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    Bloomington-Normal Land Opportunity Title is generated by Realmo AI

    Veterans Parkway & Mercer Avenue, Bloomington, IL 61701

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    Land available in a strong economic and college community.

    Type:Land
    Added:
    May 4, 2017
    Days on Market:
    3315
    Last Refresh:
    May 19 at 8:59 pm

    Property Features for Veterans Parkway & Mercer Avenue

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Meghan O'Neal-Rogozinski, CCIM
    Meghan O'Neal-Rogozinski, CCIM

    Listing agent Meghan O'Neal-Rogozinski, CCIM License #Bloomington IL 475159841

    Listing office Axis 360 Commercial Real Estate Specialists

    Listing date May 4, 2017

    Source Crexi

    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

    HighLights

    • Strong, diversified local economy driven by major employers.
    • Home to multiple higher education institutions, contributing to a vibrant college community.
    • Nationally recognized as a desirable place to live, including rankings as a top livable college town and small city.
    • Significant job opportunities with major employers such as State Farm and Rivian Automotive.
    • Strong transportation infrastructure including four major railroad lines, Amtrak, and the Central Illinois Regional Airport.
    • Ranked #1 as the "Happiest City in America".

    Overview

    Bloomington-Normal presents a desirable market with a diversified economy. Bloomington, the county seat of McLean County, IL, is home to the world headquarters of State Farm Insurance, employing 14,500 individuals, and Country Financial, with 2,025 employees. Other major employers contributing to industry diversification include Illinois State University with 3,940 employees, Rivian Automotive with 7,500 employees, and OSF Healthcare with 1,286 employees. Additional notable employers are Nussbaum Transportation, Beer Nuts Brand Snacks, and Brandt Industries, drawn to McLean County's highly productive agricultural sector. The twin cities benefit from service by four major railroad lines and Amtrak, along with air transportation via the Central Illinois Regional Airport, catering to commuter, corporate, and private aircraft. Normal is home to Illinois State University with 20,784 students and Heartland Community College with 5,280 students. Bloomington also hosts Illinois Wesleyan University, enrolling 1,649 students. These higher education institutions have experienced growth, expanding engineering programs, business incubators, and healthcare programs. Bloomington Ranks #64 in Best Places to Live in the US in 2022. Bloomington-Normal is ranked in the top 10 among “Most Livable College Towns in America” Strategistico, 2022. Bloomington-Normal is ranked in the top 20 among “Most Livable Small Cities in the U.S.” Bloomington-Normal is ranked #3 in Illinois among “Start-Up City Rankings” Bloomington-Normal is ranked #1 among the "Happiest City in America".
    Location Intelligence

    Current Use by Public Records

    Land

    Map

    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -88.992
    Latitude
    40.4766

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    FAQs

    What type of property is this?
    Land - Land available in a strong economic and college community.
    Where is this land located?
    The property is located at Veterans Parkway & Mercer Avenue Bloomington, IL.
    What are key features of this property?
    This property features: Strong, diversified local economy driven by major employers.; Home to multiple higher education institutions, contributing to a vibrant college community.; Nationally recognized as a desirable place to live, including rankings as a top livable college town and small city.
    (309) 664-3617 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Meghan O'Neal-Rogozinski, CCIM
    Meghan O'Neal-Rogozinski, CCIM
    Real Estate License ID: Bloomington IL 475159841
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    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.

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