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    1603-1605 Morrissey Dr Bloomington, IL 61704

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    For Lease
    Contact for pricing

    Prime Retail Space, Veterans Parkway Visibility

    Lot size:
    23,181 SF

    Property Features for 1603-1605 Morrissey Dr

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    23,181 SF
    Class
    B
    Total Rate
    23181

    Spaces For Lease

    at 1603-1605 Morrissey Dr, Bloomington, IL 61704 Contact us
    Unit 1605 - Unit 101

    $15 /Mo

    Size
    4,120 SF
    Contact us

    We can help!

    Listing Contact
    Carrie Tinucci-Troll
    Carrie Tinucci-Troll

    Listing Agency: SVN Core 3 Listing Agent: Carrie Tinucci-Troll

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

    Learn more

    Overview

    Morrissey Crossing, a Class B retail pad strip center in Bloomington, Illinois, presents exceptional lease opportunities. Located at 1603-1605 Morrissey Drive, this property boasts high visibility from Veterans Parkway, a major thoroughfare. The center offers a total of 23,181 square feet of retail space, with multiple tenancy options available. Units range from a minimum of 1,500 square feet to a maximum contiguous space of 19,465 square feet. Currently, 27,563 square feet is vacant, presenting significant potential for new businesses. The property sits on a 2.32-acre lot (APN 21-15-203-008) and is zoned B-1. Ample parking is available for customers and employees. Recent improvements include fresh paint throughout the center. This location offers excellent access and exposure, making it an ideal choice for retailers seeking a high-traffic area in McLean County. The property's strategic placement at the southwest corner of Veterans Parkway and Morrissey Drive ensures strong visibility and convenient access for customers. This is a rare opportunity to secure prime retail space in a thriving Bloomington location. Contact us today to learn more about available spaces and lease terms.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -88.9728746
    Latitude
    40.4591016

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    FAQs

    What type of property is this?
    Retail property - Prime Retail Space, Veterans Parkway Visibility
    Where is this retail property located?
    The property is located at 1603-1605 Morrissey Dr Bloomington, IL.
    What is the lease rate?
    The lease rate is $0.00-$15 SF/Yr.
    What are key features of this property?
    This property features: High visibility from Veterans Parkway with ample on-site parking.; Excellent redevelopment potential for both suites.; Recently upgraded building and parking area.
    (331) 452-6860 Call to check price and availability
    Request Owner's contact information
    1603-1605 Morrissey Dr Bloomington, IL 61704
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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.

    More about this property
    1603-1605 Morrissey Dr Bloomington, IL 61704
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Carrie Tinucci-Troll
    Carrie Tinucci-Troll
    Real Estate License ID: IL475166842
    (331) 452-6860 (309) 590-7900
    Learn more
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