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    Central Illinois Warehouse Investment Opportunity Title is generated by Realmo AI

    1815 Morrissey Dr, Bloomington, IL 61704

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    For Sale
    $2,556,000

    59,460 SF warehouse on 9.1 acres near Route 150.

    Type:Industrial
    Property size:
    59,460 SF
    Price / SF:
    $42/SF
    Added:
    Nov 21, 2025
    Days on Market:
    182
    Last Refresh:
    Apr 6 at 12:08 am

    Property Features for 1815 Morrissey Dr

    General Information

    Standard status
    Active
    Size
    59,460 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1964

    We can help!

    Listing Contact
    Jill Spratt

    Listing agent Jill Spratt

    Listing office

    Listing date Nov 21, 2025

    Source Svn

    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 Jill Spratt

    HighLights

    • Sizeable 59,460 sq ft warehouse on 9.1 acres, suitable for various uses.
    • Prime Central Illinois location with excellent accessibility near Route 150 and major interstates.
    • Currently leased to multiple tenants, providing immediate income and flexibility.
    • Proximity to Rivian Automotive Plant (approximately 9 miles).
    • Features 5 drive‑in bays and 4 dock doors.
    • Fully sprinklered with abundant parking and outdoor storage; potential for expansion.

    Overview

    This 59,460 square foot warehouse, situated on a 9.1-acre lot in Central Illinois, presents an investment opportunity. The property is located near Route 150, with access to major interstates, and approximately 9 miles from the Rivian Automotive Plant. Currently leased to multiple tenants with varied lease terms, the building offers immediate income and flexibility for future occupancy or redevelopment. The property is suitable for logistics, manufacturing, distribution, or expansion. The warehouse includes 5 drive-in bays and 4 dock doors and is fully sprinklered. The expansive lot provides parking, outdoor storage capacity, and potential for future expansion. The property is located off Morrissey Drive (Rt. 150) and just north of Rhodes Lane and is centrally located between Chicago, St. Louis, and Indianapolis.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Infinity Martial Arts Training Center Price Cemetery Cemetery Weaver's Rent-All (Bike/Boat/Book/etc) Store Let's Party Rental Rental Equipment Company Diamond Buildings LLC Production Facility

    Suggested Use

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

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

    Similar Places Nearby

    • Tentac Self Storage — 1 Brickyard Dr, Bloomington, IL 61701
    • Ks Distribution Center — Bloomington, IL 61704, United States
    • Gildner Self Storage — 2031 Ireland Grove Rd, Bloomington, IL 61704

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -88.9701
    Latitude
    40.4523

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    FAQs

    What type of property is this?
    Warehouse - 59,460 SF warehouse on 9.1 acres near Route 150.
    Where is this warehouse located?
    The property is located at 1815 Morrissey Dr Bloomington, IL.
    What is the asking price?
    The asking price for this property is $2,556,000.
    What are key features of this property?
    This property features: Sizeable 59,460 sq ft warehouse on 9.1 acres, suitable for various uses.; Prime Central Illinois location with excellent accessibility near Route 150 and major interstates.; Currently leased to multiple tenants, providing immediate income and flexibility.
    (309) 590-7900
    We can help!
    Listing Contact
    Jill Spratt
    Learn More
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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.

    More about this property
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