Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Downtown Bloomington Office Space Available Title is generated by Realmo AI

    202 N Center St, Bloomington, IL 61701

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Three floors of office space in Downtown Bloomington.

    Type:Office
    Property size:
    24,842 SF
    Added:
    May 24, 2022
    Days on Market:
    1469
    Last Refresh:
    May 19 at 9:11 pm

    Property Features for 202 N Center St

    General Information

    Standard status
    Active
    Size
    24,842 SF
    Property subtype
    Office

    Building Details

    Year Built
    1978

    We can help!

    Listing Contact
    Laura Pritts

    Listing agent Laura Pritts License #IL471201573

    Listing office Axis 360 Commercial Real Estate Specialists

    Listing date May 24, 2022

    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 Axis 360 Commercial Real Estate Specialists

    HighLights

    • Located on The Square in Downtown Bloomington
    • Includes 12 underground and 10 surface parking spaces
    • Three floors of office space included
    • Perfect for investor‑owner to occupy 2,000 to 20,000 sq. ft. and lease the rest
    • Redevelopment possibilities
    • Five HVAC units per floor

    Overview

    Located on The Square in Downtown Bloomington, this property includes the first, second, and third floors. The property offers 24,842 square feet of office space. Each floor is equipped with five HVAC units. An elevator provides access to all floors and is maintained in good working order. The property includes 12 underground parking spaces and 10 surface parking spaces on the west side. Redevelopment possibilities exist. This property presents an opportunity for an investor-owner to occupy between 2,000 to 20,000 square feet and lease out the remaining space.
    Property Profile Location Intelligence

    Current Use by Public Records

    Campbell & Kording Ltd Law Firm Cox & Fulk LLC Law Firm Lenz Robert J Law Firm Tristan N. Bullington, ... Law Firm Elliott Capital Management, ... Corporate Office

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    McLean
    State
    Illinois
    Longitude
    -88.9949614
    Latitude
    40.4797455

    Nearby Similar for Sale

    • $419,000

      Commercial Building Near Four Seasons

      One-story brick building with open plan and newer features.
      806 Four Seasons Road, Bloomington, IL 61704
      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
    • $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
    • $155,000

      Leased Investment Property Opportunity

      Two-unit property in Bloomington, Illinois, with immediate rental income.
      605 E Empire Street, Bloomington, IL 61701
      View Details
    • $950,000
      6,813 SF

      Downtown Bloomington Building with Parking

      Commercial building with 50 parking spaces in downtown Bloomington.
      615 N Main Street, Bloomington, IL 61701
      View Details
    • $8,500,000
      252,811 SF

      Expansive Bloomington Industrial Complex

      252,811 SF industrial complex suitable for warehouse/distribution.
      1100 East Bell Street, Bloomington, IL 61701
      View Details
    • $1,200,000
      13,580 SF

      Versatile Office Property with Storage

      Functional office building with training areas and secured outdoor storage.
      803 E LAFAYETTE ST, BLOOMINGTON, IL
      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
    • $2,600,000
      54,429 SF

      54,429 SF Commercial Property ForSale

      Commercial property featuring retail spaces, coffee kiosk, and Dollar General.
      1206 Towanda Ave, Bloomington, IL 61701
      View Details
    • $1,560,000
      13,000 SF

      Retail Building Near Veterans Parkway

      13,000 SF retail building near major retailers.
      2401 Maloney Drive, Bloomington, IL 61704
      View Details
    • $1,500,000

      Multi-Tenant Building in South Bloomington

      Two-story strip center with immediate cash flow potential.
      1717 RT Dunn Dr, Bloomington, IL 61701
      View Details
    • $2,399,000
      2,265 SF

      Bloomington Retail Property For Sale

      Retail property with a new 10-year corporate lease.
      1609 W Market St, Bloomington, IL
      View Details

    FAQs

    What type of property is this?
    Office building - Three floors of office space in Downtown Bloomington.
    Where is this office building located?
    The property is located at 202 N Center St Bloomington, IL.
    What are key features of this property?
    This property features: Located on The Square in Downtown Bloomington; Includes **12 underground and 10 surface parking spaces**; Three floors of office space included
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Laura Pritts
    Real Estate License ID: IL471201573
    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

    Thank You for Inquiry
    202 N Center St, Bloomington, IL 61701
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!