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    Four-Unit Building on Empire Street Title is generated by Realmo AI

    1316 East Empire Street, Bloomington, IL 61701

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    For Sale
    $495,000

    Four-unit building with diverse tenants and redevelopment potential.

    Type:Retail
    Property size:
    2,100 SF
    Price / SF:
    $235/SF
    Added:
    Mar 6, 2026
    Days on Market:
    71
    Last Refresh:
    Apr 6 at 12:20 am

    Property Features for 1316 East Empire Street

    General Information

    Standard status
    Active
    Size
    2,100 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Carrie Tinucci-Troll, CCIM
    Carrie Tinucci-Troll, CCIM

    Listing agent Carrie Tinucci-Troll, CCIM License #IL475166842

    Listing office SVN | Core 3

    Listing date Mar 6, 2026

    Source Svn

    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

    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.
    • Suite A recently renovated.
    • Ample parking with two rows of parking on the lower level.
    • Located across from Bloomington Country Club.

    Overview

    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.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $279.3K
    NOI $25,137 @ 9.00% cap · cautious / downside scenario
    Moderate
    $359.1K
    NOI $25,137 @ 7.00% cap · market / base-case scenario
    Aggressive
    $502.7K
    NOI $25,137 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $44.1k $21.00
    − Vacancy −$10.6k −$5.04
    EGI $33.5k $15.96
    − OpEx −$8.4k −$3.99
    NOI $25.1k $11.97
    2,100 SF · lease $21.00/SF/yr · vacancy 24.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $359.1K
    $314.2K – $419.0K (±1% cap)
    NOI $25,137 @ 7.0% cap · market cap 5.08%
    Second Best
    Retail
    $289.8K
    $253.6K – $338.1K (±1% cap)
    NOI $20,286 @ 7.0% cap · market cap 4.10%
    Theoretical Best
    Office A
    $437.8K
    $383.0K – $510.7K (±1% cap)
    NOI $30,643 @ 7.0% cap · market cap 6.19%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    L•U•S•H on Empire Hair Salon Escapetown Bloomington - Escape ... Arcade & Gaming Center McLean County Dance ... Training Center Delta Community Co Atm DNDC Telecommunications Service

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -88.9643
    Latitude
    40.4888

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    FAQs

    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.
    (309) 590-7900
    We can help!
    Listing Contact
    Carrie Tinucci-Troll, CCIM
    Carrie Tinucci-Troll, CCIM
    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.

    More about this property
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