Multi-Tenant Flex
New
For Sale
$1,985,000
200 E Lafayette St, Bloomington, IL 61701
Modular industrial space combines warehouse bays, office suites, loading facilities, and fenced outdoor storage.
Property Size18,870 SF
Lot Size1.52 Acres
Price / SF$105.19
Days on Market4
Property Features for 200 E Lafayette St
General Information
Standard status
Active
Size
18,870 SF
Class
C
Lot size
1.52 Acres
Property subtype
Industrial - Flex - Industrial
Zoning
M-1
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Span
Yes
Dock-High Doors
2
Drive-In Doors
6
Building Details
Building Size
18,870 SF
Year Built
1973
Buildings
1
Units
8
Tenancy
Multi
Listing Agency:
SVN | Core 3
Listed By:
Jill Spratt · License #471022624
(217) 722-3584
Source:
Commercialcafe
Added: Sep 21
Last Checked: Sep 24 at 7:08AM
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 SVN | Core 3
Investment Insights
Based on property information with market context.
This multi-tenant flex property in Bloomington, IL, contains 18,870 square feet on 1.52 acres and carries M-1 zoning. The building offers clear-span warehouse bays, six drive-in doors, two exterior docks, street-front office suites, finished lower-level space, and a fenced outdoor storage lot. Its modular layout allows spaces to be combined or divided for different occupancy requirements.
Most leases run through 2030 and include annual escalations, supporting the property’s existing multi-tenant configuration. The asset is positioned for an investor or an owner-user seeking a combination of industrial, warehouse, and office functionality. Nearby Central Illinois Regional Airport, Illinois State University, and the Intermodal Transportation Facility add established institutional and transportation context to the Bloomington setting.
Most leases run through 2030 and include annual escalations, supporting the property’s existing multi-tenant configuration. The asset is positioned for an investor or an owner-user seeking a combination of industrial, warehouse, and office functionality. Nearby Central Illinois Regional Airport, Illinois State University, and the Intermodal Transportation Facility add established institutional and transportation context to the Bloomington setting.
Key Highlights
- 18,870 SF flex and industrial building on 1.52 acres
- M‑1 zoning with clear‑span warehouse bays
- Six drive‑in doors and two exterior docks
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
$158,242
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
7.97%
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%
$3,164,840
$3.2M
Cap Rate 7%
$2,260,600
$2.3M
Cap Rate 9%
$1,758,244
$1.8M
Market Conditions
NOI Build-Up for 18,870 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
$197.0K $10.44/SF
− Vacancy
−$10.8K −$0.57/SF
EGI
$186.2K $9.87/SF
− OpEx
−$27.9K −$1.48/SF
NOI
$158.2K $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%
$3,164,840
Cap Rate 7%
$2,260,600
Cap Rate 9%
$1,758,244
Alternative Uses
Best Use
Warehouse
$2.26M
$1.98M – $2.64M
NOI $158,242 @ 7.0% cap · market cap 7.97%
Second Best
Industrial
$1.86M
$1.63M – $2.17M
NOI $130,317 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$3.93M
$3.44M – $4.59M
NOI $275,351 @ 7.0% cap · market cap 13.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Dock-high doors
6
Drive-in doors
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
350
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Modular industrial space combines warehouse bays, office suites, loading facilities, and fenced outdoor storage.
Where is this flex space located?
The property is located at 200 E Lafayette St Bloomington, IL.
What is the asking price?
The asking price for this property is $1,985,000.
What are key features of this property?
This property features: 18,870 SF flex and industrial building on 1.52 acres; M‑1 zoning with clear‑span warehouse bays; Six drive‑in doors and two exterior docks
