What is the asking price for Marquette Place Apartments?

The lease rate for space here is Contact for pricing.

What is the total size of Marquette Place Apartments?

The property has a total square footage of 17,292 SF.

When was this property built?

Marquette Place Apartments was built in 1924.

How many parking spaces are available at Marquette Place Apartments?

Parking information for the property isn't currently listed. However, other nearby parking options include Parking for Peoria First United Methodist Church, located 0.05 miles away , and Parking for 700 Main & Peoria First United Methodist Church, which is 0.06 miles away.

701 Main Street, Peoria, IL 61602

For Sale $3,100,000
Property Type Multi-Family
Property Size 17,292 SF
Units 28
Lot Size 0.28 Acre
Year Built 1924
Year Renovated 2017
Date Updated Jul 28, 2026

Description

Located within in short walking distance to the University of Illinois College of Medicine & Carle Health Medical Center. This makes a great location for medical students.Marquette Place is a fully renovated mixed-use landmark located in the heart of Downtown Peoria. Originally constructed in 1924 and listed on the National Register of Historic Places, the property features 28 apartments (18 studios, 8 one-bedroom/one-bathroom, and 2 two-bedroom/one-bathroom units) and 8 ground-floor retail spaces, providing a diversified income stream. In 2017, the property underwent an approximately $5 million historic renovation, during which the building was taken down to the studs and all major building systems were replaced or modernized. Each apartment is equipped with an individually controlled mini-split HVAC system, with tenants responsible for their own heat and electric. Ownership pays water, sewer, trash, and high-speed internet. The City of Peoria provides a 50% real estate tax reimbursement through December 2031 through a Tax Increment Financing (TIF) program, enhancing cash flow during the remaining incentive period. The retail spaces are leased to established tenants including Aveanna Healthcare, GFI Digital, and Blue Peak Insurance, with the majority of commercial leases extending beyond 2030, providing stable cash flow and minimal near-term lease rollover risk. Combining historic architecture, modern building systems, stable commercial tenancy, attractive utility reimbursement, and a premier downtown location, Marquette Place represents one of Central Illinois’ premier mixed-use investment opportunities.

Highlights

Additional Acquisition Opportunity Ownership may also consider the sale of the adjacent retail building, offering investors the opportunity to expand their investment and commercial presence in Downtown Peoria.
Approximately $5 Million Historic Renovation Completed in 2017, the building was taken down to the studs with virtually all major building systems replaced or modernized.
Diversified Income Stream Stable cash flow generated from a mix of residential apartments and long-term retail tenancy.
Efficient Utility Structure Residential tenants pay their own heat and electric through individually controlled mini-split HVAC systems, while ownership is responsible for water, sewer, trash, and high-speed internet.
Historic Mixed-Use Landmark National Register of Historic Places property featuring 28 apartments and 8 ground-floor retail spaces in the heart of Downtown Peoria.
Institutional-Quality Asset A fully renovated historic mixed-use property with modern building systems and limited near-term capital requirements.
Long-Term Retail Tenancy Retail spaces leased to established businesses including Aveanna Healthcare, GFI Digital, and Blue Peak Insurance, with the majority of leases extending beyond 2030, minimizing near-term lease rollover.
Premier Downtown Location Walkable to major employers, healthcare systems, restaurants, entertainment, and the Peoria Riverfront.
Tax Increment Financing (TIF) Incentive 50% real estate tax reimbursement through December 2031 enhances cash flow and investment returns.