Four-Unit Building on Empire
For Sale
$495,000
1316 East Empire Street, Bloomington, IL 61701
Four-unit building with diverse tenants and redevelopment potential.
Property Size11,527 SF
Price / SF$235.71
Days on Market167
Property Features for 1316 East Empire Street
General Information
Standard status
Active
Size
11,527 SF
Property subtype
Retail
Building Details
Building Size
11,527 SF
Listing Agency:
SVN | Core 3
(331) 452-6860
Listed By:
Carrie Tinucci-Troll, CCIM · License #IL475166842
(331) 452-6860
Source:
Svn
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 20 at 5:19AM
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.
This four-unit building is located along a busy thoroughfare. One suite was renovated in recent years and is currently leased to a beauty salon. Another suite houses an escape room. A dance studio has occupied another suite for approximately eight years. One suite, comprising 2,100 square feet, is currently vacant, presenting an opportunity for retail or office use, or for an owner-occupier. The property includes two rows of parking on the lower level. The building is located on the frontage road along Empire Street, between Veterans Avenue and Towanda Avenue, across from the Bloomington Country Club. The location offers high visibility.
Key Highlights
- Central location on a busy thoroughfare (E. Empire) offers high visibility.
- Mix of established tenants (beauty salon, escape room, dance studio) provides immediate income.
- One 2,100 SF vacancy presents an opportunity for new tenant or owner‑occupier.
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
$20,286
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
4.10%
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%
$405,720
$405.7K
Cap Rate 7%
$289,800
$289.8K
Cap Rate 9%
$225,400
$225.4K
Market Conditions
NOI Build-Up for 2,100 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
$31.5K $15.00/SF
− Vacancy
−$2.5K −$1.20/SF
EGI
$29.0K $13.80/SF
− OpEx
−$8.7K −$4.14/SF
NOI
$20.3K $9.66/SF
Area
McLean County, IL
Vacancy
8.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$405,720
Cap Rate 7%
$289,800
Cap Rate 9%
$225,400
Alternative Uses
Best Use
Retail
$289.8K
$253.6K – $338.1K
NOI $20,286 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$437.8K
$383.0K – $510.7K
NOI $30,643 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,053
Businesses Nearby
120k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 63%
Shops & Services 28%
Home Improvements & Furnishings 9%
Kohl's
Apparel
66,675 visits/mo
0.4 miles
PetSmart
Shops & Services
18,286 visits/mo
0.5 miles
Harbor Freight Tools
Home Improvements & Furnishings
9,524 visits/mo
0.2 miles
DSW Designer Shoe Warehouse
Apparel
7,564 visits/mo
0.4 miles
Dollar General
Shops & Services
5,643 visits/mo
0.1 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.
Frequently Asked Questions
What type of property is this?
Retail space - Four-unit building with diverse tenants and redevelopment potential.
Where is this retail space located?
The property is located at 1316 East Empire Street Bloomington, IL.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Central location on a busy thoroughfare (E. Empire) offers high visibility.; Mix of established tenants (beauty salon, escape room, dance studio) provides immediate income.; One 2,100 SF vacancy presents an opportunity for new tenant or owner‑occupier.
