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

    2402 Market St Bloomington, IL 61705-5146

    • Commercial real estate
    • 7,000 SF
    • 3.27 lot acres
    OFF-MARKET
    Last Sale
    Mar 25, 2025
    $950,000
    Value Estimations
    $945,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-3272584
    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

    • Schwan / Department Store

    Property Details for 2402 Market St

    Year built
    2005
    Construction
    FRAME
    Lot size
    3.27 lot acres
    Property size
    7,000 SF
    Property type
    Commercial real estate
    APN
    20-01-200-036
    APU
    2001200036

    Description

    This exceptional 7,000-square-foot industrial building in Bloomington, IL, presents a unique investment opportunity. Situated on a spacious 3.3-acre lot, the property boasts a versatile layout ideal for various uses. Previously a Schwan's distribution center, the building includes a 2,000-square-foot freezer/refrigerator unit, removable as needed. Three 12-foot overhead doors and one dock-high door ensure efficient loading and unloading. The well-appointed front office area features three private offices, a breakroom, an open conference space, and two restrooms. Ample parking is available, enhanced by several existing 30-amp plug-in stations. The property's zoning is B-1, and its convenient location off Route 150, near interstates 74, 55, and 39, provides excellent access to major transportation routes. The APN is 20-01-200-036. This single-tenant property offers significant potential for a variety of businesses seeking a well-maintained, strategically located industrial space in a thriving Illinois market. The property's size and features make it suitable for expansion.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,180,000
      6.5%
      $1,090,000
      7%
      $1,015,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $942,000
      Market price range: $313k - $1.00M
      AI Estimate
      $794,000
      Market price range: $190k - $900k

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Mclean
    State
    Illinois
    Longitude
    -89.05
    Latitude
    40.4869
    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
    $37,096
    $264,711
    $173,129
    $437,840
    -
    $794,134
    $519,388
    $1,313,522

    Comparable in this City

    • Value Estimation
      $5,730,000
      211,117 SF

      2225 Market St

      COMMERCIAL (GENERAL) • 211,117 SF
      2225 Market St, Bloomington, IL 61705-5014
      View Details
    • Value Estimation by Request
      0.69 Acres

      10191 1375th E Rd

      COMMERCIAL (GENERAL) • 0.69 Acres
      10191 1375th E Rd, Bloomington, IL 61705
      View Details
    • Value Estimation by Request
      1.75 Acres

      12215 1000th E Rd

      COMMERCIAL (GENERAL) • 1.75 Acres
      12215 1000th E Rd, Bloomington, IL 61705
      View Details
    • Value Estimation by Request
      2,094 SF

      16 Quest Dr

      COMMERCIAL (GENERAL) • 2,094 SF
      16 Quest Dr, Bloomington, IL 61705-9051
      View Details
    • Value Estimation by Request
      5.01 Acres

      1 Quest Dr

      COMMERCIAL (GENERAL) • 5.01 Acres
      1 Quest Dr, Bloomington, IL 61705-8996
      View Details
    • Value Estimation by Request
      1.85 Acres

      13958 Roberto Rd

      COMMERCIAL (GENERAL) • 1.85 Acres
      13958 Roberto Rd, Bloomington, IL 61705-6359
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3.10 Acres

      Bloomington, IL Commercial Land Outlot

      High-traffic commercial land near I-55.
      I55 And Market St, Bloomington, IL 61705
      View Details
    • $167,923

      Bloomington Commercial Land - $167,923

      2.57 Acres, Prime Commercial Location
      1029 Maple Hill Rd, Bloomington, IL 61705
      View Details
    • Contact for pricing

      Bloomington Commercial Land Lots

      Prime IL land, various sizes, B-1 & M-1 zoning.
      0 Avalon Way, Bloomington, IL 61705
      View Details
    • $356,102
      3.27 Acres

      Prime Commercial Land, Bloomington, IL

      High-traffic Crossroads Center outlot, divisible.
      498 Wylie Dr, Normal, IL 61705
      View Details
    • Contact for pricing
      1.14 Acres

      Bloomington Commercial Land Investment

      Prime Commercial Land, Two Parcels Available
      0 Nec Market St & Wylie Dr, Bloomington, IL 61705
      View Details
    • Contact for pricing

      77 Acres Near Rivian Plant

      77 acres near Rivian plant, suitable for industrial/residential development.
      488 Old Peoria Ct, Bloomington, IL 61705
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      26,400 SF

      Bloomington Shoppes Retail Space

      Prime Retail Space in Bloomington, IL
      2243 Westgate Dr, Bloomington, IL 61705
      View Details
    • Contact for pricing
      26,400 SF

      Bloomington Retail/Office Space Available

      Retail and office spaces for lease near major retailers.
      2243 Westgate Dr, Bloomington, IL 61705
      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.
    2402 Market St
    Bloomington, IL 61705-5146
    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.