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    516 Main St Bloomington, IL 61701

    Sponsored
    For Sale
    $325,000

    Grocery Store & Apartments, Great Potential

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    338
    This unique investment opportunity presents a mixed-use property located at 516 N Main Street in Bloomington, Illinois. The main level currently operates as a grocery store, offering immediate income potential. The building's size is not specified, however, the property includes four separate rental units situated on the upper floor. These units provide additional revenue streams and a diversified income portfolio. The property sits on a lot with no acreage specified. The asking price for this strategically located commercial property is $325,000. This presents a compelling opportunity for investors seeking a blend of established commercial income and rental income potential. The grocery store's existing operations provide a stable foundation, while the residential units offer flexibility and growth potential. The property's location on Main Street in Bloomington offers high visibility and accessibility, making it an attractive proposition for both business and residential tenants. This is an excellent chance to acquire a well-positioned mixed-use building with immediate cash flow and long-term growth prospects. Further due diligence is recommended to fully assess the potential of this investment. The property is being sold as-is.

    Property Features for 516 Main St

    General Information

    Property type
    Other commercial real estate
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -88.99406
    Latitude
    40.48291

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    FAQs

    What type of property is this?
    Commercial real estate - Grocery Store & Apartments, Great Potential
    Where is this commercial real estate located?
    The property is located at 516 Main St Bloomington, IL.
    What is the asking price?
    The asking price for this property is $325,000.
    (309) 662-9333
    Request Owner's contact information
    516 Main St Bloomington, IL 61701
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    Bloomington, IL 61701
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    Realmo Value Estimation

    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.

    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.

    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
    516 Main St Bloomington, IL 61701
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