Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Bloomington Office with Private Parking Title is generated by Realmo AI

    1602 W 3rd Ste B & C Street, Bloomington, IN 47404

    View on Map
    Claim this Listing
    For Sale
    $369,900

    Office - Bloomington, IN

    Type:Office
    Added:
    Jul 12, 2024
    Days on Market:
    693
    Last Refresh:
    Jun 4 at 9:06 pm

    Property Features for 1602 W 3rd Ste B & C Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2
    Interior features
    Drywall, Overhead Door 1, Alley, Delivery Door
    Exterior features
    Overhead Door 1, Alley, Delivery Door
    Standard status
    Active
    APN
    53-01-30-562-004.000-005

    Taxes and HOA fees

    Tax Annual Amount
    4166.56

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1992
    Floors in Building
    1
    Flooring type
    Carpet, Laminate, Tile
    Building materials
    Brick
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Chris Cockerham
    Chris Cockerham

    Listing agent Chris Cockerham License #RB14027897

    Listing office FC Tucker/Bloomington REALTORS 487 S Clarizz Blvd, Bloomington, IN

    Listing date Jul 12, 2024

    MLS# 202426260 Listing URL

    Copyright © 2026 Indiana Uplands Realtor® Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Private parking for staff and clients.
    • Lobby with receptionist window creates a welcoming first impression.
    • Features three workspaces (two with sinks) and three former dental bays, offering flexibility.
    • Large storage room with garage door provides ample space.
    • Two private offices, ideal for focused work or consultations.
    • Located on Busy W 3rd Street.

    Overview

    This Bloomington office suite features a lobby with a receptionist window, three workspaces (two equipped with sinks), three former dental bays, two offices, and two restrooms. The suite also includes a large storage room with a garage door and private parking. The property is located on West 3rd Street and has condo association fees of $288 per month.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Monroe
    State
    Indiana
    Longitude
    -86.553569
    Latitude
    39.164771

    Nearby Similar for Sale

    • $1,500,000
      8,400 SF

      Multi-Revenue Entertainment Property on 2.82 Acres

      Fully renovated entertainment property with multiple revenue streams in Bloomington, Indiana.
      4747 W State Road 46, Bloomington, IN 47404
      View Details
    • $550,000
      2,300 SF

      Bloomington Office/Retail Building For Sale

      Well-maintained office/retail building with high visibility, ready for occupancy.
      1815 S Walnut Street, Bloomington, IN 47401
      View Details
    • $735,000
      4,300 SF

      Historic Schoolhouse with Business Potential

      Charming, renovated schoolhouse near IU with flexible business zoning.
      4638 E State Road 45, Bloomington, IN 47408
      View Details
    • $735,000
      4,302 SF

      Historic Schoolhouse Near Indiana University

      East side location with office, retail, and daycare potential.
      4638 E State Road 45, Bloomington, IN 47408
      View Details
    • $779,000
      3,114 SF

      New Duplex Investment Opportunity

      New duplex near Bryan Park and IU campus, leased through 2027.
      717 S Henderson Street, Bloomington, IN 47401
      View Details
    • $1,300,000
      17,580 SF

      Versatile Warehouse/Office Building in Bloomington

      High-quality warehouse and office space suitable for various business uses.
      1499 W Bloomfield Road, Bloomington, IN 47403
      View Details
    • $659,900
      3,326 SF

      Bloomington Sixplex in Opportunity Zone

      Six-unit apartment building in prime location near downtown and IU.
      331 S Grant Street, Bloomington, IN 47401
      View Details
    • $2,790,000
      18,863 SF

      Bloomington Apartment Building Near IU

      Modern, fully leased apartment building near Indiana University.
      604 N Smith Road, Bloomington, IN 47408-2766
      View Details
    • $1,080,000
      5,470 SF

      Mixed-Use Property Near IU Stadium

      New construction and original home near IU Stadium.
      1235 W Gourley Pike, Bloomington, IN 47404
      View Details
    • $2,250,000
      10,344 SF

      Bloomington Apartment Complex Near IU

      Eleven-unit apartment complex near Indiana University in Bloomington.
      703 N Walnut Street, Bloomington, IN 47404
      View Details
    • $424,900
      2,592 SF

      Bloomington Duplex: Investment Opportunity

      Well-maintained duplex with strong rental history near shopping and downtown.
      3429 & 3431 S Kennedy Drive, Bloomington, IN 47401-8470
      View Details
    • $549,900
      3,229 SF

      Bloomington Triplex Near Indiana University

      Triplex near Indiana University with strong rental and game-day appeal.
      315 W 17th Street, Bloomington, IN 47404
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Office suite with reception, workspaces, and private parking.
    Where is this medical office space located?
    The property is located at 1602 W 3rd Ste B & C Street Bloomington, IN.
    What is the asking price?
    The asking price for this property is $369,900.
    What are key features of this property?
    This property features: Private parking for staff and clients.; Lobby with receptionist window creates a welcoming first impression.; Features three workspaces (two with sinks) and three former dental bays, offering flexibility.
    (812) 340-3083
    We can help!
    Listing Contact
    Chris Cockerham
    Chris Cockerham
    Real Estate License ID: RB14027897
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1602 W 3rd Ste B & C Street, Bloomington, IN 47404
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!