Remodeled Office Flex
For Sale
Contact for pricing
18 Lafayette Ct, Bloomington, IL 61701
Adaptable M-1 property combines remodeled office space with heated flex area, three bathrooms, showroom, break area, and storage.
Property Size3,200 SF
Price / SF$115.59
Days on Market14
Property Features for 18 Lafayette Ct
General Information
Standard status
Active
Size
3,200 SF
Class
B
Total Parking Spaces
12
Property subtype
Office, Industrial
Zoning
M-1
Additional Details
Office Build-Out
1,000 SF
Amenities
showroom
break area
Building Details
Year Built
1990
Buildings
1
Stories
1
Units
1
Tenancy
Single
Building Size
3,200 SF
Listing Agency:
Vieweg Real Estate
Listed By:
AJ Speasl · License #475.208164
Source:
Crexi
Added: Jul 29
Changed: Aug 11
Last Checked: Aug 10 at 8:08AM
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 Vieweg Real Estate
Investment Insights
Based on property information with market context.
This 3,200 SF flex property, built in 1990, combines a remodeled office component with an adaptable flex area. The office space has heating and cooling, while the flex area is heated. Three bathrooms support the layout, which also includes a showroom, break area, and storage areas. The property can be divided into two units for separate occupancy or operational flexibility.
Located at 18 Lafayette Ct in Bloomington, Illinois, the property carries M-1 zoning. Its combination of office, showroom, service, and storage areas supports a range of commercial configurations within a single building.
Located at 18 Lafayette Ct in Bloomington, Illinois, the property carries M-1 zoning. Its combination of office, showroom, service, and storage areas supports a range of commercial configurations within a single building.
Key Highlights
- 3,200 SF flex property built in 1990
- M‑1 zoning
- Remodeled office space with heating and cooling
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
$26,835
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
7.25%
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%
$536,700
$536.7K
Cap Rate 7%
$383,357
$383.4K
Cap Rate 9%
$298,167
$298.2K
Market Conditions
NOI Build-Up for 3,200 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
$33.4K $10.44/SF
− Vacancy
−$1.8K −$0.57/SF
EGI
$31.6K $9.87/SF
− OpEx
−$4.7K −$1.48/SF
NOI
$26.8K $8.39/SF
Area
McLean County, IL
Vacancy
5.50%
Lease Rate
$10.44 /SF/Yr
Expense Ratio
15.00%
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%
$536,700
Cap Rate 7%
$383,357
Cap Rate 9%
$298,167
Alternative Uses
Best Use
Office B
$547.2K
$478.8K – $638.4K
NOI $38,304 @ 7.0% cap · market cap 10.36%
Second Best
Warehouse
$383.4K
$335.4K – $447.3K
NOI $26,835 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$667.1K
$583.7K – $778.2K
NOI $46,694 @ 7.0% cap · market cap 12.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61701, IL
34,497
Population
18,038
Households
1.9
Avg Household Size
37
Median Age
37%
College-Educated
92%
High-School Grad
11.0 sq mi
ZIP Area
3,136
Density / Sq Mi
$55,882
Median Household Income
$37,674
Median Earnings
$873
Median Rent
$138,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable M-1 property combines remodeled office space with heated flex area, three bathrooms, showroom, break area, and storage.
Where is this flex space located?
The property is located at 18 Lafayette Ct Bloomington, IL.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: 3,200 SF flex property built in 1990; M‑1 zoning; Remodeled office space with heating and cooling
