Freestanding Monro Auto Investment
1809 Eastland Dr, Bloomington, IL 61704
NNN leased auto service property in Bloomington, Illinois.
Type:Retail
Property size:
10,676 SFPrice / SF:
$126/SF- Added:
- Feb 9, 2023
- Days on Market:
- 1198
- Last Refresh:
- May 19 at 9:14 pm
Property Features for 1809 Eastland Dr
General Information
- Standard status
- Active
- Size
- 10,676 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1994
Listing agent Chad Lieber License #CA License No. 02185827
Listing office SRS Real Estate Partners San Diego
Listing date Feb 9, 2023
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 SRS Real Estate Partners San Diego
HighLights
- Absolute NNN lease with limited landlord responsibilities, ideal for passive investors.
- Monro Auto is a leading national automotive service provider with over 1,300 stores and $1.4 billion in 2022 sales.
- Located at a high‑traffic intersection (54,000 VPD) on State Highway 55, a major retail corridor.
- Proximity to two universities (Western University and Illinois State University) provides a strong consumer base.
- Located in a dense retail corridor with strong tenant synergy, near major retailers like Walmart, Target, and Lowes.
- Dense 5‑mile trade area with over 131,000 residents, 103,000 daytime employees, and a $98,000+ average household income.
Overview
This freestanding Monro Auto Service property is located in Bloomington, Illinois. The tenant, Monro Muffler Brake, Inc., has approximately 4 years remaining in their current term with 3 (5-year) options to extend. The lease features 10% rental increases at the beginning of each option period. The lease is absolute NNN with limited landlord responsibilities. Monro Auto is one of the nation’s leading automotive service providers with over 1,300 stores and 9,000 service bays nationwide. Monro generated approximately $1.4 billion in sales in fiscal year 2022. The property is located near the signalized intersection of State Highway 55 and Eastland Drive, which serves over 54,000 vehicles per day. It also benefits from nearby direct access to State Highway 9 (23,900 VPD). The site is located less than 3-miles Southeast of both Western University (9,441 students) and Illinois State University (21,039 students). The asset is within close proximity to multiple national/credit tenants including Walmart Supercenter, Target, Lowes, Hobby Lobby, Meijer, Kroger, Ross, TJ Maxx, Home Goods, and Walgreens. The site is within walking distance from Central Illinois Regional Airport. The subject property is near OSF St. Joseph Medical Center (149 beds) and Carle BroMenn Medical Center (221 beds). The 5-mile subject trade area is supported by more than 131,000 residents and 103,000 daytime employees who earn an average household income of more than $98,000. The property size is 10,676 square feet.
Financial Insights
Value Estimation Calculated for Retail
Conservative
$1.15M
NOI $103,130 @ 9.00% cap · cautious / downside scenario
Moderate
$1.47M
NOI $103,130 @ 7.00% cap · market / base-case scenario
Aggressive
$2.06M
NOI $103,130 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $160.1k | $15.00 |
| − Vacancy | −$12.8k | −$1.20 |
| EGI | $147.3k | $13.80 |
| − OpEx | −$44.2k | −$4.14 |
| NOI | $103.1k | $9.66 |
10,676 SF · lease $15.00/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Use Scenarios
Best Use
Retail
$1.47M
$1.29M – $1.72M
NOI $103,130 @ 7.0% cap · market cap 7.64%
Second Best
Industrial
$1.05M
$921.6K – $1.23M
NOI $73,729 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$2.23M
$1.95M – $2.60M
NOI $155,784 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Car-X Tire & Auto ...
Auto Repair Shop
Similar Places Nearby
- Owen Tire & Auto — 1502 E Empire St, Bloomington, IL 61701
- MGT Films - Bloomington, Illinois — 1701 E Empire St suite 360-23, Bloomington, IL 61704
- Car-X Tire & Auto / Davis Tire — 1809 Eastland Dr, Bloomington, IL 61704
- Scotts Car Towings — 2203 Eastland Dr #1, Bloomington, IL 61704
- Palmer Tire & Auto Service Center — 1332 E Empire St, Bloomington, IL 61701
Location Insight
- Map
- Local Demand
- City
- Bloomington
- County
- McLean
- State
- Illinois
- Longitude
- -88.9470656
- Latitude
- 40.4835614
Nearby Similar for Sale
FAQs
What type of property is this?
Auto shop - NNN leased auto service property in Bloomington, Illinois.
Where is this auto shop located?
The property is located at 1809 Eastland Dr Bloomington, IL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Absolute NNN lease with limited landlord responsibilities, ideal for passive investors.; Monro Auto is a leading national automotive service provider with over 1,300 stores and $1.4 billion in 2022 sales.; Located at a high‑traffic intersection (54,000 VPD) on State Highway 55, a major retail corridor.
