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 Market251
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
Listed By:
Carrie Tinucci-Troll · License #IL475166842
(331) 452-6860
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 / Yr
$385,621
Cap Rate
3.24%
Suggested Prices Based on Cap Rates
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
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 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
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Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
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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
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 - 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.
