Marquette Place Apartments

For Sale

701 Main Street, Peoria, IL 61602

This Peoria property for sale is located at 701 Main Street. The current listed sale price for Marquette Place Apartments is $3,100,000. Marquette Place Apartments is situated on a lot that is 0.28 acre in size.

Contacts

Dan Short, MBA

SVN | Chicago Commercial

Property Details

  • Property Type Multi-Family
  • Property Size 17,292 SF
  • Units 28
  • Lot Size 0.28 Acre
  • Year Built 1924
  • Year Renovated 2017
  • Date Updated Aug 14, 2026
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.
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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.

Getting around

  • 78/100

    Walk Score ®

  • 51/100

    Transit Score ®

  • 62/100

    Bike Score ®

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Location

  • City Peoria, IL
  • Neighborhood Downtown Peoria
  • Zip Code 61602

Points of Interest

  • Tesla Motors Destination Charger

    0.41 miles

  • BP Gas Station/Red Carpet Carwash/Convenience Store

    0.45 miles

  • BP

    0.46 miles

  • Shell

    0.77 miles

  • Huck's

    1.04 miles

  • Tesla Supercharger

    1.11 miles

  • Costco Gasoline

    2.03 miles

  • Circle K

    2.05 miles

  • Gas

    2.52 miles

  • ChargePoint

    3.69 miles

  • Parking for Peoria First United Methodist Church

    0.05 miles

  • Parking for 700 Main & Peoria First United Methodist Church

    0.06 miles

  • Parking for Peoria First United Methodist Church employees

    0.07 miles

  • Peoria Civic Center Event Parking

    0.08 miles

  • Parking for Peoria Public Library employees

    0.09 miles

  • Parking for employees of UnityPoint Methodist Hospital

    0.12 miles

  • Parking for Central Illinois Agency on Aging

    0.12 miles

  • Patient parking for the UnityPoint Methodist Atrium Building

    0.15 miles

  • Parking for Sacred Heart

    0.16 miles

  • Parking for B'nai B'rith Apartments

    0.20 miles

  • Courtyard

    0.13 miles

  • Peoria Marriott Pere Marquette Hotel

    0.17 miles

  • Four Points by Sheraton Peoria

    0.20 miles

  • Staybridge Suites Peoria Downtown

    0.24 miles

  • Mark Twain Boutique Hotel

    0.38 miles

  • Embassy Suites

    0.87 miles

  • Holiday Inn Express & Suites

    1.19 miles

  • Holiday Inn

    1.61 miles

  • Residence Inn

    1.87 miles

  • Fairfield Inn & Suites

    1.87 miles

  • Walmart Supercenter

    0.97 miles

  • ALDI

    1.59 miles

  • Target

    1.71 miles

  • Kohl's

    1.99 miles

  • Kroger

    2.27 miles

  • Walmart

    2.51 miles

  • Big Lots

    3.32 miles

  • JCPenney

    3.52 miles

  • Northwoods Mall

    3.56 miles

  • Schnucks

    3.57 miles

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