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
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2305 Altorfer Dr Peoria, IL 61615-1809

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1401559
    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

    • Jeffrey A. Medernach, RPH / Pharmacy
    • Enloe PCI Prescription Center / Home Health Care Service / Pharmacy

    Property Details for 2305 Altorfer Dr

    Property type
    Commercial real estate
    APN
    14-06-401-004
    APU
    1406401004

    Description

    This exceptional 11,030-square-foot flex building presents a compelling investment opportunity in Peoria, Illinois. Located at 2305 W Altorfer Dr, Peoria, IL 61615, this vacant property sits on a generous 1.25-acre lot, offering ample space for various business needs. The building features a functional layout including private offices, a conference room, and a spacious reception/lobby area. A significant portion of the space is dedicated to a large warehouse area, ideal for storage or production. Convenient loading and unloading is facilitated by a single loading dock and overhead doors. The asking price is $895,000, translating to a price per square foot of $81.14. This Net Net Net (NNN) lease structure provides flexibility for potential tenants. The property's strategic location in Peoria County offers excellent access to transportation routes and a thriving local economy. This is a turnkey opportunity for an investor seeking a high-return property in a desirable location. The combination of office space, warehouse space, and convenient loading capabilities makes this property suitable for a wide range of businesses. Don't miss this chance to acquire a prime industrial flex building in a growing market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.6267
    Latitude
    40.7901
    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
    $18,691
    $31,740
    $185,400
    $217,140
    -
    $95,220
    $556,200
    $651,420

    Comparable in this City

    • Value Estimation by Request

      5905 Ridgecrest Dr

      COMMERCIAL (GENERAL)
      5905 Ridgecrest Dr, Peoria, IL 61615-3053
      View Details
    • Value Estimation by Request
      0.09 Acres

      Scrimshaw Dr

      COMMERCIAL (GENERAL) • 0.09 Acres
      Scrimshaw Dr, Peoria, IL 61615
      View Details
    • Value Estimation by Request
      1.14 Acres

      Sienna Ln

      COMMERCIAL (GENERAL) • 1.14 Acres
      Sienna Ln, Peoria, IL 61615
      View Details
    • Value Estimation by Request

      Sommer St

      COMMERCIAL (GENERAL)
      Sommer St, Peoria, IL 61615
      View Details
    • Value Estimation by Request

      4221 Southport Rd

      COMMERCIAL (GENERAL)
      4221 Southport Rd, Peoria, IL 61615-9531
      View Details
    • Value Estimation by Request

      4122 Southport Rd

      COMMERCIAL (GENERAL)
      4122 Southport Rd, Peoria, IL 61615-9658
      View Details

    Similar Nearby for Sale

    • $608,097
      3.49 Acres

      Peoria Industrial Land - $608K

      3.49-acre commercial/industrial lot.
      2900 Townline Rd, Peoria, IL 61615
      View Details
    • $2,198,038
      8.41 Acres

      Prime Peoria Commercial Land

      8.41 Acres, Development Ready
      0 Centerway Dr, Peoria, IL 61615
      View Details
    • $2,836,500
      1.15 Acres

      Prime Peoria Commercial Land

      9.41 Acres, C2 Zoning, High Traffic
      0 Oakwood Dr, Peoria, IL 61615
      View Details
    • $1,764,942
      8.53 Acres

      Prime Peoria Industrial Land

      8.5 Acres, I1 Zoning, Excellent Location
      9818 Allen Rd, Peoria, IL 61615
      View Details
    • $361,003
      1.95 Acres

      Prime Peoria Industrial Land

      1.95-acre commercial/industrial lot, shovel-ready.
      2900 Townline Rd, Peoria, IL 61615
      View Details
    • Contact for pricing
      1.30 Acres

      North Orange Prairie

      Land • 1.30 Acres
      0 Orange Prairie Rd, Peoria, IL 61615
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      12,129 SF

      Peoria Executive Office Space Available

      Prime Peoria Office: 4,576 sq ft Available
      8630 Allen Rd, Peoria, IL 61615
      View Details
    • $174 SF/Yr
      46,430 SF

      Peoria Retail Space - 46,430 SF

      High-traffic retail space, ideal for family entertainment.
      5001 Big Hollow Rd, Peoria, IL 61615
      View Details
    • $13 SF/Yr
      5,000 SF

      Radnor Road Retail Space

      Prime Peoria storefront, 1,800 sq ft.
      7327 Radnor Rd, Peoria, IL 61615
      View Details
    • $15 SF/Yr
      2,300 SF

      Prime Peoria Office Space

      Move-in ready suite, high visibility, ample parking.
      8305 Allen Rd, Peoria, IL 61615
      View Details
    • $995 /Mo
      700 SF

      Salon/Barber Shop For Lease

      700 SF salon/barber shop with equipment included for lease.
      2524 W Farrelly Ave, Peoria, IL 61615
      View Details
    • $10 SF/Yr
      14,459 SF

      Retail Space in Northpoint Center

      Neighborhood shopping center space for lease in Peoria, Illinois.
      8901 N Knoxville Ave, Peoria, IL 61615
      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.
    2305 Altorfer Dr
    Peoria, IL 61615-1809
    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

    Google sign-in failed. Please try again or use another login method.