Medical-Anchored Multi-Tenant
For Sale
Contact for pricing
1531 E College Ave, Normal, IL 61761
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 Market168
Property Features for 1531 E College Ave
General Information
Standard status
Active
Size
9,120 SF
Lot size
0.74 Acres
Property subtype
RETAIL
Occupancy
100%
Additional Details
Road Access
Yes
Building Details
Tenancy
Multi
Listing Agency:
Greenstone Partners - Corporate
(312) 702-0146
Listed By:
Brewster Hague · License #475165689
(312) 614-1498
Source:
Moodyscre
Added: Mar 24
Changed: Aug 16
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
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
$88,099
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
3.59%
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%
$1,761,980
$1.8M
Cap Rate 7%
$1,258,557
$1.3M
Cap Rate 9%
$978,878
$978.9K
Market Conditions
NOI Build-Up for 9,120 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
$136.8K $15.00/SF
− Vacancy
−$10.9K −$1.20/SF
EGI
$125.9K $13.80/SF
− OpEx
−$37.8K −$4.14/SF
NOI
$88.1K $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%
$1,761,980
Cap Rate 7%
$1,258,557
Cap Rate 9%
$978,878
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,229
Businesses Nearby
1M
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Apparel 17%
Shops & Services 16%
Superstores 11%
Target
Superstores
112,517 visits/mo
0.2 miles
Chick-fil-A
Dining
67,154 visits/mo
0.1 miles
T.J. Maxx
Apparel
62,315 visits/mo
0.3 miles
Portillo's
Dining
43,206 visits/mo
0.3 miles
McDonald's
Dining
40,572 visits/mo
0.0 miles
Demographics for 61761, IL
53,045
Population
22,037
Households
2.4
Avg Household Size
28
Median Age
52%
College-Educated
98%
High-School Grad
42.6 sq mi
ZIP Area
1,245
Density / Sq Mi
$66,642
Median Household Income
$28,606
Median Earnings
$976
Median Rent
$200,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
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
