New Multifamily Community in
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501 Lutz Rd, Bloomington, IL 61704
New 56-unit multifamily community in Bloomington, construction in 2026.
Property Size63,266 SF
Price / SF$188.09
Days on Market206
Property Features for 501 Lutz Rd
General Information
Standard status
Active
Size
63,266 SF
Class
A
Property subtype
Multifamily
Zoning
R-2
Investment Type
Redevelopment
Building Details
Year Built
2026
Buildings
4
Stories
2
Units
56
Listing Agency:
SVN Core 3
(331) 452-6860
Listed By:
Carrie Tinucci-Troll · License #IL475166842
Source:
Crexi
Added: Jan 27
Changed: Aug 12
Last Checked: Jul 5 at 10:27PM
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.
A new multifamily community, The Vista at Wittenberg, is coming to Bloomington with new construction planned for 2026. Located at 501 Lutz Road, this 56-unit development offers a mix of modern living spaces. The development includes 16 one-bedroom units and 40 two-bedroom units. Interior features include LVT flooring, granite countertops, and upscale appliances, along with a designated in-home office space. All development and site work have already been completed, providing a streamlined path to construction and delivery. The property size is 63266 square feet. Disclaimer: All photos and floor plans are conceptual renderings. Actual building design, finishes, and layouts may differ.
Key Highlights
- New construction (2026) multifamily community.
- 56 units: mix of 1‑bedroom (16) and 2‑bedroom (40) units.
- All development and site work already completed.
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
$385,621
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
3.24%
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%
$7,712,420
$7.7M
Cap Rate 7%
$5,508,871
$5.5M
Cap Rate 9%
$4,284,678
$4.3M
Market Conditions
NOI Build-Up for 63,266 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
$728.8K $11.52/SF
− Vacancy
−$27.7K −$0.44/SF
EGI
$701.1K $11.08/SF
− OpEx
−$315.5K −$4.99/SF
NOI
$385.6K $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%
$7,712,420
Cap Rate 7%
$5,508,871
Cap Rate 9%
$4,284,678
Alternative Uses
Best Use
Apartment 5plus
$5.51M
$4.82M – $6.43M
NOI $385,621 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.19M
$11.54M – $15.39M
NOI $923,177 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 61704, IL
37,129
Population
16,529
Households
2.2
Avg Household Size
38
Median Age
58%
College-Educated
97%
High-School Grad
19.0 sq mi
ZIP Area
1,954
Density / Sq Mi
$93,107
Median Household Income
$59,072
Median Earnings
$1,094
Median Rent
$242,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - New 56-unit multifamily community in Bloomington, construction in 2026.
Where is this apartment building located?
The property is located at 501 Lutz Rd Bloomington, IL.
What is the asking price?
The asking price for this property is $11,900,000.
What are key features of this property?
This property features: New construction (2026) multifamily community.; 56 units: mix of 1‑bedroom (16) and 2‑bedroom (40) units.; All development and site work already completed.
