1810 War Memorial Dr Peoria, IL 61614-6728

Property Details for 1810 War Memorial Dr

Lot size

1.20 lot acres

Property type

Commercial real estate

APN

14-29-152-023

APU

1429152023

Description

This exceptional investment opportunity presents a 5,935 square foot Perkins Restaurant & Bakery located at 1810 W War Memorial Dr, Peoria, IL 61614. The property sits on a 1.19-acre lot and boasts a strong 7.25% cap rate, generating a net operating income (NOI) of $193,320. The absolute NNN lease, with a corporate guarantee from Ascent Hospitality Management Group, ensures minimal landlord responsibilities. The lease commenced June 28, 2005, and has a remaining term of five years, with four 5-year renewal options at an 8% rent bump per option, extending to October 30, 2029. The property is zoned C and was built in 1993. This strategically located restaurant benefits from high traffic volume due to its proximity to I-74, exit 89, and its placement between Northwoods Mall and a Walmart-anchored shopping center. The area boasts strong demographics, with over 119,000 residents within a five-mile radius and average household incomes exceeding $67,000. Furthermore, the property is surrounded by numerous national and regional retailers, including Chick-fil-A, Chipotle, and more, and is situated near several hotels, creating a consistent customer base. The asking price is $2,666,483, translating to $449.28 per square foot. This property is ideal for a 1031 exchange. The property's APN is 14-29-152-023. 100% occupancy ensures a reliable income stream.

Location Insight

City

Peoria

County

Peoria

State

Illinois

Longitude

-89.6218

Latitude

40.7358

CBSA code

37900

CBSA name

PEORIA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments