Add Listing
    For Sale
    • 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

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Prime Medical Office, Two Suites, 5,926 SF

    Property size:
    5,926 SF

    Property Features for 2206 Cottage Ave

    General Information

    Property type
    Medical Office Space
    Square Feet
    5,926 SF
    Lot Size
    75,794 SF

    Building Details

    Year Built
    2006
    Stories
    2
    Units
    2

    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 two-story medical office building, located at 2206 E Cottage Ave in Bloomington, Illinois (61701), presents a unique owner-user opportunity. The property, built in 2006, sits on a 1.74-acre lot and boasts a total of 5,926 square feet, with 4,000 square feet currently leased. The building is zoned B-1 and features two distinct suites. Suite B, encompassing approximately 4,000 square feet, is currently occupied under a recently signed ten-year lease with renewal options. A virtual tour is available online. Suite A, offering approximately 1,926 square feet, is available for immediate occupancy and can be finished to suit the needs of a new owner-user. This property offers a blend of immediate income generation and the potential for customized expansion, making it an ideal investment for medical professionals or investors seeking a strong return. The property's APN is 14-32-128-025. This is a rare opportunity to acquire a well-located, established medical office building in McLean County, Illinois. The property is ready for immediate income and future growth. Don't miss this chance to own a piece of Bloomington's thriving medical community.
    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 Sale

    • $979,000
      42,000 SF

      Landmark Building in Downtown Bloomington

      Landmark commercial building with multiple potential uses in downtown Bloomington.
      303 S Main St, Bloomington, IL 61701
      View Details
    • New
      $1,200,000
      4,800 SF

      Prime Retail Opportunity in Lincolnwood

      Retail space for sale in high-traffic Lincolnwood location.
      3921 W Touhy Ave, Lincolnwood, IL 60712
      View Details
    • $329,900
      0.13 Acres

      Bloomington Multifamily Investment Opportunity

      Three units with diversified cash flow in a prime location.
      802 E Grove St, Bloomington, IL 61701
      View Details
    • $215,000
      0.17 Acres

      Updated Duplex Near Downtown

      Turnkey, furnished duplex with immediate income potential near downtown.
      308 Low St, Bloomington, IL 61701
      View Details
    • $224,900

      Turnkey Multifamily Property in Bloomington

      Well-maintained 3-unit property with major updates and strong rental appeal.
      1003 W Jackson St, Bloomington, IL 61701
      View Details
    • $399,000
      4,093 SF

      Updated Mixed-Use Commercial Building

      Extensively updated, commercially-zoned building suitable for business and residence.
      2306 Maysel St, Bloomington, IL 61701
      View Details
    • $2,489,000
      10,500 SF

      Lincolnwood Commercial and Retail District

      Two-building commercial property in Lincolnwood's retail district.
      6731-6733 N Lincoln Ave, Lincolnwood, IL 60712
      View Details
    • New
      $70,000
      Pending

      Bloomington Duplex Ready for Renovation

      Duplex in Bloomington, ready to customize or convert to single-family.
      819 Bell St, Bloomington, IL 61701
      View Details
    • $1,200,000
      4,800 SF

      Prime Retail Opportunity in Lincolnwood

      Updated retail space in high-traffic Lincolnwood location.
      3921 W Touhy Ave, Lincolnwood, IL 60712
      View Details
    • New
      $195,000
      0.22 Acres

      Updated Duplex Investment Opportunity

      Recently updated two-unit property in Bloomington, Illinois.
      610 E Mulberry St, Bloomington, IL 61701
      View Details
    • New
      $289,000

      Charming Three-Unit Investment Property

      Updated three-unit property with stained glass, hardwood floors, and tenants.
      307 S Mclean St, Bloomington, IL 61701
      View Details
    • New
      $275,000

      Bloomington Investment Property For Sale

      Well-maintained four-unit property with recent updates and improvements.
      1207 Orchard Rd, Bloomington, IL 61701
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Prime Medical Office, Two Suites, 5,926 SF
    Where is this medical office space located?
    The property is located at 2206 Cottage Ave Bloomington, IL.
    What are key features of this property?
    This property features: Suite B: 4,000 SF medical office space with a new 10-year lease including renewal options.; Approximately 4,000 square feet of leased space.; Recently signed 10-year lease with renewal options for Suite B.
    (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!