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Bloomington 61701 Near East Side
505 N McLean Street
$155,000
● House - Off Market

505 N McLean Street

Bloomington, IL 61701
bedrooms
3 Beds
bathrooms
2 Baths, 1 Half Bath
square feet
1,397 Ft²
$154,577
RealtyHop Estimate
-0.27%
Since Aug 1, 2023
National-US
Primary Model

About This Property

Nice 3 bedroom property with 1 1/2 baths and an attached 2 car garage.  Upper level features eat-in kitchen, living room, 3 bedrooms and full bath.  The lower level offers more living space with a family room, half bath, and laundry area.  Well maintained starter home or investment opportunity.  Currently is leased month to month.
Unit Size
1,397 Ft²
Days on Market
-
Land Size
-
Price per sqft
$111
Property Type
House
Property Taxes
$245
HOA Dues
-
Year Built
1996

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Cap Rate Calculator

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Cap Rate 100% Occupancy
N/A (extreme outlier)

What does this mean?

Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.

How much can I actually make?

Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.

How is cap rate calculated?

Cap Rate = Net Operating Income (NOI) / Property Asset Value.

When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.

Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.

Last updated: 3 years ago (MRED MLS #11777693)

Price History

Date / Event Date Event Price
Jul 12, 2023 Sold
Premium
Sold
May 8, 2023 Listed by Coldwell Banker Real Estate Group $155,000
Listed by Coldwell Banker Real Estate Group

Property Highlights

Air Conditioning

Building Info

Overview

    General

  • Year Built: 1996
  • Building Count: 1
  • Total Rooms: 5
  • Bedroom Count: 3
  • Bathroom Count: 1
  • Full Bathrooms: 1
  • Partial Bathrooms: 1
  • Building Condition: 1
  • Building Quality: 7
  • Construction Type: 0
  • Building Style: 40
  • Exterior Walls Type: 19
  • Interior Walls Type: 3
  • Roof Shape Type: 0
  • Roof Cover Type: 15
  • Floor Cover: 9
  • Basement Type: 2
  • Basement Area: 425
  • Garage Type: 7
  • Garage Square Area: 425
  • Parking Space Count: 2
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0
  • Location Influence Type: 118

    Dimensions

  • Lot Size Square Feet: 3,068
  • Lot Size Depth Feet: 670
  • Lot Size Frontage Feet: 450
  • Total Building Area: 1,397
  • Gross Building Area: 1,397
  • Building Area: 1,397
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 0
  • Heating: 4
  • Heated Square Feet: 1,397
  • Heating Fuel Type: 3

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Subdivision: KH FELLS 2ND ADD
  • Land Acres: 0000000070
  • Standard Land Use Code: 1001
  • County Land Use Code: 0040
  • Legal Description 1: KH FELLS 2ND ADD S45.5 LOT 6, S45.5 W17.5 LOT 5 BLK 5

Neighborhood

  • School District Name: Bloomington School District 87
  • School Tax School District: 087
  • Census Tract: 001700

Zoning

  • Zoning: R2

Geography

  • District: 40
  • Parcel: 21-04-260-002
  • Block: 5
  • Lot: 6,5
  • Meridian: SEC 04 TWN 23N RNG 02E
  • Municipality: CITY OF BLOOMINGTON
  • Latitude: 40.4826
  • Longitude: -88.9884

    Address

  • Full Address: 505 N Mclean St
  • Address - House Number: 505
  • Street Direction: N
  • Address - Street Name: Mclean
  • Address - Suffix Type: St
  • State: IL
  • City Name: Bloomington
  • Carrier Code: C076
  • 4-Digit Zip Code: 3117
  • Zip Code: 61701

Valuation

    Tax

  • Tax Year: 2022
  • Tax Amount: $309,800
  • Tax Rate Code Area: 4001

    Appraisal Valuation

  • Standard Deviation: 0.2237
  • Valuation Date: Feb 28, 2024
  • Confidence Score: 69
  • Final Value: 147,254
  • High Value: 180,200
  • Low Value: 114,308

    Market Valuation

  • Market Total Value: $109,356
  • Market Land Value: $14,679
  • Market Improvement Value: $94,677

    Assessments Valuation

  • Assessed Year: 2022
  • Assessed Total Value: $36,452
  • Assessed Land Value: $4,893
  • Assessed Improvements Value: $31,559

    Sales

  • Current Sale Contract Date: Jun 20, 2023
  • Current Sale Recording Date: Jul 21, 2023
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 71
  • Current Sale Input Document Number: 9525
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Near East Side

Stats & Trends

Median Asking:

$159,950

Sale Price/ft²

$76

Below Asking

0.01%

Average Days on Market

31

Average Home Size

1118 ft²

Average Home Age

97.5 years

Currently For Sale

7 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

Unit for rent at 612 1/2 E Chestnut Street, Bloomington, IL, 61701

$1,250 /mo

  • 2 Beds
  • 1 Bath
  • 900 ft²
612 1/2 E Chestnut Street #2, Bloomington, IL, 61701 Listing by Tracy Haas Riley

Rentals Near You

Click here to view more rentals in the neighborhood.
MRED

Listed by: Ed Larsen, Coldwell Banker Real Estate Group
Last Updated: 3 years ago
Data Source: MRED, MLS# 11777693
All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some IDX listings have been excluded from this website. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.

Frequently Asked Questions

When was property at 505 North McLean Street built and last sold?
The property at 505 North McLean Street was built in 1996 and last sold on Jun 20, 2023 for $155,000.
How much is this home worth?
The estimated value of the home located at 505 North McLean Street is $0.
What are some comparable homes to 505 North McLean Street?
There are currently no comparable homes to 505 North McLean Street.
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