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

    1615 Morrissey Dr Bloomington, IL 61704-7152

    • Commercial real estate
    • 34,668 SF
    • 6.08 lot acres
    OFF-MARKET
    Value Estimations
    $2,650,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-4978116
    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

    • Toyota Parts / Auto Parts Store
    • Sam Leman Toyota Bloomington / Auto Repair Shop
    • Sam Leman Toyota Service / Auto Repair Shop

    Property Details for 1615 Morrissey Dr

    Year built
    2017
    Construction
    FRAME
    Lot size
    6.08 lot acres
    Property size
    34,668 SF
    Property type
    Commercial real estate
    APN
    21-15-203-005
    APU
    2115203005

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,714,000
      Market price range: $1.74M - $4.96M
      AI Estimate
      $1,798,000
      Market price range: $1.06M - $3.34M

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Mclean
    State
    Illinois
    Longitude
    -88.971
    Latitude
    40.4574
    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
    $78,815
    $235,085
    $695,145
    $930,230
    -
    $705,256
    $2,085,437
    $2,790,693

    Comparable in this City

    • Value Estimation by Request
      0.57 Acres

      1902 Bunn St

      COMMERCIAL (GENERAL) • 0.57 Acres
      1902 Bunn St, Bloomington, IL 61704-7421
      View Details
    • Value Estimation by Request
      1.22 Acres

      3 Cooper Ct

      COMMERCIAL (GENERAL) • 1.22 Acres
      3 Cooper Ct, Bloomington, IL 61704
      View Details
    • Value Estimation by Request

      2901 Empire St

      COMMERCIAL (GENERAL)
      2901 Empire St, Bloomington, IL 61704-5497
      View Details
    • Value Estimation by Request
      14.74 Acres

      2101 Ireland Grv Rd

      COMMERCIAL (GENERAL) • 14.74 Acres
      2101 Ireland Grv Rd, Bloomington, IL 61704-7146
      View Details
    • Value Estimation
      $1,390,000
      10,560 SF

      209 Williamsburg Dr

      COMMERCIAL (GENERAL) • 10,560 SF
      209 Williamsburg Dr, Bloomington, IL 61704
      View Details
    • Value Estimation by Request
      5,000 SF

      2305 Bunn St

      COMMERCIAL (GENERAL) • 5,000 SF
      2305 Bunn St, Bloomington, IL 61704-7406
      View Details

    Similar Nearby for Sale

    • $4,550,460
      122.16 Acres

      Prime Bloomington Farmland

      122 Acres, Ag Zoning, Investment Opportunity
      3311 Ireland Grove Rd, Bloomington, IL 61704
      View Details
    • $995,000
      14,012 SF

      High-Traffic Retail Space in Bloomington

      14,012 SF Retail Space - Prime Location
      1 Auto Row Dr, Bloomington, IL 61704
      View Details
    • $104,762
      0.37 Acres

      Bloomington Commercial Land Opportunity

      Prime .37-acre lot, ideal for retail or office.
      2419 Maloney Dr, Bloomington, IL 61704
      View Details
    • Contact for pricing
      26.12 Acres

      Bloomington Development Land

      26 Acres, M-1 Zoning, Prime Location
      1605 General Electric Rd, Bloomington, IL 61704
      View Details
    • $209,088
      0.60 Acres

      Bloomington Commercial Land - 0.6 Acres

      Prime Commercial Land, Excellent Visibility
      0 Empire And Trinity Ln, Bloomington, IL 61704
      View Details
    • $920,000
      2.18 Acres

      Bloomington Commercial Land - $920K

      2.18-acre commercial lot, prime location.
      240 Greenwood Ave, 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
    • $18 SF/Yr
      1,633 SF

      Bloomington Salon - Turnkey Opportunity

      Established Salon, Sublease Available, FF&E Included
      203 Prospect Rd, Bloomington, IL 61704
      View Details
    • Contact for pricing

      Private Office in Collaborative Space

      Single-room office with shared amenities for freelancers and startups.
      1319 Veterans Pkwy, Bloomington, IL 61704
      View Details
    • Contact for pricing

      Professional Office Space Available

      Configured space suitable for healthcare, executive, or administrative use.
      1319 N Veterans Pkwy, Bloomington, IL 61704
      View Details
    • $13 SF/Yr
      13,713 SF

      Office Space Near Veterans Parkway

      Office spaces for lease in a well-located Bloomington property.
      808 S Eldorado Rd, 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
    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.
    1615 Morrissey Dr
    Bloomington, IL 61704-7152
    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.