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
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1501 Vernon Ave Bloomington, IL 61701-2001

    • Commercial real estate
    • 3,156 SF
    • 0.68 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1376191
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • La Gondola Spaghetti & Pizza House / Restaurant

    Property Details for 1501 Vernon Ave

    Year built
    1980
    Construction
    FRAME
    Lot size
    0.68 lot acres
    Property size
    3,156 SF
    Property type
    Commercial real estate
    APN
    14-35-127-004
    APU
    1435127004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Mclean
    State
    Illinois
    Longitude
    -88.957
    Latitude
    40.5023
    CBSA code
    14010
    CBSA name
    BLOOMINGTON, IL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $16,822
    $132,655
    $65,894
    $198,549
    -
    $397,965
    $197,682
    $595,647

    Comparable in this City

    • Value Estimation by Request
      0.49 Acres

      102 Ctr St

      COMMERCIAL (GENERAL) • 0.49 Acres
      102 Ctr St, Bloomington, IL 61701-5056
      View Details
    • Value Estimation by Request
      0.31 Acres

      307 Miller St

      COMMERCIAL (GENERAL) • 0.31 Acres
      307 Miller St, Bloomington, IL 61701-6664
      View Details
    • Value Estimation by Request
      3,620 SF

      914 Main St

      COMMERCIAL (GENERAL) • 3,620 SF
      914 Main St, Bloomington, IL 61701-3044
      View Details
    • Value Estimation by Request
      6,052 SF

      1312 Main St

      COMMERCIAL (GENERAL) • 6,052 SF
      1312 Main St, Bloomington, IL 61701-1760
      View Details
    • Value Estimation
      $12,625,000
      155,327 SF

      10 Brickyard Dr

      COMMERCIAL (GENERAL) • 155,327 SF
      10 Brickyard Dr, Bloomington, IL 61701-7070
      View Details
    • Value Estimation
      $2,390,000
      18,344 SF

      20 Brickyard Dr

      COMMERCIAL (GENERAL) • 18,344 SF
      20 Brickyard Dr, Bloomington, IL 61701-7071
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      11.49 Acres

      Prime Normal, IL Commercial Land

      11.49 Acres, Ready to Build
      795 Veterans Pkwy, Bloomington, IL 61701
      View Details
    • $325,000

      Bloomington Main Street Mixed-Use

      Grocery Store & Apartments, Great Potential
      516 Main St, Bloomington, IL 61701
      View Details
    • $8,250,000
      253,000 SF

      Bloomington Industrial Facility - 253,000 SF

      Large Industrial Building, Prime Location, Lease/Purchase Options
      1100 Bell St, Bloomington, IL 61701
      View Details
    • $950,000
      6,813 SF

      Downtown Bloomington Restaurant Space

      Historic building, ready for your vision. 50 parking spaces included.
      615 Main St, Bloomington, IL 61701
      View Details
    • $995,000
      17,046 SF

      Downtown Bloomington Mixed-Use Building

      Prime Location, Redevelopment Opportunity
      208-210 Center St, Bloomington, IL 61701
      View Details
    • $449,000
      4,093 SF

      Bloomington Commercial Property

      Versatile Commercial Space, Fully Renovated
      2306 Maysel St, Bloomington, IL 61701
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      29,368 SF

      Prime Medical Office Building in Bloomington, IL

      Class A Medical Office Space Available
      1015 Mercer Ave, Bloomington, IL 61701
      View Details
    • $19 SF/Yr
      9,155 SF

      Downtown Bloomington Retail Space

      Prime Retail Space, Downtown Bloomington, IL
      305 Main St, Bloomington, IL 61701
      View Details
    • Contact for pricing
      255,060 SF

      Empire Crossing Retail Space

      Bloomington, IL: Prime Retail Opportunity
      0 Empire St, Bloomington, IL 61701
      View Details
    • $10 SF/Yr
      12,027 SF

      Bloomington Office Space - 2600 SF

      Prime East Bloomington location. Creative/Traditional office space available.
      1316 Empire St, Bloomington, IL 61701
      View Details
    • Contact for pricing
      10,000 SF

      Retail Space Near Veteran's Parkway

      Retail spaces with visibility near major retailers and employers.
      512 Iaa Dr, Bloomington, IL 61701
      View Details
    • Contact for pricing

      Office Space in Central Location

      Office space for rent in Bloomington, Illinois.
      901 E Grove St, Bloomington, IL 61701
      View Details

    Property Visit Statistics

    • Visits by month
      1.1k
    • Visitors by month
      936
    • Avg Time on site
      39 min
    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.
    1501 Vernon Ave
    Bloomington, IL 61701-2001
    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.