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    1319 N Veterans Pkwy Bloomington, IL 61704

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    For Lease
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    Multi-tenant building with high visibility and strong signage opportunities.

    Type:Office
    Added:
    Jun 27, 2022
    Days on Market:
    1396
    Last Refresh:
    Mar 17 at 1:18 pm

    Property Features for 1319 N Veterans Pkwy

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1989

    Spaces For Lease

    at 1319 N Veterans Pkwy Contact us

    3-B102 $3 /Mo

    Size
    198 SF
    Type
    Office
    A private single-room office in a collaborative common-area setting—perfect for...
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    Contact us

    Suite 3A $14 /Mo

    Size
    3,580 SF
    Type
    Office
    Ideally suited for healthcare, executive, or administrative use, this thoughtfully...
    show more
    Contact us

    We can help!

    Listing Contact
    Pam Schrof Rieger

    Listing agent Pam Schrof Rieger License #IL 471001082

    Listing office Schrof Companies, Inc.

    Listing date Jun 27, 2022

    Source Crexi

    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 Schrof Companies, Inc.

    Overview

    High-Traffic Commercial Building For Rent

    This multi-tenant building offers a dynamic and professional environment suitable for various business types. The property is home to Twin Nails Salon, which attracts consistent foot traffic and contributes to the location's vibrant atmosphere. Situated on the corner of Veterans Parkway and Clearwater, the building provides excellent visibility and strong signage opportunities in a high-traffic corridor. Ample on-site parking is available for tenants and visitors. The property features well-maintained common areas, reflecting a commitment to quality and professionalism. This location is suitable for businesses seeking exposure, convenience, and a thriving commercial setting.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    AMG Life & Annuities Advertising Agency Planned Parenthood - Bloomington ... Medical Clinic Gaggle Net Inc Marketing & Advertising Jessica Wargo Physician Dr. Erica Hinz Physician

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -88.9522772
    Latitude
    40.4959245

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    FAQs

    What type of property is this?
    Office units - Multi-tenant building with high visibility and strong signage opportunities.
    Where is this office units located?
    The property is located at 1319 N Veterans Pkwy Bloomington, IL.
    What are key features of this property?
    This property features: High‑traffic location on the corner of Veterans Parkway and Clearwater.; Excellent visibility and strong signage opportunities.; Home to Twin Nails Salon, drawing consistent foot traffic.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Pam Schrof Rieger
    Real Estate License ID: IL 471001082
    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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