Warehouse with Central
For Sale
$799,000
814 W Chestnut Street, Bloomington, IL 61701
Commercial warehouse property with central air and COMMR zoning in Bloomington.
Property Size7,050 SF
Days on Market9
Property Features for 814 W Chestnut Street
General Information
Standard status
Active
Size
7,050 SF
Property subtype
Business Opportunity
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$10,788
Amenities
Central Air
Building Details
Building Size
7,050 SF
Stories
1
Listing Agency:
Coldwell Banker Real Estate Group
(309) 275-3769
Listed By:
Matt Zenor · License #475136938
(309) 275-3769
Source:
Evrealestate
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 11 at 6:53AM
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 Coldwell Banker Real Estate Group
Investment Insights
Based on property information with market context.
This warehouse property is located at 814 W Chestnut Street in Bloomington, Illinois. The building includes central air, providing a noted interior mechanical feature for prospective users.
The property is identified within McLean County and carries COMMR zoning. Access directions reference Center or Main, followed west on Chestnut Street.
The property is identified within McLean County and carries COMMR zoning. Access directions reference Center or Main, followed west on Chestnut Street.
Key Highlights
- Warehouse property in Bloomington, IL
- Central air included
- COMMR zoning
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
$59,121
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
7.40%
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%
$1,182,420
$1.2M
Cap Rate 7%
$844,586
$844.6K
Cap Rate 9%
$656,900
$656.9K
Market Conditions
NOI Build-Up for 7,050 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
$73.6K $10.44/SF
− Vacancy
−$4.0K −$0.57/SF
EGI
$69.6K $9.87/SF
− OpEx
−$10.4K −$1.48/SF
NOI
$59.1K $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%
$1,182,420
Cap Rate 7%
$844,586
Cap Rate 9%
$656,900
Alternative Uses
Best Use
Warehouse
$844.6K
$739.0K – $985.4K
NOI $59,121 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.29M – $1.71M
NOI $102,874 @ 7.0% cap · market cap 12.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,166
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Commercial warehouse property with central air and COMMR zoning in Bloomington.
Where is this warehouse located?
The property is located at 814 W Chestnut Street Bloomington, IL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Warehouse property in Bloomington, IL; Central air included; COMMR zoning
