4700 University St Peoria, IL 61614-5890

Property Details for 4700 University St

Lot size

1.19 lot acres

Property type

Commercial real estate

APN

14-20-401-050

APU

1420401050

Description

This exceptional investment opportunity presents a 4,971 square foot, 100% occupied retail shopping center in Peoria, Illinois, boasting a strong 7.00% cap rate and a substantial NOI of $89,740. The property features three established tenants: Jimmy John's (with a drive-thru), Merle Norman Cosmetics, and The Popcorn Shoppe, situated on a 1.29-acre lot with ample parking (100 spaces). Located at 4700 N University St, Peoria, IL 61614, this strategically positioned center benefits from high visibility at a major intersection (35,500 VPD) and proximity to Interstate 74 (38,800 VPD). The property enjoys a dominant grocery shadow anchor, Schnucks, with over 655,500 annual visits, and benefits from seasonal customer influx due to its location within the Peoria Farmers Market. Below-market leases offer significant upside potential for rental income growth, particularly with the Jimmy John's lease expiring January 31, 2027. The strong demographic profile, with 113,700 residents within a 5-mile radius and an average household income of $84,000, further enhances the investment's appeal. This property offers a rare drive-thru opportunity and significant long-term value due to its high-demand location and below-market leases. The asking price is $1,280,000.