Downtown Condo in Eisenberger
For Sale
$145,000
212 N Center Street #402, Bloomington, IL 61701
Charming 2 bed, 2 bath condo with secure parking.
Property Size938 SF
Price / SF$154.58
Days on Market546
Property Features for 212 N Center Street #402
General Information
Standard status
Active
Size
938 SF
Property subtype
Condominium
Amenities
Central Air
Natural Gas
Microwave
Range
Dishwasher
Refrigerator
Asphalt
Building Details
Building Size
938 SF
Year Built
1927
Listing Agency:
RE/MAX Choice
Listed By:
Becky Gerig · License #475132489
(309) 212-4120
Source:
Kw
Added: Mar 14, 2025
Changed: Sep 9
Last Checked: Jul 16 at 7:33AM
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 RE/MAX Choice
Investment Insights
Based on property information with market context.
This one-story condo is located in the Eisenberger Building in downtown Bloomington, across from the old courthouse. The building features a secure entry and gated parking. Unit #402 includes two bedrooms, two bathrooms, and an open living room that flows into a gallery kitchen. The kitchen is equipped with cabinets and granite countertops, and features brand new ceramic tile flooring. The primary bedroom includes a whirlpool tub, a walk-in closet, and an attached bathroom. All appliances are included. The property also offers storage space in the building's basement, a workout center, and a community lounge/bar. Parking is located behind the building, accessible through an interior door. The HOA fee is $306 and the property size is 938 square feet.
Key Highlights
- Downtown Bloomington location across from the old courthouse.
- Secure building with gated parking.
- Two bedrooms and two bathrooms.
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
$5,717
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
3.94%
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%
$114,340
$114.3K
Cap Rate 7%
$81,671
$81.7K
Cap Rate 9%
$63,522
$63.5K
Market Conditions
NOI Build-Up for 938 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
$10.8K $11.52/SF
− Vacancy
−$411 −$0.44/SF
EGI
$10.4K $11.08/SF
− OpEx
−$4.7K −$4.99/SF
NOI
$5.7K $6.10/SF
Area
McLean County, IL
Vacancy
3.80%
Lease Rate
$11.52 /SF/Yr
Expense Ratio
45.00%
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%
$114,340
Cap Rate 7%
$81,671
Cap Rate 9%
$63,522
Alternative Uses
Best Use
Apartment 5plus
$81.7K
$71.5K – $95.3K
NOI $5,717 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$195.5K
$171.1K – $228.1K
NOI $13,687 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,631
Businesses Nearby
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 Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Charming 2 bed, 2 bath condo with secure parking.
Where is this apartment building located?
The property is located at 212 N Center Street #402 Bloomington, IL.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: Downtown Bloomington location across from the old courthouse.; Secure building with gated parking.; Two bedrooms and two bathrooms.
