Turnkey Irish-Themed Bar and
For Sale
$350,000
523 North Main Street, Bloomington, IL 61701
Operational Irish-themed bar with an upstairs room suitable for office use or rental, zoned D-2 for retail and/or restaurant ventures.
Property Size2,500 SF
Price / SF$140
Days on Market26
Property Features for 523 North Main Street
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Retail
Zoning
D-2
Additional Details
Business Included
Yes
Building Details
Building Size
2,500 SF
Listing Agency:
SVN | Core 3
(217) 722-3584
Listed By:
Jill Spratt · License #471022624
(217) 722-3584
Source:
Svn
Added: Jul 24
Changed: Aug 14
Last Checked: Aug 17 at 4:38AM
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 SVN | Core 3
Investment Insights
Based on property information with market context.
An Irish-themed bar built in the early 1900s, offered fully equipped and operational with fixtures and equipment included. The layout includes main bar space along with an upstairs room that can support office use or be rented out, creating flexibility for day-to-day use or additional revenue.
The property is located at 523 North Main Street in Bloomington’s downtown area and is described as being close to college campuses and downtown businesses. It sits within a community of small businesses and bars, and the business is noted for hosting pre- and post-game gatherings, pub crawls, and private events.
For buyers considering a retail or restaurant redevelopment/expansion approach, the property is described as zoned D-2. The sellers indicate the business is open, and they will take over operations after a new owner is found; they are also open to a possible partnership on the offering.
The property is located at 523 North Main Street in Bloomington’s downtown area and is described as being close to college campuses and downtown businesses. It sits within a community of small businesses and bars, and the business is noted for hosting pre- and post-game gatherings, pub crawls, and private events.
For buyers considering a retail or restaurant redevelopment/expansion approach, the property is described as zoned D-2. The sellers indicate the business is open, and they will take over operations after a new owner is found; they are also open to a possible partnership on the offering.
Key Highlights
- Operational Irish‑themed bar in Bloomington’s downtown neighborhood, built in the early 1900s
- Approx. 2,500 SF layout includes an upstairs room suitable for office use or rental
- Zoned D‑2 for retail and/or restaurant ventures
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
$30,814
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
8.80%
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%
$616,280
$616.3K
Cap Rate 7%
$440,200
$440.2K
Cap Rate 9%
$342,378
$342.4K
Market Conditions
NOI Build-Up for 2,500 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
$45.0K $18.00/SF
− Vacancy
−$3.9K −$1.57/SF
EGI
$41.1K $16.43/SF
− OpEx
−$10.3K −$4.11/SF
NOI
$30.8K $12.33/SF
Area
McLean County, IL
Vacancy
8.70%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$616,280
Cap Rate 7%
$440,200
Cap Rate 9%
$342,378
Alternative Uses
Best Use
Specialty Retail
$440.2K
$385.2K – $513.6K
NOI $30,814 @ 7.0% cap · market cap 8.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$521.1K
$456.0K – $608.0K
NOI $36,480 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,611
Businesses Nearby
47k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 86%
Dining 14%
Thorntons
Shops & Services
20,465 visits/mo
0.3 miles
Dollar Tree
Shops & Services
13,733 visits/mo
0.5 miles
Jimmy John's
Dining
4,369 visits/mo
0.1 miles
PNC Bank
Shops & Services
3,968 visits/mo
0.2 miles
SUBWAY
Dining
2,173 visits/mo
0.4 miles
Demographics for 61701, IL
34,497
Population
18,038
Households
1.9
Avg Household Size
37
Median Age
37%
College-Educated
92%
High-School Grad
11.0 sq mi
ZIP Area
3,136
Density / Sq Mi
$55,882
Median Household Income
$37,674
Median Earnings
$873
Median Rent
$138,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Operational Irish-themed bar with an upstairs room suitable for office use or rental, zoned D-2 for retail and/or restaurant ventures.
Where is this bar & pub located?
The property is located at 523 North Main Street Bloomington, IL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Operational Irish‑themed bar in Bloomington’s downtown neighborhood, built in the early 1900s; Approx. 2,500 SF layout includes an upstairs room suitable for office use or rental; Zoned D‑2 for retail and/or restaurant ventures
