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    2243 Westgate Dr Bloomington, IL 61705

    Sponsored
    For Lease
    Contact for pricing

    Prime Retail Space in Bloomington, IL

    Lot size:
    26,400 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    424
    Exceptional retail opportunity awaits at Bloomington Shoppes, a 26,400 square foot center built in 2005, located in McLean County, Illinois at 2243 Westgate Dr, Bloomington, IL 61705. Currently, 18,400 square feet of space is available for lease, divisible into units ranging from 1,200 to 5,200 contiguous square feet, with a maximum leasable space of 10,600 square feet. This multi-tenant property offers excellent visibility and accessibility, situated less than one mile from Interstate-55 and within three miles of Illinois State University and Illinois Wesleyan University. Benefit from a strong tenant mix including 316 Antique Mall and a Walmart shadow-anchored location. The surrounding area boasts a robust retail environment with numerous national brands such as Blain's Farm and Fleet, ALDI, Marcus Bloomington Cinema, Bob Evans, Steak 'n Shake, Culver's, Panda Express, McDonald's, KFC, Taco Bell, Popeyes, and Cracker Barrel. This is an ideal location for businesses seeking high traffic and a thriving community. Ten spaces are currently available. Contact us today to learn more about leasing opportunities.

    Property Features for 2243 Westgate Dr

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    26,400 SF

    Building Details

    Year Built
    2005

    Spaces For Lease

    at 2243 Westgate Dr, Bloomington, IL 61705 Contact us

    We can help!

    Listing Contact
    Matthew Tarshis
    Matthew Tarshis

    Learn more

    Property Insight Report

    HighLights

    • Join established 316 Antique Mall in Walmart‑shadowed center.
    • Retail and office spaces available, various sizes.
    • Less than 3 miles from Illinois State University and Illinois Wesleyan University.
    Property Profile Location Intelligence

    Current Use by Public Records

    House of Faith Int'l ... Church Fastlane Apparel Custom T-Shirt Store

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Pharmacy Auto Parts Store Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -89.0437219
    Latitude
    40.4894538

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    FAQs

    What type of property is this?
    Retail property - Prime Retail Space in Bloomington, IL
    Where is this retail property located?
    The property is located at 2243 Westgate Dr Bloomington, IL.
    What are key features of this property?
    This property features: Join established 316 Antique Mall in Walmart-shadowed center.; Retail and office spaces available, various sizes.; Less than 3 miles from Illinois State University and Illinois Wesleyan University.
    Request Owner's contact information
    2243 Westgate Dr Bloomington, IL 61705
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    Bloomington, IL 61705
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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
    2243 Westgate Dr Bloomington, IL 61705
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    Listing Contact
    Matthew Tarshis
    Matthew Tarshis
    Real Estate License ID: 475155035
    Learn more
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