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

    1209 Towanda Ave Bloomington, IL 61701

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Retail property with existing tenants and redevelopment potential.

    Type:Retail
    Property size:
    54,429 SF
    Price / SF:
    $47/SF
    Added:
    Nov 1, 2024
    Days on Market:
    538
    Last Refresh:
    Mar 17 at 1:14 pm

    Property Features for 1209 Towanda Ave

    General Information

    Standard status
    Active
    Size
    54,429 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Jill Spratt
    Jill Spratt

    Listing agent Jill Spratt License #471.022624

    Listing office SVN Core 3

    Listing date Nov 1, 2024

    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 SVN Core 3

    Overview

    Former Post Office Retail Space

    The property, formerly a post office building, currently houses a Dollar General, a barber shop, and a coffee shop kiosk. The former post office space comprises 37,700 square feet and is currently vacant. Dollar General occupies 15,088 square feet with a lease extending through February 2025, including an extension option. The barber shop and coffee kiosk operate on month-to-month leases, occupying 512 and 350 square feet, respectively. The property benefits from ample parking and visibility on Towanda Avenue. The entire property is located within a Tax Increment Financing (TIF) District. The total property size is 54,429 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bloom's Coffee Bar Cafe & Coffee Shop Dollar General Discount Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -88.96691
    Latitude
    40.4895841

    Nearby Similar for Sale

    • $979,000

      Landmark Building in Downtown Bloomington

      Landmark commercial building with multiple potential uses in downtown Bloomington.
      303 S Main Street, Bloomington, IL 61701
      View Details
    • $329,900

      Bloomington Multifamily Investment Opportunity

      Three units with diversified cash flow in a prime location.
      802 E Grove Street, Bloomington, IL 61701
      View Details
    • $900,000
      4,120 SF

      Retail Space with Open Layout

      Versatile retail space with premier visibility and ample parking.
      1605 Morrissey Dr, Bloomington, IL
      View Details
    • $399,000
      4,093 SF

      Updated Mixed-Use Commercial Building

      Extensively updated, commercially-zoned building suitable for business and residence.
      2306 Maysel Street, Bloomington, IL 61701
      View Details
    • $199,900

      Turnkey Multifamily Property in Bloomington

      Well-maintained 3-unit property with major updates and strong rental appeal.
      1003 W Jackson Street, Bloomington, IL 61701
      View Details
    • $150,000

      Bloomington Multifamily Property Near Uptown

      Multifamily property near uptown Bloomington, ideal for investors.
      603 W Chestnut Street, Bloomington, IL 61701
      View Details
    • $495,000
      2,100 SF

      Four-Unit Building on Empire Street

      Four-unit building with diverse tenants and redevelopment potential.
      1316 East Empire Street, Bloomington, IL 61701
      View Details
    • $466,000
      3,950 SF

      Versatile Office Building Near Downtown

      3,950 SF office building with commercial and retail potential.
      915 N Main St, Bloomington, IL 61701
      View Details
    • $215,000

      Updated Duplex Near Downtown

      Turnkey, furnished duplex with immediate income potential near downtown.
      308 Low Street, Bloomington, IL 61701
      View Details
    • $190,000

      Updated Duplex in Bloomington, IL

      Recently updated duplex with new flooring, appliances, and more.
      610 E Mulberry Street, Bloomington, IL 61701
      View Details
    • $279,000

      Charming Three-Unit Investment Property

      Updated three-unit property with stained glass, hardwood floors, and tenants.
      307 S Mclean Street, Bloomington, IL 61701
      View Details
    • $120,000

      Bloomington Three-Unit Investment Property

      Fully leased three-unit property with immediate cash flow potential.
      820 W Washington Street, Bloomington, IL 61701
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail property with existing tenants and redevelopment potential.
    Where is this retail space located?
    The property is located at 1209 Towanda Ave Bloomington, IL.
    What is the asking price?
    The asking price for this property is $2,600,000.
    What are key features of this property?
    This property features: Large Vacant Space: 37,700 sq. ft. former post office space available for immediate use.; Income‑Generating Tenant: Dollar General occupies 15,088 sq. ft. with a lease through Feb. 2025 and an extension option.; High Visibility on Towanda Ave.
    (217) 722-3584 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jill Spratt
    Jill Spratt
    Real Estate License ID: 471.022624
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!