Office Condo with Reception
1602 W 3rd Street Bloomington, IN 47404
1602 W 3rd Street, Bloomington, IN, 47404
$204,900
For Sale
$204,900
COMMERCIAL - Bloomington, IN
Property Size1,260 SF
Price / SF$162.62
Days on Market366
Property Features for 1602 W 3rd Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Office
- Standard status
- Active
- APN
- 53-01-30-562-006.000-005
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- 013-05620-06 THIRD STREET CROSSING UNIT D
- Tax Annual Amount
- 3607
Utilities
- Cooling system
- Central Air
Building Details
- Year built
- 1992
- Flooring type
- Tile
- Roof type
- Shingle
Listing agency
FC Tucker/Bloomington REALTORS
(812) 336-7300
Listed by
Chris Cockerham · License #RB14027897
(812) 340-3083
Added: Jul 22, 2025 Updated: Jul 6 at 3:54PM Checked: Jul 22 at 5:06AM
MLS# 202528629
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.
Investment Insights
Based on property information with market context.
This for-sale office condo offers approximately 1,260 square feet with a flexible interior layout designed for client-facing or operational use. Suite D includes two private offices, a spacious open area suitable for a variety of office setups, and a convenient reception window to support customer or client interactions.
The suite is located within a building positioned along W. 3rd Street in Bloomington, with frontage that supports signage opportunities and day-to-day visibility. Parking is shared with the rest of the building, helping provide straightforward access for staff and visitors.
For businesses that need a mix of private offices and collaborative open space, this configuration can accommodate a range of professional uses. The reception window also supports an organized front-facing presence for welcoming visitors, while the shared on-site parking can simplify arrival for employees and clients.
The suite is located within a building positioned along W. 3rd Street in Bloomington, with frontage that supports signage opportunities and day-to-day visibility. Parking is shared with the rest of the building, helping provide straightforward access for staff and visitors.
For businesses that need a mix of private offices and collaborative open space, this configuration can accommodate a range of professional uses. The reception window also supports an organized front-facing presence for welcoming visitors, while the shared on-site parking can simplify arrival for employees and clients.
Key Highlights
- ±1,260 SF condo suite along W. 3rd Street in Bloomington with highly visible frontage
- Suite D layout includes two private offices, a spacious open area, and a reception window
- Shared parking lot with the rest of the building for staff and visitor access
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $23.7k | $18.84 |
| − Vacancy | −$5.7k | −$4.52 |
| EGI | $18.0k | $14.32 |
| − OpEx | −$4.5k | −$3.58 |
| NOI | $13.5k | $10.74 |
1,260 SF · lease $18.84/SF/yr · vacancy 24.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$193.3K
$169.1K – $225.5K
NOI $13,531 @ 7.0% cap · market cap 6.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$246.3K
$215.5K – $287.3K
NOI $17,238 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Office Units
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Flexible office layout with two private offices, open work area, and reception window in a visible office condo.
Where is this office units located?
The property is located at 1602 W 3rd Street Bloomington, IN.
What is the asking price?
The asking price for this property is $204,900.
What are key features of this property?
This property features: ±1,260 SF condo suite along W. 3rd Street in Bloomington with highly visible frontage; Suite D layout includes two private offices, a spacious open area, and a reception window; Shared parking lot with the rest of the building for staff and visitor access
