Commercial real estate in Bloomington, Illinois, offers a unique opportunity for investors to capitalize on the city's growing economy and diverse industries. With a population of around 170,000 in the Bloomington-Normal metropolitan area, the city is home to major companies like State Farm and Country Financial, as well as Illinois Wesleyan University. Commercial real estate in Bloomington can represent a range of investments, from office buildings and retail spaces to industrial properties and hotels. The city's strong infrastructure, including Interstate 55 and Interstate 74, makes it an attractive location for businesses and investors alike. Additionally, Bloomington's amenities, such as the Miller Park Zoo and the Bloomington Ice Center, contribute to its quality of life and make it a desirable place to live and work. The city's geography, with its elevation of 797 feet above sea level, also provides a unique setting for commercial development. With 30 commercial real estate listings available for sale, investors have a range of options to choose from, with average prices per square foot of $198 USD and average property sizes of 53,450 square feet.
Bloomington's commercial real estate market is characterized by its diversity and range of options. In addition to commercial real estate, the city also offers industrial properties, such as those located near the Central Illinois Regional Airport, which provide easy access to transportation hubs. Apartment buildings, like those in the downtown area, offer a range of amenities and services to residents. Office properties, such as those in the State Farm and Country Financial headquarters, provide a professional and convenient work environment. Hotels, like those near the Interstate 55 and Interstate 74 intersection, cater to travelers and business visitors. With its strong economy, diverse industries, and range of amenities, Bloomington is an attractive location for businesses and investors. The city's unique blend of small-town charm and big-city amenities makes it an ideal place to live, work, and invest.
What financing options are available for purchasing commercial real estate?
When it comes to financing options for purchasing commercial real estate in Bloomington, Illinois, there are several alternatives to consider, including:
- Traditional commercial mortgages offered by banks and credit unions, which typically require a 20-30% down payment and offer fixed or variable interest rates.
- Small Business Administration (SBA) loans, which provide more favorable terms, such as lower down payments and longer repayment periods, for qualified small businesses.
- Private money lenders and hard money loans, which offer more flexible terms and faster approval processes, but often come with higher interest rates and fees.
It's essential to carefully evaluate these options and consider factors such as interest rates, repayment terms, and fees to determine the best financing strategy for your commercial real estate investment in Bloomington.
How do cap rates factor into commercial real estate purchases?
When considering commercial real estate purchases in Bloomington, Illinois, cap rates play a crucial role in determining the potential return on investment. With an average cap rate of 7.64%, investors can gauge the property's potential income-generating capabilities, making it essential to understand what is a cap rate and how it affects their investment decisions, as explained in our article at what is a cap rate.
In Bloomington, where there are currently 30 available listings of commercial real estate, investors must carefully evaluate the cap rate in relation to the property's average price per square foot of $198 USD and average size of 53,450 square feet to make informed investment decisions.
What is considered a commercial property?
In Bloomington, Illinois, a commercial property is typically defined as a building or land used for business or commercial purposes, such as office spaces, retail stores, restaurants, warehouses, and manufacturing facilities, which are available for sale or lease, with 30 listings currently on the market.
These properties can range in size from 53,450 square feet to 628,963 square feet, with an average price per square foot of $198 USD and an average cap rate of 7.64%, making them attractive investments for businesses and investors alike.
