Own a Corner of Downtown Bloomington

Investment Overview

202 N Center St is a three-story, 24,842 SF office building on a prominent corner in downtown Bloomington, located directly on the Square and close to county government offices and downtown’s restaurants and shops. Each floor has more than 8,000 SF, currently configured as six suites with elevator access. Every floor includes built out offices, conference rooms, reception areas and break rooms. The building comes with 21 deeded parking spaces, split between an underground garage and an adjacent surface lot, a feature very few downtown buildings can offer. The building works for three kinds of buyers: an owner-user who wants to occupy a floor and lease the rest, an investor ready to lease up and stabilize, or a redevelopment buyer exploring adaptive reuse under D-1 Downtown zoning. An owner can benefit from the ongoing public and private investment reshaping of downtown Bloomington. This property sits in both a TIF district and Enterprise Zone so incentives can be available.

Investment Highlights

• Prime Downtown Location – In the heart of downtown Bloomington, surrounded by businesses, restaurants, government offices, and amenities.
• City-Approved Boutique Hotel Redevelopment Site – The City of Bloomington has approved this property for boutique hotel redevelopment, giving investors a clear path to a downtown hospitality project with on-site parking already in place.
• Rare On-Site Parking – 21 deeded parking spaces, including an underground garage and surface lot, an exceptional advantage downtown.
• Attractive Basis – Priced at $68.84/SF, well below the cost to build new downtown office space.
• In-Place Income – Existing tenants, including Cox Law Firm, provide income from day one while the remaining space is leased up.
• Move-In Ready Space – Built-out offices, conference rooms, reception areas, and break rooms on every floor, served by an elevator.
• Flexible Value-Add Opportunity – Nearly 25,000 SF with multiple paths for an owner-user or investor to occupy, lease up, and stabilize the property.
• Redevelopment Potential – Beyond a hotel, D-1 Downtown zoning and 8,000+ SF floor plates support adaptive reuse, including ground-floor retail or mixed-use concepts.
• Downtown Revitalization – Benefit from the ongoing public and private investment reshaping downtown Bloomington.
• Corner Visibility – A prominent corner with frontage on two streets, offering signage potential for an owner or anchor tenant.