Multifamily
Accolade of East Peoria
500 Centennial Dr, East Peoria, IL 61611
Listing Price: $9,000,000
Investment Overview
The Accolade of East Peoria is a recently closed former Senior Living facility that has been fully vacant since March of 2025.
Broker has met with the Mayor of East Peoria and the Community Planner and the following proposal is believed to be the highest and best use for the asset, along with a strong likelihood of being approved by the City.
The proposal is to convert the property to market rate or affordable multifamily.
With limited existing multifamily competition, numerous State and local incentives, this presents a high upside opportunity to acquire a sizeable property at a fraction of replacement cost in the fourth largest MSA in Illinois.
Accolade of East Peoria
Investment Highlights
- High upside opportunity to acquire a sizeable property at a fraction of replacement cost in the fourth largest MSA in Illinois
- Well located with scenic views, quality brick construction with ample existing amenities.
- Notable Incentives: Anticipated inclusion into the "Enterprise Zone" -Permit fees, Sales Tax deduction, and 5 year abatement on Assessment increases
Listing Price: $9,000,000
Investment Highlights
- High upside opportunity to acquire a sizeable property at a fraction of replacement cost in the fourth largest MSA in Illinois
- Well located with scenic views, quality brick construction with ample existing amenities.
- Notable Incentives: Anticipated inclusion into the "Enterprise Zone" -Permit fees, Sales Tax deduction, and 5 year abatement on Assessment increases
Investment Overview
The Accolade of East Peoria is a recently closed former Senior Living facility that has been fully vacant since March of 2025. Broker has met with the Mayor of East Peoria and the Community Planner and the following proposal is believed to be the highest and best use for the asset, along with a strong likelihood of being approved by the City. The proposal is to convert the property to market rate or affordable multifamily. With limited existing multifamily competition, numerous State and local incentives, this presents a high upside opportunity to acquire a sizeable property at a fraction of replacement cost in the fourth largest MSA in Illinois.
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