Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2206 Cottage Ave Bloomington, IL 61701

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Modern medical office, ample space available.

    Lot size:
    5,926 SF

    Property Features for 2206 Cottage Ave

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    5,926 SF

    Building Details

    Year Built
    2006

    Spaces For Lease

    at 2206 Cottage Ave, Bloomington, IL 61701 Contact us

    We can help!

    Listing Contact
    Mike Talkington
    Mike Talkington

    Listing Agency: Axis 360 Commercial Real Estate Specialists Listing Agent: Mike Talkington

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 5,926 square foot medical office building, situated on a 1.74-acre lot in McLean County, presents a unique investment opportunity. Built in 2006 and zoned B-1, the property features two distinct suites. Suite B, a substantial 4,000 square foot space, is currently occupied under a recently signed ten-year lease with renewal options, offering immediate and long-term income potential. A virtual tour is available online. Suite A, encompassing the remaining square footage, is available for lease to a user/owner, allowing for complete customization to meet specific needs and preferences. The property's APN is 14-32-128-025. This versatile property is ideal for medical professionals seeking established space or those looking to build their practice in a prime location. The multiple tenancy structure provides flexibility and potential for diverse income streams. The building offers a blend of immediate income generation and future development potential, making it an attractive proposition for discerning investors and medical practitioners alike. The property's location and zoning provide excellent accessibility and visibility. Don't miss this chance to acquire a well-situated and income-producing medical office building.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Cottage Dental Care Dental Office Dennis Krug Dental Office

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -89.0123475
    Latitude
    40.5008574

    Nearby Similar for Lease

    • New
      Contact for pricing

      East Side Office Condo

      Partially furnished, recently renovated office condo for lease.
      1713 Tullamore Ave, Bloomington, IL 61704
      View Details
    • Contact for pricing
      24,829 SF

      Remodeled Office Building Near I-94

      Lincolnwood office building with modern amenities and convenient highway access.
      7300 N Cicero Ave, Lincolnwood, IL 60712
      View Details
    • Contact for pricing
      24,829 SF

      Remodeled Office Space in Lincolnwood

      Newly remodeled office space with 24-hour access and free parking.
      7300 N Cicero Ave, Lincolnwood, IL 60712
      View Details
    • Contact for pricing

      Retail Suite in Washington Center

      Retail suite available in high-traffic Bloomington location.
      2303 E Washington St, Bloomington, IL 61704
      View Details
    • Contact for pricing

      Bloomington Office Space For Rent

      Office space available in a central Bloomington location.
      901 E Grove St, Bloomington, IL 61701
      View Details
    • Contact for pricing

      Office Space in Central Location

      Office space for rent in Bloomington, Illinois.
      901 E Grove St, Bloomington, IL 61701
      View Details
    • Contact for pricing

      Office Space in Central Location

      Office space for rent in Bloomington, Illinois.
      901 E Grove St, Bloomington, IL 61701
      View Details
    • Contact for pricing

      Office Space in Central Location

      Office space for rent in a central Bloomington location.
      901 E Grove St, Bloomington, IL 61701
      View Details
    • Contact for pricing

      Office Space in Central Location

      Office space for rent in Bloomington, Illinois.
      901 E Grove St, Bloomington, IL 61701
      View Details
    • Contact for pricing

      Office Space in Central Location

      Office space for rent in a central Bloomington location.
      901 E Grove St, Bloomington, IL 61701
      View Details
    • Contact for pricing

      Professional Office Space Available

      Configured space suitable for healthcare, executive, or administrative use.
      1319 N Veterans Pkwy, Bloomington, IL 61704
      View Details
    • Contact for pricing

      Office Space in Bloomington, IL

      Office space available for rent near established business park.
      2201 Eastland Dr, Bloomington, IL 61704
      View Details

    FAQs

    What type of property is this?
    Medical office - Modern medical office, ample space available.
    Where is this medical office located?
    The property is located at 2206 Cottage Ave Bloomington, IL.
    What are key features of this property?
    This property features: 5,926 SF medical office building on 1.74 acres in McLean County.; 4,000 SF of vacant space available for lease.; Multiple tenancy building.
    (309) 662-9333 Call to check price and availability
    Request Owner's contact information
    2206 Cottage Ave Bloomington, IL 61701
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2206 Cottage Ave
    Bloomington, IL 61701
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2206 Cottage Ave Bloomington, IL 61701
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Mike Talkington
    Mike Talkington
    Real Estate License ID: 475160216
    (309) 662-9333 (309) 530-4913
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!