1701 Empire StBloomington, IL 61704

Property Details for 1701 Empire St

Lot size

12.68 AC

Property type

Commercial real estate

APN

21-02-201-017

APU

2102201017

Description

This exceptional 132,966 square foot shopping center in Bloomington, IL, presents a compelling value-add opportunity. Anchored by Schnucks Markets, a regional grocer with a long-term lease (extending to 05/31/2035), the center boasts a diverse tenant mix including Barnes & Noble, UPS Store, and several other national brands. Tenants occupy 15 units, generating a strong net operating income (NOI) of $1,110,477, representing an 8.0% cap rate on the $13,880,000 asking price. The property features 700 parking spaces and sits on a 12.66-acre lot at a high-traffic intersection (over 61,000 vehicles daily). Built in 1971, the center benefits from a recently renovated roof (29,200 sq ft under a 10-year warranty until December 2027), and includes 8,251 square feet of vacant space offering significant upside potential. The property's strategic location near Eastland Mall, State Farm's corporate headquarters (15,000 employees), and Illinois State University (20,600 students) ensures a robust customer base within a densely populated area (129,705 people within five miles). Lease commencement dates back to September 1, 1989, with rent bumps included in the lease agreements. The property's APN is 21-02-201-012-0000. This is a rare opportunity to acquire a well-positioned, grocery-anchored retail center with substantial growth potential.

• Alternative Use

  Use

  Valuation

  Residential

  $114,154,464

  Hospitality

  $104,564,880

  Educational

  $86,996,752

  Medical

  $89,988,704

  Retail

  $135,328,272

Location Insight

City

Bloomington

County

Mclean

State

Illinois

Latitude

40.4857

Longitude

-88.951

CBSA code

14010

CBSA name

BLOOMINGTON, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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