Office and Warehouse
For Sale
$1,500,000
2406 Market Street, Bloomington, IL 61705
Climate-controlled office and warehouse with six private offices, three bathrooms, large coolers, and four overhead doors.
Property Size14,000 SF
Price / SF$107.14
Days on Market207
Property Features for 2406 Market Street
General Information
Standard status
Active
Size
14,000 SF
Class
AAA
Property subtype
Mixed Use
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$26,103
Amenities
private offices
bathrooms
large coolers
truck delivery areas
concrete drive and loading pad
exterior patio/deck
climate-controlled
Central Air
3
Building Details
Year Built
1995
Construction
steel structure
Listing Agency:
BHHS Central Illinois, REALTORS
(309) 261-3724
Listed By:
Edwin Neaves
(309) 261-3724
Source:
Xome
Added: Jan 17
Changed: Aug 8
Last Checked: Aug 12 at 4:03AM
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 BHHS Central Illinois, REALTORS
Investment Insights
Based on property information with market context.
This Class AAA office and warehouse facility includes a fully climate-controlled building with six private offices and three bathrooms. The setup also features large coolers, multiple truck delivery areas, and four overhead doors, supported by a spacious concrete drive and loading pad for logistics operations. An on-site front office area is designed with a steel structure, along with an exterior patio/deck.
The property is located in Central Illinois, positioned about 2 miles from the I-74 and I-55 interchange, providing access to regional markets including Chicago, Indianapolis, St. Louis, Rockford, Champaign-Urbana, Springfield, and Peoria. It is also described as being just a short distance from the headquarters and main assembly plant for Rivian Electric Motors.
Previously used as a distribution facility for Metagenics vitamins, supplements, and probiotics, the facility is offered for sale with the listed utility expenses: City of Bloomington Water, Nicor Gas, Ameren Electricity, and refuse/trash with the provided monthly or annual amounts.
The property is located in Central Illinois, positioned about 2 miles from the I-74 and I-55 interchange, providing access to regional markets including Chicago, Indianapolis, St. Louis, Rockford, Champaign-Urbana, Springfield, and Peoria. It is also described as being just a short distance from the headquarters and main assembly plant for Rivian Electric Motors.
Previously used as a distribution facility for Metagenics vitamins, supplements, and probiotics, the facility is offered for sale with the listed utility expenses: City of Bloomington Water, Nicor Gas, Ameren Electricity, and refuse/trash with the provided monthly or annual amounts.
Key Highlights
- 1995‑built, fully climate‑controlled office and warehouse with central air
- Includes six private offices and three bathrooms
- Large coolers plus multiple truck delivery areas with four overhead doors
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
$117,403
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
7.83%
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%
$2,348,060
$2.3M
Cap Rate 7%
$1,677,186
$1.7M
Cap Rate 9%
$1,304,478
$1.3M
Market Conditions
NOI Build-Up for 14,000 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
$146.2K $10.44/SF
− Vacancy
−$8.0K −$0.57/SF
EGI
$138.1K $9.87/SF
− OpEx
−$20.7K −$1.48/SF
NOI
$117.4K $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%
$2,348,060
Cap Rate 7%
$1,677,186
Cap Rate 9%
$1,304,478
Alternative Uses
Best Use
Warehouse
$1.68M
$1.47M – $1.96M
NOI $117,403 @ 7.0% cap · market cap 7.83%
Second Best
Industrial
$1.38M
$1.21M – $1.61M
NOI $96,685 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$2.92M
$2.55M – $3.40M
NOI $204,288 @ 7.0% cap · market cap 13.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
102
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61705, IL
14,682
Population
5,378
Households
2.7
Avg Household Size
39
Median Age
57%
College-Educated
98%
High-School Grad
86.9 sq mi
ZIP Area
169
Density / Sq Mi
$120,470
Median Household Income
$67,609
Median Earnings
$1,294
Median Rent
$310,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Climate-controlled office and warehouse with six private offices, three bathrooms, large coolers, and four overhead doors.
Where is this flex space located?
The property is located at 2406 Market Street Bloomington, IL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 1995‑built, fully climate‑controlled office and warehouse with central air; Includes six private offices and three bathrooms; Large coolers plus multiple truck delivery areas with four overhead doors
