Freestanding Storefront with
New
For Sale
Contact for pricing
409 E WASHINGTON ST, Bloomington, IL 61701
Standalone retail building with private parking and direct street access near downtown Bloomington.
Property Size1,904 SF
Price / SF$136.03
Days on Market7
Property Features for 409 E WASHINGTON ST
General Information
Standard status
Active
Size
1,904 SF
Total Parking Spaces
20
Property subtype
Retail
Building Details
Year Built
1968
Stories
1
Units
1
Listing Agency:
SVN Core 3
(309) 242-8502
Listed By:
Tom Dibble · License #475160875
Source:
Crexi
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 29 at 11:32PM
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 freestanding storefront offers 1,904 square feet of commercial space in a standalone building constructed in 1968. The property includes a dedicated drive-thru lane, a private parking lot, and a separate customer entrance, providing features not typically available in a multi-tenant retail setting.
The building is positioned on E Washington Street in Bloomington, with visibility along an active downtown corridor. Restaurants, shops, daily pedestrian activity, and established businesses are located nearby, while the private parking area provides on-site convenience for customers and occupants.
The building is positioned on E Washington Street in Bloomington, with visibility along an active downtown corridor. Restaurants, shops, daily pedestrian activity, and established businesses are located nearby, while the private parking area provides on-site convenience for customers and occupants.
Key Highlights
- 1,904‑square‑foot freestanding storefront
- Dedicated drive‑thru lane
- Private parking lot at the building
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
$18,393
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
7.10%
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%
$367,860
$367.9K
Cap Rate 7%
$262,757
$262.8K
Cap Rate 9%
$204,367
$204.4K
Market Conditions
NOI Build-Up for 1,904 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
$28.6K $15.00/SF
− Vacancy
−$2.3K −$1.20/SF
EGI
$26.3K $13.80/SF
− OpEx
−$7.9K −$4.14/SF
NOI
$18.4K $9.66/SF
Area
McLean County, IL
Vacancy
8.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$367,860
Cap Rate 7%
$262,757
Cap Rate 9%
$204,367
Alternative Uses
Best Use
Retail
$262.8K
$229.9K – $306.6K
NOI $18,393 @ 7.0% cap · market cap 7.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$396.9K
$347.3K – $463.1K
NOI $27,783 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,637
Businesses Nearby
43k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 90%
Dining 10%
Huck's
Shops & Services
12,574 visits/mo
0.5 miles
Circle K
Shops & Services
10,530 visits/mo
0.3 miles
Dollar General
Shops & Services
6,393 visits/mo
0.5 miles
Jimmy John's
Dining
4,369 visits/mo
0.5 miles
PNC Bank
Shops & Services
3,968 visits/mo
0.3 miles
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Standalone retail building with private parking and direct street access near downtown Bloomington.
Where is this storefront property located?
The property is located at 409 E WASHINGTON ST Bloomington, IL.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: 1,904‑square‑foot freestanding storefront; Dedicated drive‑thru lane; Private parking lot at the building
