Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Downtown Bloomington Retail/Restaurant Opportunity Title is generated by Realmo AI

    113 N Center St, Bloomington, IL 61701

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Adaptable space in a prime downtown location.

    Type:Retail, Office, Restaurant
    Added:
    Jun 23, 2025
    Days on Market:
    334
    Last Refresh:
    Mar 25 at 8:10 pm

    Property Features for 113 N Center St

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office, Restaurant

    Spaces For Lease

    at 113 N Center St Contact us

    $15/Mo

    Size
    1,300 SF
    Type
    Retail, Office, Restaurant
    Contact us

    We can help!

    Listing Contact
    Meghan O'Neal-Rogozinski, CCIM
    Meghan O'Neal-Rogozinski, CCIM

    Listing agent Meghan O'Neal-Rogozinski, CCIM License #Bloomington IL 475159841

    Listing office Axis 360 Commercial Real Estate Specialists

    Listing date Jun 23, 2025

    Source Crexi

    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

    HighLights

    • Prime downtown location near the McLean County Courthouse and walkable local favorites.
    • Adaptable space suitable for retail, restaurant, boutique services, or grab‑and‑go concepts.
    • Existing kitchen infrastructure: convection hood, two hand sinks, and hookups for a 3‑compartment sink with grease trap.
    • Located in Bloomington’s historic and walkable urban core.
    • Space has a strong history as a restaurant.
    • Two updated restrooms.

    Overview

    This adaptable space is located in downtown Bloomington, steps from the McLean County Courthouse and surrounded by walkable local businesses. The property has a history as a restaurant, previously housing Shannon’s, Kelly's Bakery and Under Wraps, and is suited for retail, boutique services, or grab-and-go concepts. The north side of the space can serve as a kitchen and includes a convection hood, two hand sinks, and hook ups for a three-compartment sink with an under-sink grease trap. The south portion is an open space with two updated restrooms. This location offers an opportunity to establish a retail concept or expand a food and beverage brand in Bloomington’s historic urban core.
    Location Intelligence

    Current Use by Public Records

    Under Wraps Restaurant A La Tavalo Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -88.9944205
    Latitude
    40.4791814

    Nearby Similar for Lease

    • $1,650/Mo
      2,100 SF

      Versatile Flex Space For Lease

      2,100 SF flex space suitable for various business uses.
      2804 Tractor Lane, Bloomington, IL 61704
      View Details
    • $13 SF/Yr
      13,713 SF

      Office Space Near Veterans Parkway

      Office spaces for lease in a well-located Bloomington property.
      808 S Eldorado Rd, Bloomington, IL 61704
      View Details
    • Contact for pricing

      Professional Office Space Available

      Configured space suitable for healthcare, executive, or administrative use.
      1319 N Veterans Parkway, Bloomington, IL 61704
      View Details
    • $13 SF/Yr
      18,000 SF

      Versatile Office Space Available

      Adaptable office space with natural light in Bloomington, Illinois.
      1615 Commerce Parkway, Bloomington, IL 61704
      View Details
    • $9 SF/Yr
      12,970 SF

      Functional Office Unit For Rent

      Office unit with private offices, receptionist area, and bathrooms.
      1001 Croxton Avenue, Bloomington, IL 61701
      View Details
    • Contact for pricing

      Office Space in Bloomington, IL

      Office space available for rent near established business park.
      2201 Eastland Drive, Bloomington, IL 61704
      View Details
    • $13 SF/Yr
      86,000 SF

      Historic Downtown Bloomington Office Suites

      Office suites available in the historic Illinois House building.
      207 W. Jefferson St., Bloomington, IL 61701
      View Details
    • Contact for pricing

      Office Space in Central Location

      Office space for rent in a central Bloomington location.
      901 E Grove Street, Bloomington, IL 61701
      View Details
    • Contact for pricing

      Bloomington Office Space For Rent

      Office space available in a central Bloomington location.
      901 E Grove Street, Bloomington, IL 61701
      View Details
    • Contact for pricing

      Office Space in Central Location

      Office space for rent in Bloomington, Illinois.
      901 E Grove Street, Bloomington, IL 61701
      View Details
    • Contact for pricing

      Professional Office Building For Rent

      All brick professional building close to amenities in Bloomington, IL.
      2203 Eastland Suite 7 Drive, Bloomington, IL 61704
      View Details
    • Contact for pricing

      Office Space in Central Location

      Office space for rent in Bloomington, Illinois.
      901 E Grove Street, Bloomington, IL 61701
      View Details

    FAQs

    What type of property is this?
    Retail space - Adaptable space in a prime downtown location.
    Where is this retail space located?
    The property is located at 113 N Center St Bloomington, IL.
    What are key features of this property?
    This property features: Prime downtown location near the McLean County Courthouse and walkable local favorites.; Adaptable space suitable for retail, restaurant, boutique services, or grab‑and‑go concepts.; Existing kitchen infrastructure: convection hood, two hand sinks, and hookups for a 3‑compartment sink with grease trap.
    (309) 664-3617 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Meghan O'Neal-Rogozinski, CCIM
    Meghan O'Neal-Rogozinski, CCIM
    Real Estate License ID: Bloomington IL 475159841
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    113 N Center St, Bloomington, IL 61701
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!