Industrial Flex Warehouse with Paint
For Sale
Contact for pricing
10 LAFAYETTE CT, Bloomington, IL 61701
Industrial flex space featuring a spray paint booth with ventilation, oil separator, and floor drains for specialized operations.
Property Size6,325 SF
Price / SF$126
Days on Market54
Property Features for 10 LAFAYETTE CT
General Information
Standard status
Active
Size
6,325 SF
Class
B
Property subtype
Industrial
Zoning
M1
Investment Type
Owner/User
Building Details
Year Built
1996
Units
1
Tenancy
Single
Listing Agency:
Axis 360 Commercial Real Estate Specialists
(309) 664-3617
Listed By:
Meghan O'Neal-Rogozinski, CCIM · License #Bloomington IL 475159841
Source:
Crexi
Added: Jun 17
Changed: Aug 7
Last Checked: Aug 9 at 1:21PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Axis 360 Commercial Real Estate Specialists
Investment Insights
Based on property information with market context.
This industrial flex warehouse includes a spray paint booth setup that can be removed prior to sale if preferred. The property also features radiant tube heating in the warehouse, along with central A/C in the office area. The office is supported by 220 outlets, and the paint system is described as a Spray Master 2000 paint booth complete with a ventilation system, an oil separator, and floor drains. A 30-gallon water heater is also included, supporting day-to-day operational needs associated with the existing configuration.
Located at 10 Lafayette Ct in Bloomington, IL, the property is well-suited for buyers seeking an industrial footprint with built-in equipment. The specific configuration suggests functionality for processes requiring spray application and controlled ventilation, while still maintaining a workable office presence with climate control and electrical capacity.
For tenants or owners who need a turnkey industrial workspace for finishing, painting, or related work, the existing paint booth and associated systems provide a practical starting point. Buyers who would rather operate without the booth have the option to remove it prior to sale, allowing the space to be repurposed while retaining the core industrial and office amenities already in place.
Located at 10 Lafayette Ct in Bloomington, IL, the property is well-suited for buyers seeking an industrial footprint with built-in equipment. The specific configuration suggests functionality for processes requiring spray application and controlled ventilation, while still maintaining a workable office presence with climate control and electrical capacity.
For tenants or owners who need a turnkey industrial workspace for finishing, painting, or related work, the existing paint booth and associated systems provide a practical starting point. Buyers who would rather operate without the booth have the option to remove it prior to sale, allowing the space to be repurposed while retaining the core industrial and office amenities already in place.
Key Highlights
- 1996‑built industrial flex space with radiant tube heating in the warehouse
- Spray Master 2000 paint booth included with ventilation system
- Oil separator and floor drains for specialized operations
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$53,041
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,060,820
$1.1M
Cap Rate 7%
$757,729
$757.7K
Cap Rate 9%
$589,344
$589.3K
Market Conditions
NOI Build-Up for 6,325 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$66.0K $10.44/SF
− Vacancy
−$3.6K −$0.57/SF
EGI
$62.4K $9.87/SF
− OpEx
−$9.4K −$1.48/SF
NOI
$53.0K $8.39/SF
Area
McLean County, IL
Vacancy
5.50%
Lease Rate
$10.44 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,060,820
Cap Rate 7%
$757,729
Cap Rate 9%
$589,344
Alternative Uses
Best Use
Warehouse
$757.7K
$663.0K – $884.0K
NOI $53,041 @ 7.0% cap · market cap 6.66%
Second Best
Industrial
$624.0K
$546.0K – $728.0K
NOI $43,681 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,294 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61701, IL
34,497
Population
18,038
Households
1.9
Avg Household Size
37
Median Age
37%
College-Educated
92%
High-School Grad
11.0 sq mi
ZIP Area
3,136
Density / Sq Mi
$55,882
Median Household Income
$37,674
Median Earnings
$873
Median Rent
$138,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex space featuring a spray paint booth with ventilation, oil separator, and floor drains for specialized operations.
Where is this flex space located?
The property is located at 10 LAFAYETTE CT Bloomington, IL.
What is the asking price?
The asking price for this property is $796,950.
What are key features of this property?
This property features: 1996‑built industrial flex space with radiant tube heating in the warehouse; Spray Master 2000 paint booth included with ventilation system; Oil separator and floor drains for specialized operations
