Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    421 Detroit Dr Bloomington, IL 61704

    • Office Properties & Spaces
    • 13,840 SF
    • 1.73 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 421 Detroit Dr

    Year built
    2009
    Lot size
    1.73 lot acres
    Property size
    13,840 SF
    Property type
    Office Properties & Spaces

    Description

    This exceptional 13,840-square-foot Class A office building, constructed in 2009, is situated on a 1.73-acre lot at 421 Detroit Avenue in Bloomington, Illinois (zip code 61704). The single-story, freestanding structure boasts a flexible open floor plan ideal for a variety of executive office uses, or potential retrofitting for other compatible businesses. The B-1 zoning allows for diverse possibilities. The interior features seven private offices, a spacious training room, multiple conference rooms, a dedicated work room, and a large kitchen/break room. Conveniently located off Towanda Barnes Road, this property offers easy access to Central Illinois Regional Airport. The building is entirely vacant and available for immediate lease or sale. The property's address is verified as 421 Detroit Avenue, Bloomington, IL 61704, with the APN 22-07-200-036. This is a rare opportunity to acquire a high-quality, well-maintained office building in a desirable East Bloomington location. The total building square footage is 13,840 square feet, all of which is currently vacant.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Mclean
    State
    Illinois
    Longitude
    -88.9038
    Latitude
    40.4688

    Comparable in this City

    • Value Estimation by Request
      5,295 SF

      2206 Eastland Dr

      Office Properties & Spaces • 5,295 SF
      2206 Eastland Dr, Bloomington, IL 61704
      View Details
    • Value Estimation by Request
      3,604 SF

      4109 Avenue

      Distribution properties • 3,604 SF
      4109 Avenue, Bloomington, IL 61704
      View Details
    • Value Estimation by Request
      13,840 SF

      421 Detroit Dr

      Office space • 13,840 SF
      421 Detroit Dr, Bloomington, IL 61704
      View Details
    • Value Estimation by Request
      4,680 SF

      2438 Main St

      Distribution properties • 4,680 SF
      2438 Main St, Bloomington, IL 61704
      View Details
    • Value Estimation by Request
      0.72 Acres

      2162 Vlg Ln

      VACANT COMMERCIAL LAND • 0.72 Acres
      2162 Vlg Ln, Bloomington, IL 61704
      View Details
    • Value Estimation by Request
      0.01 Acres

      Bloomington, IL 61704

      VACANT COMMERCIAL LAND • 0.01 Acres
      Bloomington, IL 61704
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.32 Acres

      Bloomington Executive Office Land

      Prime 0.32-acre lot, build-to-suit.
      2416 Maloney Dr, Bloomington, IL 61704
      View Details
    • $4,900,000
      53,366 SF

      Bloomington Class A Office Building

      High-yield investment opportunity, 100% occupied.
      2203 Empire St, Bloomington, IL 61704
      View Details
    • $1,600,000
      0.46 Acres

      Renovated Office Building with Furnishings

      Renovated office building with high visibility and newer furnishings.
      2405 E Washington St, Bloomington, IL 61704
      View Details
    • $704,900
      9,724 SF

      Adaptable Commercial Space For Sale

      9,724 sq. ft. commercial building with flexible use potential.
      2708 Mcgraw Dr, Bloomington, IL 61704
      View Details
    • $279,000
      4,800 SF

      Bloomington Industrial Condo - Great Location!

      Spacious Condo, High Ceilings, Excellent Access.
      403 Bronco Dr, Bloomington, IL 61704
      View Details
    • Contact for pricing
      21 SF

      Bloomington Developable Land Parcels

      Three developable land parcels on General Electric Road, Bloomington, IL.
      1605 General Electric Rd, Bloomington, IL 61704
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      8,540 SF

      Bloomington Office Building

      Freestanding Office, 8,540 sqft
      207 Williamsburg Dr, Bloomington, IL 61704
      View Details
    • $11 SF/Yr
      10,000 SF

      Prime Bloomington Office Space

      10,000 SF Office, Suites Available
      2011 Main St, Bloomington, IL 61704
      View Details
    • $15 SF/Yr
      5,295 SF

      Bloomington Office Space for Lease

      Prime Office Suite, 3,432 SF Available
      2206 Eastland Dr, Bloomington, IL 61704
      View Details
    • $63 SF/Yr
      417 SF

      Prime Bloomington Office Suites

      A-Class Office Space, 90-132 sq ft.
      2404 Empire St, Bloomington, IL 61704
      View Details
    • $42 SF/Yr
      11,400 SF

      Veterans Parkway Office Space

      Prime Office Suites Available, 198-1260 SF
      1319 Veterans Pkwy, Bloomington, IL 61704
      View Details
    • $13 SF/Yr
      13,713 SF

      Bloomington Office Building For Lease

      13,713 SF Office, 18 Suites, Ample Parking
      808 Eldorado Rd, Bloomington, IL 61704
      View Details
    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.
    421 Detroit Dr
    Bloomington, IL 61704
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.