Multi-Tenant Retail
For Sale
$4,100,000
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$143.99
Days on Market49
Property Features for 1601-1605 Morrissey Dr
General Information
Standard status
Active
Size
28,475 SF
Property subtype
Retail
Net Operating Income
$286,488
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
Changed: Oct 7
Last Checked: Oct 20 at 5:54PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$275,069
Cap Rate
6.71%
Suggested Prices Based on Cap Rates
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
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 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 6.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.94M
$5.19M – $6.93M
NOI $415,507 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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
Similar Off Market Nearby
- Von maur — s veterans pkwy, bloomington, il 61701
- Silvestre — 1402 Commerce Pkwy, Bloomington, IL 61701
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 $4,100,000.
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
