Freestanding Monro Auto Investment
For Sale
Contact for pricing
1809 Eastland Dr, Bloomington, IL 61704
NNN leased auto service property in Bloomington, Illinois.
Property Size10,676 SF
Price / SF$126.45
Days on Market1290
Property Features for 1809 Eastland Dr
General Information
Standard status
Active
Size
10,676 SF
Total Parking Spaces
39
Property subtype
Retail
Zoning
B-2: General Business District
Occupancy
100%
Lease Type
NNN
Net Operating Income
$94,500
Building Details
Year Built
1994
Tenancy
Single
Listing Agency:
SRS Real Estate Partners San Diego
(847) 873-5340
Listed By:
Chad Lieber · License #CA License No. 02185827
Source:
Crexi
Added: Feb 9, 2023
Changed: Aug 21
Last Checked: Jul 20 at 7:18AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$103,130
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.64%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,062,600
$2.1M
Cap Rate 7%
$1,473,286
$1.5M
Cap Rate 9%
$1,145,889
$1.1M
Market Conditions
NOI Build-Up for 10,676 SF
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.
Gross rent
$160.1K $15.00/SF
− Vacancy
−$12.8K −$1.20/SF
EGI
$147.3K $13.80/SF
− OpEx
−$44.2K −$4.14/SF
NOI
$103.1K $9.66/SF
Area
McLean County, IL
Vacancy
8.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,062,600
Cap Rate 7%
$1,473,286
Cap Rate 9%
$1,145,889
Alternative Uses
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,968
Businesses Nearby
364k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 26%
Home Improvements & Furnishings 10%
Groceries 5%
Lowe's
Home Improvements & Furnishings
34,456 visits/mo
0.2 miles
Texas Roadhouse
Dining
32,628 visits/mo
0.4 miles
Culver's
Dining
29,862 visits/mo
0.3 miles
Olive Garden
Dining
26,689 visits/mo
0.4 miles
Thorntons
Shops & Services
22,162 visits/mo
0.4 miles
Demographics for 61704, IL
37,129
Population
16,529
Households
2.2
Avg Household Size
38
Median Age
58%
College-Educated
97%
High-School Grad
19.0 sq mi
ZIP Area
1,954
Density / Sq Mi
$93,107
Median Household Income
$59,072
Median Earnings
$1,094
Median Rent
$242,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Owen Tire & Auto — 1502 E Empire St, Bloomington, IL 61701
- Firestone — 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
Frequently Asked Questions
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.
