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    Normal, Illinois Retail Center Title is generated by Realmo AI

    1715 Bradford Ln, Normal, IL 61761

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    Commercial retail center in Normal, Illinois, with high visibility.

    Type:Retail, Office
    Added:
    Jun 27, 2024
    Days on Market:
    709
    Last Refresh:
    May 12 at 10:06 pm

    Property Features for 1715 Bradford Ln

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office

    Building Details

    Year Built
    2008

    Spaces For Lease

    at 1715 Bradford Ln Contact us

    $16/Mo

    Size
    16 SF
    Type
    Retail, Office
    Contact us

    We can help!

    Listing Contact
    Michael McFarland

    Listing agent Michael McFarland License #IL 471.018307

    Listing office Road Runner Consulting

    Listing date Jun 27, 2024

    Source Crexi

    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 Road Runner Consulting

    HighLights

    • Prime location at the intersection of Interstates 55, 74, and 39, offering high visibility and accessibility.
    • Part of the Constitution Trail Centre, benefiting from high foot traffic from the Constitution Trail and nearby businesses.
    • Diverse mix of tenants, including retail stores, restaurants (Subway), and services (Verizon Authorized Retailer (BeMobile) and Athletico Physical Therapy).
    • Easily accessible from Illinois State University and Heartland Community College.
    • Ample parking available.
    • Built in 2008, indicating relatively modern construction.

    Overview

    The commercial retail center at 1715 Bradford Lane is located in Normal, Illinois. The property is situated at the intersection of Interstates 55, 74, and 39, providing high visibility and accessibility. As part of the Constitution Trail Centre, the location includes a mix of retail stores, restaurants such as Subway, and services including Verizon Authorized Retailer (BeMobile) and Athletico Physical Therapy. Ample parking is available. The property is easily accessible from Illinois State University and Heartland Community College and benefits from high foot traffic from nearby businesses and the Constitution Trail.
    Property Profile Location Intelligence

    Current Use by Public Records

    Subway Take-out & Catering Starbucks Cafe & Coffee Shop Athletico Physical Therapy ... Medical Clinic Daniel Finn Physician Richard Medina Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Von maur il — 1101 N Main St, Normal, IL 61761, United States

    Location Insight

    • Map
    • Local Demand
    City
    Normal
    County
    McLean
    State
    Illinois
    Longitude
    -88.994414
    Latitude
    40.5324057

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    FAQs

    What type of property is this?
    Shopping center - Commercial retail center in Normal, Illinois, with high visibility.
    Where is this shopping center located?
    The property is located at 1715 Bradford Ln Normal, IL.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Prime location at the intersection of Interstates 55, 74, and 39, offering high visibility and accessibility.; Part of the Constitution Trail Centre, benefiting from high foot traffic from the Constitution Trail and nearby businesses.; Diverse mix of tenants, including retail stores, restaurants (Subway), and services (Verizon Authorized Retailer (BeMobile) and Athletico Physical Therapy).
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Michael McFarland
    Real Estate License ID: IL 471.018307
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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