504 N Madison ST, Bloomington, IL 61701 – 11942683

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Michael Bempah

The Bempah Group

mike@thebempahgroup.com +1(630) 206-9116

$ 499,900

Est. payment | -/mo

Save

$ 499,900

Est. payment | -/mo

Save

Key Details

Property Type Vacant Land

Sub Type Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID 11942683

Annual Tax Amount $2,653

Tax Year 2022

Lot Dimensions 199X118

Property Description

One of Downtown Bloomington's last vacant properties, this 200 x 120 foot parcel offers a unique opportunity for developers. D-2 zoning allows flexibility for apartments, condos, retail or mixed use. Further enhancing the possibilities, the city owns the 2 adjacent lots to the west, allowing for a public-private opportunity. Bloomington-Normal is a thriving community with a metro population over 170,000. The median household income is above $70,000 and top area employers include State Farm, Rivian and Country Financial, representing over 20,000 jobs alone. Commerce is also driven by two universities housing nearly 25,000 students. Resting right on IL-51, the property has great visibility with traffic counts around 12,000 vehicles per day, providing a perfect spot for first floor retail. Close proximity to downtown jobs makes this an ideal location for your modern office commuter. Recent downtown condo development prices have soared to $325,000 and quality 2 bedroom rentals are pushing $1,800. Downtown Bloomington is primed for the development of higher end housing with very little existing supply and an unmet demand. Students and Employees continue to seek a dynamic place to call home, and this could be it! The city is in the process of adding this parcel to a TIF district and other public options may be available to help bolster your return. Bring your ideas and your offers today and be a part of Bloomington's bright future!

Location

State IL

County Mclean

Area Bloomington

Zoning PUD

Interior

Fireplace N

Exterior

Utilities Available Electric to Site, Gas to Site, Sanitary Sewer, Water-Community

Waterfront false

Building

Dwelling Type Land

Schools

School District 87 , 87, 87

Others

Ownership Fee Simple

Special Listing Condition None

Listed by Christopher Pezza • Corcoran Urban Real Estate

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Michael Bempah

Broker | License ID: 475.175881

mike@thebempahgroup.com

+1(630) 206-9116

50 S Main St, Naperville, IL, 60540, USA