Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2243 Westgate Dr Bloomington, IL 61705

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail and office spaces for lease near major retailers.

    Property size:
    26,400 SF
    Lot size:
    26,400 SF

    Property Features for 2243 Westgate Dr

    General Information

    Size
    26,400 SF

    Building Details

    Year built
    2005

    We can help!

    Listing Contact
    Matthew Tarshis
    Source: Frontlinerepartners

    Listing Agent: Matthew Tarshis

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Bloomington Retail/Office Space Available

    Up to 10,600 square feet of retail and office space is available for lease at Bloomington Shoppes, a 26,400 square foot shopping center in Bloomington, Illinois. The property is shadow-anchored by Walmart and offers an opportunity to join 316 Antique Mall. Vacancies range in size and feature a mix of retail and office spaces. The location is less than one mile from Interstate-55 (I-55) and less than three miles from both Illinois State University and Illinois Wesleyan University. Neighboring retailers include Walmart, Blain’s Farm and Fleet, ALDI, Marcus Bloomington Cinema, Bob Evans, Steak ‘n Shake, Culvers, Panda Express, McDonald’s, KFC, Taco Bell, Popeyes, and Cracker Barrel, among other local and national retailers. The property is located on the north side of Westgate Drive.
    Location Intelligence

    Current Use by Public Records

    House of Faith Int'l ... Non-Denominational Church Fastlane Apparel Custom T-Shirt Store

    Suggested Use

    Restaurant Realty agency Spa & Massage Building Supply Wholesale Shop Hair Salon Auto Repair Shop Pharmacy Clothing Store Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -89.0437489
    Latitude
    40.489439

    Nearby Similar for Lease

    • Contact for pricing

      Office Space in Central Location

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

      Office Space in Central Location

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

      Bloomington Office Space For Rent

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

      Office Space in Central Location

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

      Retail Suite in Washington Center

      Retail suite available in high-traffic Bloomington location.
      2303 E Washington St, Bloomington, IL 61704
      View Details
    • Contact for pricing

      Professional Office Space Available

      Configured space suitable for healthcare, executive, or administrative use.
      1319 N Veterans Pkwy, Bloomington, IL 61704
      View Details
    • $7 SF/Yr
      389,000 SF

      Industrial Flex Warehouse Spaces Available

      Industrial flex spaces for lease with dock and overhead door access.
      1201 E Bell St, Bloomington, IL 61701
      View Details
    • Contact for pricing

      Bloomington Office Suite For Rent

      Well-located office suite ideal for professional services or healthcare.
      1319 N Veterans Pkwy, Bloomington, IL 61704
      View Details
    • Contact for pricing

      Private Office in Collaborative Space

      Single-room office with shared amenities for freelancers and startups.
      1319 Veterans Pkwy, Bloomington, IL 61704
      View Details
    • $11 SF/Yr
      10,000 SF

      Prime Bloomington Office Space

      10,000 SF Office, Suites Available
      2011 Main St, Bloomington, IL 61704
      View Details

    FAQs

    What type of property is this?
    Shopping center - Retail and office spaces for lease near major retailers.
    Where is this shopping center located?
    The property is located at 2243 Westgate Dr Bloomington, IL.
    What are key features of this property?
    This property features: - Up to **10,600 square feet available for lease.**; - Walmart shadow-anchored center.; - Located less than one mile from Interstate-55 (I-55).
    (847) 542-9058
    Request Owner's contact information
    2243 Westgate Dr Bloomington, IL 61705
    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.
    2243 Westgate Dr
    Bloomington, IL 61705
    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
    2243 Westgate Dr Bloomington, IL 61705
    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

    We can help!
    Listing Contact
    Matthew Tarshis
    (847) 542-9058
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.