Multi-Tenant Retail
New
For Sale
$4,600,000
1601-1605 Morrissey Dr, Bloomington, IL 61704
Two-building retail property anchored by Dollar Tree and supported by service, dining, and necessity-oriented tenants.
Property Size28,475 SF
Price / SF$161.55
Days on Market2
Property Features for 1601-1605 Morrissey Dr
General Information
Standard status
Active
Size
28,475 SF
Property subtype
Retail
Net Operating Income
$322,841
Site & Location
Corner Location
Yes
Anchor Co-Tenants
Dollar Tree
Building Details
Buildings
2
Tenancy
Multi
Listing Agency:
Mid-America Real Estate Corporation
Listed By:
Ben Wineman · License #471008161
(630) 954-7336
Source:
Midamericagrp
Added: Sep 2
Last Checked: Sep 2 at 2:18PM
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 Mid-America Real Estate Corporation
Investment Insights
Based on property information with market context.
Morrissey Crossing comprises 28,475 square feet across two buildings configured as a multi-tenant retail center. The property is anchored by Dollar Tree and includes a tenant mix spanning national and regional service providers, dining businesses, and necessity-based retailers. The offering includes the 100% fee simple interest in the center.
The property occupies the southwest corner of Veterans Parkway and Morrissey Drive at 1601-1605 Morrissey Dr in Bloomington, Illinois. Its retail composition combines an established anchor with supporting commercial users serving everyday needs, creating a varied tenant profile within the center.
The property occupies the southwest corner of Veterans Parkway and Morrissey Drive at 1601-1605 Morrissey Dr in Bloomington, Illinois. Its retail composition combines an established anchor with supporting commercial users serving everyday needs, creating a varied tenant profile within the center.
Key Highlights
- 28,475‑square‑foot retail center across two buildings
- Multi‑tenant center anchored by Dollar Tree
- Tenant mix includes national and regional service, dining, and necessity‑based businesses
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
$275,069
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
5.98%
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%
$5,501,380
$5.5M
Cap Rate 7%
$3,929,557
$3.9M
Cap Rate 9%
$3,056,322
$3.1M
Market Conditions
NOI Build-Up for 28,475 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
$427.1K $15.00/SF
− Vacancy
−$34.2K −$1.20/SF
EGI
$393.0K $13.80/SF
− OpEx
−$117.9K −$4.14/SF
NOI
$275.1K $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%
$5,501,380
Cap Rate 7%
$3,929,557
Cap Rate 9%
$3,056,322
Alternative Uses
Best Use
Retail
$3.93M
$3.44M – $4.58M
NOI $275,069 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.94M
$5.19M – $6.93M
NOI $415,507 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
561
Businesses Nearby
104k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Shops & Services 35%
Hotels & Casinos 15%
Beauty & Spa 3%
Starbucks
Dining
17,811 visits/mo
0.1 miles
Double Tree by Hilton
Hotels & Casinos
15,248 visits/mo
0.3 miles
Panera Bread
Dining
13,576 visits/mo
0.3 miles
Dollar Tree
Shops & Services
11,536 visits/mo
0.0 miles
Shell
Shops & Services
10,363 visits/mo
0.2 miles
Demographics for 61704, IL
37,129
Population
16,529
Households
2.2
Avg Household Size
38
Median Age
58%
College-Educated
97%
High-School Grad
19.0 sq mi
ZIP Area
1,954
Density / Sq Mi
$93,107
Median Household Income
$59,072
Median Earnings
$1,094
Median Rent
$242,000
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 - Two-building retail property anchored by Dollar Tree and supported by service, dining, and necessity-oriented tenants.
Where is this shopping center located?
The property is located at 1601-1605 Morrissey Dr Bloomington, IL.
What is the asking price?
The asking price for this property is $4,600,000.
What are key features of this property?
This property features: 28,475‑square‑foot retail center across two buildings; Multi‑tenant center anchored by Dollar Tree; Tenant mix includes national and regional service, dining, and necessity‑based businesses
