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    Historic Office Building in Bloomington Title is generated by Realmo AI

    207 W Jefferson St, Bloomington, IL 61701

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    Picture of Office buildings at 207 W Jefferson St, Bloomington, IL
    For Sale
    $2,900,000

    Illinois Office Building For Sale

    Property size:
    86,000 SF
    Price / SF:
    $33/SF
    Added:
    May 16, 2025
    Days on Market:
    366
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 207 W Jefferson St

    General Information

    Standard status
    Active
    Property type
    Office buildings, Office Spaces
    Size
    86,000 SF
    Class
    B
    Elevators
    N/A

    Building Details

    Year Built
    1902
    Buildings
    1
    Stories
    6

    We can help!

    Listing Contact
    Carrie Tinucci-troll

    Listing agent Carrie License #IL475166842

    Listing office SVN | Core 3

    Listing date May 16, 2025

    HighLights

    • Historic Significance & Transformation: The Illinois House, originally built in 1902 as a hotel, has been beautifully restored and now serves as a vibrant commercial office space, blending its rich history with modern functionality.
    • Prime Downtown Location: Situated at 207 W. Jefferson Street, the property is in the heart of downtown Bloomington, just steps from key landmarks like the courthouse, government offices, restaurants, and local retail.
    • Versatile Office Space: The building features 6 floors of office space with 39 units, housing a diverse range of tenants, including businesses in psychology, law, marketing, and non‑profits.

    Overview

    The Illinois House, originally constructed in 1902 as a hotel, has been transformed into commercial office space. Located at 207 W. Jefferson Street in downtown Bloomington, the property is situated near the McLean County Museum of History and is steps from the courthouse, government offices, restaurants, and local retail. The building features six floors of office space and a basement. There are 39 units housing tenants offering services from psychology and law to marketing and non-profits. The property has been restored with original marble staircase and classic hardwood details. The city of Bloomington has plans for its downtown area with the ‘Downtown for Everyone’ revitalization plan that will highlight newly designed sidewalks, bike lanes, and street layouts, enhanced outdoor dining spaces, interactive features on Museum Square and more. The property contains 86,000 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    DUI Solutions & Treatment Social Service Agency Thomson & Weintraub Law Firm Illinois House Business Service Center Gina L. Wood Law Firm Joseph W. Foley Law Firm

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -88.9945975
    Latitude
    40.4803458

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    FAQs

    What type of property is this?
    Office building - Illinois Office Building For Sale
    Where is this office building located?
    The property is located at 207 W Jefferson St Bloomington, IL.
    What is the asking price?
    The asking price for this property is $2,900,000.
    What are key features of this property?
    This property features: **Historic Significance & Transformation**: The Illinois House, originally built in 1902 as a hotel, has been beautifully restored and now serves as a vibrant commercial office space, blending its rich history with modern functionality.; **Prime Downtown Location**: Situated at 207 W. Jefferson Street, the property is in the heart of downtown Bloomington, just steps from key landmarks like the courthouse, government offices, restaurants, and local retail.; **Versatile Office Space**: The building features 6 floors of office space with 39 units, housing a diverse range of tenants, including businesses in psychology, law, marketing, and non‑profits.
    (331) 452-6860
    We can help!
    Listing Contact
    Carrie Tinucci-troll
    Real Estate License ID: IL475166842
    Learn More
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    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.

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