Versatile Office Property with
For Sale
Contact for pricing
803 E LAFAYETTE ST, Bloomington, IL 61701
Functional office building with training areas and secured outdoor storage.
Property Size13,580 SF
Lot Size1.80 Acres
Price / SF$88.37
Days on Market106
Property Features for 803 E LAFAYETTE ST
General Information
Standard status
Active
Size
13,580 SF
Class
A
Lot size
1.80 Acres
Property subtype
Office, Industrial
Zoning
M1
Building Details
Year Built
1972
Stories
1
Units
1
Listing Agency:
Axis 360 Commercial Real Estate Specialists
(309) 664-3617
Listed By:
Meghan O'Neal-Rogozinski, CCIM · License #Bloomington IL 475159841
Source:
Crexi
Added: May 14
Changed: Aug 14
Last Checked: Aug 26 at 5:09PM
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 Axis 360 Commercial Real Estate Specialists
Investment Insights
Based on property information with market context.
This professional office property offers a combination of executive office space, workforce training areas, operational flexibility, and secured outdoor storage. Situated on a 1.8-acre fenced lot, the property features a thoughtfully designed first floor with two distinct wings, allowing for owner occupancy, multi-department operations, or multi-tenant income potential. The first floor includes an impressive foyer entry with elevator access, an executive conference room, and a private office suite configuration on the east side. The west side is configured with approximately 20 cubicle workstations, separate restroom facilities, and a break room and kitchenette area. The layout is flexible for single-user occupancy, separate tenant suites, or departmental separation. The east side lower level features a large training and meeting room, divisible space for multiple classrooms or collaborative work areas, men’s and women’s restrooms, a small kitchenette area, and ample storage space. It is ideal for safety training, workforce development, team meetings, and continuing education programs. The west side lower level is a previously finished office area ready for renovation and customization, offering an opportunity for expansion, additional tenant space, or operational storage. Exterior and site amenities include a fully fenced property for added security, a separate garage/outbuilding structure, and ample parking and outdoor storage capability. The property is suitable for contractors requiring fleet, equipment, or material storage. The property size is 13580 square feet.
Key Highlights
- Spacious 1.8‑acre fenced lot with secured outdoor storage.
- Versatile property suitable for owner occupancy, multi‑tenant income, or departmental separation.
- Executive office space, conference room, and cubicle workstations on the first floor.
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
$93,784
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
7.82%
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%
$1,875,680
$1.9M
Cap Rate 7%
$1,339,771
$1.3M
Cap Rate 9%
$1,042,044
$1.0M
Market Conditions
NOI Build-Up for 13,580 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
$141.8K $10.44/SF
− Vacancy
−$7.8K −$0.57/SF
EGI
$134.0K $9.87/SF
− OpEx
−$40.2K −$2.96/SF
NOI
$93.8K $6.91/SF
Area
McLean County, IL
Vacancy
5.50%
Lease Rate
$10.44 /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%
$1,875,680
Cap Rate 7%
$1,339,771
Cap Rate 9%
$1,042,044
Alternative Uses
Best Use
Office B
$2.32M
$2.03M – $2.71M
NOI $162,553 @ 7.0% cap · market cap 13.55%
Second Best
Industrial
$1.34M
$1.17M – $1.56M
NOI $93,784 @ 7.0% cap · market cap 7.82%
Theoretical Best
Office A
$2.83M
$2.48M – $3.30M
NOI $198,159 @ 7.0% cap · market cap 16.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
498
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Functional office building with training areas and secured outdoor storage.
Where is this office building located?
The property is located at 803 E LAFAYETTE ST Bloomington, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Spacious 1.8‑acre fenced lot with secured outdoor storage.; Versatile property suitable for owner occupancy, multi‑tenant income, or departmental separation.; Executive office space, conference room, and cubicle workstations on the first floor.
