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    Property profile & analytics

    3624 University St Unit Peoria, IL 61604

    • Commercial real estate
    For Sale
    View listing
    $1,590,000
    Value Estimation
    Last Sale
    Sep 27, 2021
    $1,700,000
    Location Intelligence
    Property ID
    US28-2276155
    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 3624 University St Unit

    Property type
    Commercial real estate
    APN
    14-29-401-021
    APU
    1429401021

    Description

    This exceptional 1.581-acre commercial land parcel, located at the highly visible corner of War Memorial Drive and University Street in Peoria, Illinois (zip code 61604), presents a unique opportunity for developers and commercial operators. Situated in a thriving commercial zone, this property boasts unparalleled visibility and accessibility, surrounded by established national brands such as McDonald's and Walgreens, ensuring high daily traffic flow. The site is zoned for commercial use and is ready for immediate development, featuring existing access points from University Street, with potential for additional access from War Memorial Drive. All utilities are conveniently located on-site. This prime location offers significant advantages, including its position within a Tax Increment Financing (TIF) district, allowing for potential collaboration with the city on development incentives. The property's versatile zoning makes it suitable for a variety of commercial projects, from small strip centers to multi-tenant shopping complexes. The asking price for this exceptional opportunity is $1,590,000. Don't miss this chance to secure a premier commercial location in Peoria's bustling market.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $1,590,000

    • CAP approach

      CAP return
      Estimation
      6%
      $1,595,000
      6.5%
      $1,830,000
      7%
      $1,595,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $1,680,000
      Geo Method
      $1,995,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $1,485,000
      Retail
      $1,605,000
      Mixed-Use
      $1,905,000
      Hospitality
      $2,025,000
      Educational
      $2,055,000
      Residential Income
      $1,720,000
      Energy
      $1,545,000
      Income-Based Land
      $1,725,000
      Food Service
      $1,860,000

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.6119
    Latitude
    40.7321
    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
    $27,694
    $294,350
    $0.00
    $294,350
    -
    $883,050
    $0.00
    $883,050

    Comparable in this City

    • Value Estimation by Request

      3021 University St

      COMMERCIAL (GENERAL)
      3021 University St, Peoria, IL 61604-2658
      View Details
    • Value Estimation by Request

      2224 University St

      COMMERCIAL (GENERAL)
      2224 University St, Peoria, IL 61604-3276
      View Details
    • Value Estimation by Request

      2205 University St

      COMMERCIAL (GENERAL)
      2205 University St, Peoria, IL 61604-3220
      View Details
    • Value Estimation by Request
      9.40 Acres

      3523 University St

      COMMERCIAL (GENERAL) • 9.40 Acres
      3523 University St, Peoria, IL 61604-1324
      View Details
    • Value Estimation by Request
      1.20 Acres

      University St

      COMMERCIAL (GENERAL) • 1.20 Acres
      University St, Peoria, IL 61604
      View Details
    • Value Estimation by Request
      0.35 Acres

      1319 Raber Rd

      COMMERCIAL (GENERAL) • 0.35 Acres
      1319 Raber Rd, Peoria, IL 61604
      View Details

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    3624 University St Unit
    Peoria, IL 61604
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    Realmo Value Estimation

    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.

    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
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