Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    330 Water St Peoria, IL 61602

    • Commercial real estate
    For Lease
    View listing
    $120 SF/Yr
    Last Sale
    Apr 29, 2021
    $405,000
    Value Estimations
    $380,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1508512
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 330 Water St

    Property type
    Commercial real estate
    APN
    18-09-411-003
    APU
    1809411003

    Description

    This exceptional 6,370 square foot retail space at 330 Southwest Water Street in Peoria, IL (zip code 61602) presents a unique investment opportunity. The property, built in 1980, boasts a prime riverfront location with 1,800 square feet of decking offering unparalleled views. Its all-brick, two-story design is both visually striking and durable. The building is currently vacant and available for lease as a single-tenant space, with 3,185 square feet on each floor. Its strategic location next to a large city parking lot and a public boat dock ensures high visibility and accessibility. The high-traffic area of downtown Peoria hosts numerous year-round activities, creating a vibrant and bustling atmosphere. The lease rate is $14 per square foot, triple net. This property's unique combination of location, size, and aesthetic appeal makes it an ideal space for a variety of retail businesses seeking a prominent presence in the heart of Peoria. Don't miss this chance to secure a truly one-of-a-kind commercial property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Estimation
      $380,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $375,000
      6.5%
      $360,000
      7%
      $360,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $355,000
      Geo Method
      $385,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $355,000
      Retail
      $300,000
      Mixed-Use
      $390,000
      Hospitality
      $405,000
      Educational
      $315,000
      Residential Income
      $395,000
      Energy
      $405,000
      Income-Based Land
      $410,000
      Food Service
      $320,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.5904
    Latitude
    40.687
    CBSA code
    37900
    CBSA name
    PEORIA, IL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $12,401
    $13,430
    $118,370
    $131,800
    -
    $40,290
    $355,110
    $395,400

    Comparable in this City

    • Value Estimation by Request
      0.00 Acres

      100 Walnut St

      COMMERCIAL (GENERAL) • 0.00 Acres
      100 Walnut St, Peoria, IL 61602-1552
      View Details
    • Value Estimation by Request

      2124 Washington St

      COMMERCIAL (GENERAL)
      2124 Washington St, Peoria, IL 61602
      View Details
    • Value Estimation by Request

      408 Washington St

      COMMERCIAL (GENERAL)
      408 Washington St, Peoria, IL 61602-1515
      View Details
    • Value Estimation by Request

      318 Washington St

      COMMERCIAL (GENERAL)
      318 Washington St, Peoria, IL 61602
      View Details
    • Value Estimation by Request

      3029 Washington St

      COMMERCIAL (GENERAL)
      3029 Washington St, Peoria, IL 61602-1968
      View Details
    • Value Estimation by Request
      0.01 Acres

      100 Water St

      COMMERCIAL (GENERAL) • 0.01 Acres
      100 Water St, Peoria, IL 61602-1329
      View Details

    Similar Nearby for Sale

    • $215,000
      6,626 SF

      Prime Peoria Office Condo

      6,626 SF Office Space, Downtown Views
      456 Fulton St, Peoria, IL 61602
      View Details
    • $850,000
      8,600 SF

      High-Profile Peoria Commercial Property

      Mixed-use building, prime Main Street location.
      315-317 Main St, Peoria, IL 61602
      View Details
    • $725,000

      Prime Peoria Warehouse District

      Redevelopment Opportunity: 14,500 sqft Warehouse
      1000 Washington St, Peoria, IL 61602
      View Details
    • $3,200,000
      29,232 SF

      Peoria Warehouse District Lofts

      Luxury Apartments, Prime Location
      1028 Adams St, Peoria, IL 61602
      View Details
    • $125,000

      Peoria Commercial Land: Prime Location

      Historic Peoria Bar & Lot, $125K
      1923 Adams St, Peoria, IL 61602
      View Details
    • $200,000

      Peoria Multifamily Investment Opportunity

      19 Units, 3 Buildings, High Rental Income
      2028 Adams St, Peoria, IL 61602
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      2,565 SF

      Renovated Loft Office Space Available

      Office suites available in renovated loft building on Water Street.
      311 SW Water St, Peoria, IL 61602
      View Details
    • $19 SF/Yr
      6,091 SF

      Prime Peoria Riverfront Office Space

      8-Story Building, 6,091 SF Available
      401 Water St, Peoria, IL 61602
      View Details
    • $15 SF/Yr
      4,738 SF

      Peoria Office Space Available

      Office space available for rent in Peoria, Illinois.
      411 Hamilton Blvd, Peoria, IL 61602
      View Details
    • $14 SF/Yr
      6,400 SF

      Prime Peoria Office/Retail Space

      6,400 SF Flex Space, 9 Parking Spots
      428 Washington St, Peoria, IL 61602
      View Details
    • Contact for pricing
      21,400 SF

      Larkin Building: Peoria Executive Suites

      Prime Peoria Office Space: 21,400 SF Available
      408 Washington St, Peoria, IL 61602
      View Details
    • Contact for pricing
      5,290 SF

      Prime Peoria Office Space

      Downtown Peoria Office, Retail Potential
      406 Washington St, Peoria, IL 61602
      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.
    330 Water St
    Peoria, IL 61602
    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.

    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.