Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1115 W Oakland Ave Bloomington, IL 61701

    Sponsored
    For Sale
    Pending
    Contact for pricing

    LAND - Bloomington, IL

    Lot size:
    0.13 Acres
    Days on Market:
    8
    Last Refresh:
    Jan 27 at 5:06 pm

    Property Features for 1115 W Oakland Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Pending
    Zoning
    SINGL
    APN
    2105463015
    Lot size
    0.13 Acres

    Utilities

    Utilities
    Natural Gas Available

    We can help!

    Listing Contact
    Patricia Hadley
    Patricia Hadley

    RE/MAX CHOICE (309) 664-8500

    Listing agent Patricia Hadley (309) 663-6128

    Listing date Jan 20, 2026

    MLS# 12479771 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Bloomington Corner Lot in Miller Park

    This is a prime corner lot located at 1115 W Oakland Ave in the Miller Park area of Bloomington. The vacant land measures 5,768 sq ft and is situated on a quiet residential street, offering convenient access to city amenities. Currently classified as residential, the site allows for single-family homes or duplexes, subject to permitting. Utilities, including water, sewer, and electricity, are available at the street, although the buyer is responsible for confirming capacity and connection costs. The lot is platted as Citizens Addition, Lot 126. Buyers are advised to verify the exact zoning classification, setback requirements, allowable building height, and required permitting with Bloomington Development Services.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -89.009723
    Latitude
    40.473596

    Nearby Similar for Sale

    • $399,000
      0.19 Acres

      Updated Commercial Building in Bloomington

      Extensively updated mixed-use property suitable for residence and business.
      2306 Maysel St, Bloomington, IL 61701
      View Details
    • $230,000
      0.17 Acres

      Updated Duplex Near Downtown

      Turnkey, fully furnished duplex with immediate income potential.
      308 Low St, Bloomington, IL 61701
      View Details
    • $195,000
      0.22 Acres

      Updated Duplex Investment Property

      Recently updated two-unit property in Bloomington, Illinois, with strong rental potential.
      610 E Mulberry St, Bloomington, IL 61701
      View Details
    • New
      $295,000

      Charming Three-Unit Investment Property

      Three-unit property with stained glass, hardwood floors, and modern updates.
      307 S Mclean St, Bloomington, IL 61701
      View Details
    • $174,900
      0.18 Acres

      Two-Unit Property in Bloomington, IL

      Two-unit property with immediate rental income in a great neighborhood.
      506 E Chestnut St, Bloomington, IL 61701
      View Details
    • $1,600,000
      0.46 Acres

      Renovated Office Building with Furnishings

      Renovated office building with high visibility and newer furnishings.
      2405 E Washington St, Bloomington, IL 61704
      View Details
    • $169,000
      Pending

      Updated Duplex Near Shopping Centers

      Bloomington duplex with updated features and strong rental history.
      1218 Orchard Rd, Bloomington, IL 61704
      View Details
    • $169,900

      Bloomington Duplex: Investment Opportunity

      Fully rented duplex with original wood floors and recent updates.
      409 E Douglas St, Bloomington, IL 61701
      View Details
    • $144,900

      Bloomington Multi-Unit Property For Sale

      Two-unit property with separate utilities and detached garage in Bloomington.
      1110 S Main St, Bloomington, IL 61701
      View Details
    • $119,900
      Pending

      Bloomington Two-Unit Income Property

      Well-maintained two-unit property with reliable tenants and recent upgrades.
      901 S Lee St, Bloomington, IL 61701
      View Details
    • $350,000
      0.16 Acres

      Well-Maintained 6-Unit Property

      Six-unit property near downtown Bloomington with recent updates.
      410 E Grove St, Bloomington, IL 61701
      View Details
    • $950,000
      0.46 Acres

      Bloomington Commercial Property with Parking

      Commercial building in downtown Bloomington with 50 parking spaces.
      615 N Main St, Bloomington, IL 61701
      View Details

    FAQs

    What type of property is this?
    Land - Vacant residential land in Bloomington's Miller Park area.
    Where is this land located?
    The property is located at 1115 W Oakland Ave Bloomington, IL.
    What is the asking price?
    The asking price for this property is $15,000.
    What are key features of this property?
    This property features: - Prime corner lot in the desirable Miller Park area.; - Vacant land suitable for single-family home or duplex (with permit).; - Utilities (water, sewer, electricity) available at the street.
    (309) 663-6128
    Request Owner's contact information
    1115 W Oakland Ave Bloomington, IL 61701
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1115 W Oakland Ave
    Bloomington, IL 61701
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1115 W Oakland Ave Bloomington, IL 61701
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Patricia Hadley
    Patricia Hadley
    Real Estate License ID: 475195961
    (309) 663-6128
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.