About 702 Bloomington Road
Well-positioned two-story office property offering an excellent opportunity for an investor or owner-user. Originally constructed in 1971, the building currently operates as a multi-tenant executive/co-working office center with approximately 32 individual office suites, providing an established source of rental income and significant upside potential. The building offers a functional layout on both levels, with numerous private office spaces, restrooms, and an inviting lobby and reception area. Ample on-site parking is available along the west and north sides of the property, providing convenient access for both tenants and their clients. A number of improvements have been completed over the years, including replacement of HVAC compressors, installation of security fencing, a newer roof, lobby updates, enhanced hallway lighting, new carpeting, and fresh interior paint. These updates provide a solid foundation for continued operation while allowing a new owner to further enhance the property. The Bloomington Road location offers convenient access to Interstate 74 via both Prospect Avenue and Neil Street, providing easy connectivity for employees, tenants, customers, and clients. One of the property's most attractive features is its potential for increased Net Operating Income (NOI). Current rents are $6,005 a month, but Current occupancy is approximately 61 percent, leaving considerable room to add additional tenants. In addition, a number of existing leases are currently below prevailing market rental rates, creating an opportunity to increase revenue as leases renew. Most leases are structured on a one-year basis, while the property also benefits from a number of established, long-term tenants. The property provides multiple avenues for a new owner, including continuing the existing executive office/co-working model, repositioning the property to maximize rental income, occupying the building for an owner-user operation, or exploring the potential for a single-tenant lease. Contact the listing agent for additional information, including the current rent roll and historical financial information.
