Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1119 Glen Ave Peoria, IL 61614
    Back to Search
    Property profile & analytics

    1119 Glen Ave Peoria, IL 61614

    View on Map
    • Retail properties & Spaces
    • 14,400 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Sun Room Tanning / Tanning Salon

    Property Details for 1119 Glen Ave

    Year built
    1997
    Property size
    14,400 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    This exceptional single-story, 14,400 square foot Glen Knolls Shopping Center in Peoria, Illinois offers a unique investment opportunity. Built in 1997, this Class B property boasts seven suites, currently featuring 4,800 square feet of vacant space ready for immediate occupancy. The building is situated at 1119 W Glen Ave, Peoria, IL 61614, in Peoria County. The property is categorized as retail, with available space suitable for executive or traditional office use, and storefront options. Multiple tenancies are possible, providing flexibility for various business needs. Currently, two suites are available, with one measuring 1,200 square feet. There are no elevators in this one-story building. A compelling incentive is available: three months of free base rent for a five-year lease term, subject to landlord approval. This prime location presents a fantastic chance to establish or expand your business in a thriving Peoria community. The available space presents a versatile opportunity for a variety of businesses seeking a well-located and attractive space. Don't miss this chance to secure your ideal space in this established shopping center.

    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
    -89.6095
    Latitude
    40.7474

    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

      2001 Willow Knolls Dr

      Retail properties & Spaces
      2001 Willow Knolls Dr, Peoria, IL 61614
      View Details
    • Value Estimation by Request
      61,967 SF

      602 Glen Ave

      Shopping centers • 61,967 SF
      602 Glen Ave, 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

    Similar Nearby for Sale

    • Contact for pricing
      6,017 SF

      Acre on University Street

      One acre commercial land with flexible development options.
      7802 N University St, Peoria, IL 61614
      View Details
    • $599,000
      3,300 SF

      Peoria Restaurant - $599,000

      Prime Peoria restaurant space, 3,300 SF, 1.03 acres.
      7715 University St, 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
    • 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
    • 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

    Similar Nearby for Lease

    • Contact for pricing

      Historical Peoria Mixed-Use Development

      7-acre corner property with mixed-use spaces in Peoria, IL.
      6009 N Knoxville Ave, Peoria, IL 61614
      View Details
    • Contact for pricing

      Historical Peoria Development Opportunity

      7-acre corner property with mixed-use spaces for rent.
      6009 N Knoxville Ave, Peoria, IL 61614
      View Details
    • $12 SF/Yr
      7,452 SF

      Peoria Office Space for Lease

      Prime Peoria office space, flexible layouts.
      322 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

      Commercial Space on Brandywine Drive

      Commercial space for lease with high traffic and visibility.
      4600 N Brandywine Dr, 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.
    1119 Glen Ave
    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
    1119 Glen Ave, 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!