave

      Restaurants • 5,506 SF
      6001 Knoxville Ave, Peoria, IL 61614
      View Details
    • Value Estimation by Request
      18,000 SF

      2001 Willow Knolls Dr

      Medical Office Space • 18,000 SF
      2001 Willow Knolls Dr, Peoria, IL 61614
      View Details
    • Value Estimation by Request
      9,800 SF

      3308 Chartwell Rd

      Medical Office Space • 9,800 SF
      3308 Chartwell Rd, Peoria, IL 61614
      View Details
    • Value Estimation by Request
      1,200 SF

      1605 Candletree Dr

      Medical Office Space • 1,200 SF
      1605 Candletree Dr, Peoria, IL 61614
      View Details
    • Value Estimation by Request

      2016 Ruppman Plz

      COMMERCIAL (GENERAL)
      2016 Ruppman Plz, Peoria, IL 61614
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      16,133 SF

      Peoria Medical Facility For Sale

      Single-tenant medical facility in Peoria, Illinois, leased to Springfield Clinic.
      2419 W Cornerstone Ct, Peoria, IL 61614
      View Details
    • Contact for pricing
      31,250 SF

      Spacious Retail Property For Sale

      31,250 SF retail space with high visibility location.
      4816 N University St, Peoria, IL 61614
      View Details
    • New
      $209,900
      Pending

      Well-Maintained Duplex Investment Opportunity

      Spacious duplex in Richwoods School District, ideal for investors.
      1402 Daytona Dr, Peoria, IL 61614
      View Details
    • Contact for pricing
      1,463 SF

      Mixed-Use Building Near War Memorial

      Mixed-use building with commercial space and residential apartment.
      3709 N Sheridan Rd, Peoria, IL 61614
      View Details
    • $139,900
      0.27 Acres

      North Peoria Commercial Corner Property

      High-visibility commercial property with flexible layout and recent updates.
      6216 N Sheridan Rd, Peoria, IL 61614
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      10,812 SF

      Executive Drive Office Suites

      Glen Ave. Office Space: 1130-2339 SF
      5113 Executive Dr, Peoria, IL 61614
      View Details
    • Contact for pricing

      Turn-Key Restaurant Ready For Rent

      Fully equipped restaurant space with high visibility and ample amenities.
      1810 W War Memorial Dr, Peoria, IL 61614
      View Details
    • New
      Contact for pricing
      2,450 SF

      Junction City Retail & Office

      Retail and office spaces available in Peoria's Junction City.
      5901 N Prospect Rd, Peoria, IL 61614
      View Details
    • $2,200 /Mo
      1,500 SF

      Retail/Office Building with Ample Parking

      Retail and office spaces available in high-traffic location.
      7501 N University St, Peoria, IL 61614
      View Details
    • Contact for pricing

      Prime Peoria Commercial Land

      High-traffic location with ample parking and signage opportunities.
      1114 W Glen Ave, Peoria, IL 61614
      View Details
    • $13 SF/Yr

      Medical Office Space Available

      4,000 SF medical office space for lease.
      3308 W Chartwell Rd, Peoria, IL 61614
      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.
    2020 War Memorial Dr
    Peoria, IL 61614
    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
    2020 War Memorial Dr, Peoria, IL, 61614
    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!