Listing Agency: Axis 360 Commercial Real Estate Specialists

Listed By: Laura Pritts · License #IL471201573 Show Phone

Source: Crexi

Added: Aug 14 Changed: Oct 15 Last Checked: Oct 16 at 7:02AM

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Investment Insights

Based on property information with market context.

This freestanding flex property at 1103 West Main Street provides 3,072 square feet of fully heated and cooled space. The building includes on-site parking and occupies a recognizable corner setting beside Lexington’s 1940s Route 66 neon sign. B-2 zoning supports its commercial positioning within the community.

The property is situated along Historic Route 66 and Interstate 55 in Central Illinois, approximately 15 miles from Bloomington-Normal. Its setting places the building within Lexington’s downtown environment, which includes local shopping, dining, community events, and ongoing development initiatives. The Route 66 connection also places the property in a setting associated with tourism activity and regional travel.

Key Highlights

• 3,072‑square‑foot freestanding flex property
• Fully heated and cooled building
• On‑site parking included

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$21,215

Cap Rate

5.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$424,300 $424.3K

Cap Rate 7%

$303,071 $303.1K

Cap Rate 9%

$235,722 $235.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,072 SF

Gross rent

$32.1K $10.44/SF

− Vacancy

−$1.8K −$0.57/SF

EGI

$30.3K $9.87/SF

− OpEx

−$9.1K −$2.96/SF

NOI

$21.2K $6.91/SF

Area

McLean County, IL

Vacancy

5.50%

Lease Rate

$10.44 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$424,300

Cap Rate 7%

$303,071

Cap Rate 9%

$235,722

Alternative Uses

Best Use

Industrial

$303.1K

$265.2K – $353.6K (±1% cap)

NOI $21,215 @ 7.0% cap · market cap 5.37%

Second Best

Flex RnD

$262.0K

$229.3K – $305.7K (±1% cap)

NOI $18,341 @ 7.0% cap · market cap 4.64%

Theoretical Best

Office A

$640.4K

$560.3K – $747.1K (±1% cap)

NOI $44,827 @ 7.0% cap · market cap 11.35%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Building Supply Auto Repair Shop Law Firm Auto Parts Store Parking Lot & Garage Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

136

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 61753, IL

2,950

Population

1,308

Households

2.3

Avg Household Size

42

Median Age

33%

College-Educated

97%

High-School Grad

82.2 sq mi

ZIP Area

36

Density / Sq Mi

$108,438

Median Household Income

$53,326

Median Earnings

$978

Median Rent

$190,200

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Frequently Asked Questions

What type of property is this?

Flex space - Freestanding B-2 flex space with on-site parking and a prominent setting along Historic Route 66.

Where is this flex space located?

The property is located at 1103 West Main Street Lexington, IL.

What is the asking price?

The asking price for this property is $395,000.

What are key features of this property?

This property features: 3,072‑square‑foot freestanding flex property; Fully heated and cooled building; On‑site parking included