Medical-Anchored Multi-Tenant
1531 E College Ave Normal, IL 61761
For Sale
Contact for pricing
100% leased, medical-anchored multi-tenant retail property with 85 feet of frontage on East College Avenue.
Property Size9,120 SF
Lot Size0.74 Acres
Price / SF$269.41
Days on Market123
Property Features for 1531 E College Ave
General Information
- Standard status
- Active
- Size
- 9,120 SF
- Lot size
- 0.74 Acres
- Property subtype
- RETAIL
Listing Agency:
Greenstone Partners - Corporate
(312) 614-1498
Listed By:
Brewster Hague
(312) 614-1498
Source:
Moodyscre
Added: Mar 24
Changed: Jul 23
Last Checked: Jul 23 at 3:19AM
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 Greenstone Partners - Corporate
Investment Insights
Based on property information with market context.
This 100% leased, multi-tenant retail investment features a 9,120-square-foot building on a 32,069-square-foot land parcel with 85 feet of frontage along East College Avenue. Fresenius Medical Care occupies 77% of the GLA and has operated at the location for more than 12 years, with a recently extended lease through 2030.
The property is medical anchored by Fresenius Medical Care and is positioned near Veterans Parkway in Bloomington-Normal’s retail corridor. The offering includes 100% fee-simple interest.
Retail within a one-mile radius shows 2.9% vacancy across 2.4 million square feet, and the surrounding trade area is supported by national and regional retailers including Walmart, Target, Sam’s Clubs, Menards, TJ Maxx, and HomeGoods.
The property is medical anchored by Fresenius Medical Care and is positioned near Veterans Parkway in Bloomington-Normal’s retail corridor. The offering includes 100% fee-simple interest.
Retail within a one-mile radius shows 2.9% vacancy across 2.4 million square feet, and the surrounding trade area is supported by national and regional retailers including Walmart, Target, Sam’s Clubs, Menards, TJ Maxx, and HomeGoods.
Key Highlights
- 100% fee‑simple interest in a 9,120 SF medical‑anchored, multi‑tenant retail building in Normal, IL
- 100% leased property with Fresenius Medical Care occupying 77% of the GLA
- Fresenius operates at the location for over 12 years and extended its lease through 2030
Financial Insights For Retail
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $136.8k | $15.00 |
| − Vacancy | −$10.9k | −$1.20 |
| EGI | $125.9k | $13.80 |
| − OpEx | −$37.8k | −$4.14 |
| NOI | $88.1k | $9.66 |
9,120 SF · lease $15.00/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.26M
$1.10M – $1.47M
NOI $88,099 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $133,079 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Papa Murphy's | Take ...
Restaurant
UNDERGROUND BARBERSHOP
Barber Shop
Similar Off Market Nearby
- College Hills Plaza — 1503 E College Ave, Normal, IL 61761
- Shoppes At College Hills — 314 Towanda Ave, Normal, IL 61761
- fi.d.o — Petco, 1700 E College Ave, Normal, IL 61761
- Coinstar Kiosk | Bitcoin ATM — Kroger - Central, 1550 E College Ave, Normal, IL 61761
- Coinstar Kiosk - Bitcoin ATM — 2103 N Veterans Pkwy 3 Jewel, Bloomington, IL 61704
FAQs
What type of property is this?
Shopping center - 100% leased, medical-anchored multi-tenant retail property with 85 feet of frontage on East College Avenue.
Where is this shopping center located?
The property is located at 1531 E College Ave Normal, IL.
What is the asking price?
The asking price for this property is $2,457,000.
What are key features of this property?
This property features: 100% fee‑simple interest in a 9,120 SF medical‑anchored, multi‑tenant retail building in Normal, IL; 100% leased property with Fresenius Medical Care occupying 77% of the GLA; Fresenius operates at the location for over 12 years and extended its lease through 2030
