Multi-Unit Retail & Studio
1602 Glasson Street #3 Bloomington, IL 61704
1602 Glasson Street #3, Bloomington, IL, 61704
$595,000
For Sale
$595,000
Two connected units offer 4,080 SF with multiple accessible restrooms, a kitchen area, and separated HVAC and utilities.
Property Size4,080 SF
Price / SF$145.83
Days on Market310
Property Features for 1602 Glasson Street #3
General Information
- Standard status
- Active
- Size
- 4,080 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2006
Listing agency
Brilliant Real Estate
(309) 828-4663
Listed by
Nicholas Butzirus
(309) 828-4663
Source
Birdrealtysells
Added: Sep 16, 2025 Updated: Jul 22 at 6:55AM Checked: Jul 22 at 6:55AM
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 Brilliant Real Estate
Investment Insights
Based on property information with market context.
This sale offering includes two connected units, identified as units 2 and 3, on one parcel. The space is currently used as a dance studio, with a professionally designed layout and multiple accessible restrooms plus a kitchen space. Separated HVAC and utilities support flexible day-to-day operation between areas within the property.
The listing describes the site as being in the heart of expanding local subdivisions and developments, positioned between baseball fields, soccer fields, and a golf course.
Unit 4 was originally planned to be included, but it has been sold separately. The doors to unit 4 have been deleted and the area has been re-drywalled and painted where the door openings were, though remnants of the prior configuration appear in some photos taken before the deletion.
The listing describes the site as being in the heart of expanding local subdivisions and developments, positioned between baseball fields, soccer fields, and a golf course.
Unit 4 was originally planned to be included, but it has been sold separately. The doors to unit 4 have been deleted and the area has been re-drywalled and painted where the door openings were, though remnants of the prior configuration appear in some photos taken before the deletion.
Key Highlights
- Built in 2006: versatile commercial/dance studio space with two connected units (Units 2 and 3) on one parcel
- Total 4,080 SF with a kitchen area and multiple accessible restrooms
- Separated HVAC and utilities for improved tenant/usage flexibility across the two units
Local 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 | $61.2k | $15.00 |
| − Vacancy | −$4.9k | −$1.20 |
| EGI | $56.3k | $13.80 |
| − OpEx | −$16.9k | −$4.14 |
| NOI | $39.4k | $9.66 |
4,080 SF · lease $15.00/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$563.0K
$492.7K – $656.9K
NOI $39,413 @ 7.0% cap · market cap 6.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$850.5K
$744.2K – $992.3K
NOI $59,535 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Ireland Grove Dental
Dental Office
Dr. Eric Abreu, ...
Dental Office
All About Dance ...
Training Center
Subway
Take-out & Catering
CottageCare Bloomington & Normal
Hardware & Home Improvement
Similar For Sale Nearby
Similar Off Market Nearby
- Medi-Weightloss Bloomington — 1603 Tullamore Ave Unit A, Bloomington, IL 61704
FAQs
What type of property is this?
Fitness center & gym - Two connected units offer 4,080 SF with multiple accessible restrooms, a kitchen area, and separated HVAC and utilities.
Where is this fitness center & gym located?
The property is located at 1602 Glasson Street #3 Bloomington, IL.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Built in 2006: versatile commercial/dance studio space with two connected units (Units 2 and 3) on one parcel; Total 4,080 SF with a kitchen area and multiple accessible restrooms; Separated HVAC and utilities for improved tenant/usage flexibility across the two units
