Flex Office and Heated
For Sale
Contact for pricing
915 W Bloomington Rd, Champaign, IL 61821
Former used-auto sales facility with office space and a heated four-bay garage.
Property Size3,168 SF
Price / SF$173.61
Days on Market608
Property Features for 915 W Bloomington Rd
General Information
Standard status
Active
Size
3,168 SF
Property subtype
INDUSTRIAL
Listing Agency:
Coldwell Banker Commercial Devonshire Realty
(217) 352-7712
Listed By:
Richard Harrington
(217) 403-3355
Source:
Moodyscre
Added: Jan 6, 2025
Changed: Aug 27
Last Checked: Aug 14 at 7:58AM
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 Coldwell Banker Commercial Devonshire Realty
Investment Insights
Based on property information with market context.
The property is a former used-auto sales facility with a 3,168 SF building combining office and garage space. The office portion features an open floor plan, a dedicated closing room/office, and two restrooms. The garage is heated and includes four bays, each with an overhead door.
This is a for-sale flex/industrial-style building designed to support both customer-facing and service-oriented operations within the same structure.
This is a for-sale flex/industrial-style building designed to support both customer-facing and service-oriented operations within the same structure.
Key Highlights
- Former used‑auto sales facility with a 3,168 SF building featuring office and garage space
- Office area includes an open floor plan, a dedicated closing room/office, and two restrooms
- Heated four‑bay garage with overhead doors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,421
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.17%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$348,420
$348.4K
Cap Rate 7%
$248,871
$248.9K
Cap Rate 9%
$193,567
$193.6K
Market Conditions
NOI Build-Up for 3,168 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$28.5K $9.00/SF
− Vacancy
−$1.7K −$0.54/SF
EGI
$26.8K $8.46/SF
− OpEx
−$9.4K −$2.96/SF
NOI
$17.4K $5.50/SF
Area
Champaign County, IL
Vacancy
6.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$348,420
Cap Rate 7%
$248,871
Cap Rate 9%
$193,567
Alternative Uses
Best Use
Flex RnD
$248.9K
$217.8K – $290.4K
NOI $17,421 @ 7.0% cap · market cap 3.17%
Second Best
Industrial
$209.0K
$182.9K – $243.9K
NOI $14,632 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$659.1K
$576.7K – $768.9K
NOI $46,136 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
837
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61821, IL
29,057
Population
13,751
Households
2.1
Avg Household Size
36
Median Age
50%
College-Educated
95%
High-School Grad
7.7 sq mi
ZIP Area
3,774
Density / Sq Mi
$69,284
Median Household Income
$40,225
Median Earnings
$1,001
Median Rent
$174,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Former used-auto sales facility with office space and a heated four-bay garage.
Where is this flex space located?
The property is located at 915 W Bloomington Rd Champaign, IL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Former used‑auto sales facility with a 3,168 SF building featuring office and garage space; Office area includes an open floor plan, a dedicated closing room/office, and two restrooms; Heated four‑bay garage with overhead doors
