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Oak Cliff Park - 21 Unit Shopping Center 4410 N Knoxville Ave, Peoria, IL 61614
Shopping Center - Strip Center
Property Description
REMAX Traders Unlimited has been retained exclusively to sell, for the first time since its development, the Oak Cliff Park shopping center in Peoria, IL (the “Property”). The Property is a 46,620 SF neighborhood retail center with an additional land component, strategically positioned at the signalized intersection of Knoxville Avenue (IL-40) and Lake Avenue. Situated on 3.05 acres with 172 surface parking spaces, the Property consists of four meticulously maintained multi-tenant buildings that are currently 86% leased. Oak Cliff Park is anchored by Monical’s Pizza—operating on a long-term lease through 2033—alongside a diverse mix of medical, service and retail tenants.
The property currently generates a NOI of approximately $230,000 with in-place rents averaging $9.21 per square foot, well below market rates in this corridor, offering immediate upside potential through lease-up of remaining vacancy and rent growth upon renewal. With traffic counts exceeding 25,000 vehicles per day and strong neighborhood positioning, Oak Cliff Park represents a compelling opportunity to acquire a high-visibility, cash-flowing retail investment with value-add potential in the heart of Peoria’s commercial corridor.
Area Description
Peoria is the largest city on the Illinois River and anchors a metropolitan statistical area of more than 402,000 residents. Located midway between Chicago and St. Louis, the city is connected by Interstates 74 and 474, U.S. Route 24, and Illinois Highways 6, 9, 29, and 116. With a population of 112,439 as of 2023, Peoria is the eighth largest city in Illinois and covers 50 square miles. The economy is diverse, with major employers including Caterpillar Inc. (12,000 employees), OSF Healthcare, UnityPoint Health, Bradley University, and Peoria Public Schools. Healthcare represents at least 25% of the local economy, anchored by four major hospitals.
Highlights
- RARE FIRST-TIME SALE: First offering since original development; unique chance to acquire four meticulously-maintained buildings on a ~3-acre lot.
- STRONG TENANT BASE: Eighteen (18) tenants including retail, medical, dining, and service uses – anchored by Monical’s Pizza (Exp 2033).
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HIGHLY VISIBLE LOCATION: Easily accessible and centrally located at Knoxville (IL-40) & Lake Ave, a signalized intersection with over 25,000 vehicles per day.
Full Address: 4410 N Knoxville Ave, Peoria, IL 61614
Listing Type: FOR SALE
Status: Active
Occupancy Rate: 86
Zoning: C-1
Region: M-EN
Closest Cross Streets: Knoxville Ave & Lake Ave
Use Type: Retail Center
Property ID: 4085239
Grade Docks: Yes
Traffic Count: 25,000+ VPD
Building Sf: 46620
Parcel Num: 14-21-454-001 / -002 / -007 / -044
Number Units: 21
Number Buildings: 4
Year Built: 1966
Year Renovation: 2025
Number Parking Spaces: 172
Tenancy Type: Multi-Tenant
HIGHLY VISIBLE LOCATION: Easily accessible and centrally located at Knoxville (IL-40) & Lake Ave, a signalized intersection with over 25,000 vehicles per day.
Cash Flow Type: Actual
Cf Op Expenses: 217927
Cf Year: 2025
Cf Sched Income: 404897
Cf Net Op Income: 229354
Cf Reimbursement: 42384