Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    The Largest CRE Database in the US with Over 1 Million Listings

    3655 W State Road 46 Bloomington, IN 47404

    View on Map
    Claim this Listing
    For Sale
    $899,900

    Commercial Land - Bloomington, IN

    Lot size:
    0.84 Acres
    Added:
    Dec 8, 2025
    Days on Market:
    141
    Last Refresh:
    Apr 28 at 10:06 pm

    Property Features for 3655 W State Road 46

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    53-04-13-300-086.000-013
    Lot size
    0.84 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Deborah Tomaro
    Deborah Tomaro

    Listing agent Deborah Tomaro License #RB14044665

    Listing office Deb Tomaro Real Estate PO Box 104, Clear Creek, IN

    Listing date Dec 8, 2025

    MLS# 202548346 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.

    Overview

    Bloomington Commercial Land For Sale

    This commercial lot is located within the town of Ellettsville. The property is clear and ready for building. According to the seller, the Lot 3 drainage easement could be engineered with a drainage system to create a parking area. Natural gas, electric, fiber internet, water, and sewer are all available at the lot. The property is situated in a high-traffic commercial area with restaurants, entertainment, and new residential development. It offers visibility from State Road 46 and quick access off I69. The property is also available for land lease. The lot size is 0.843 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Monroe
    State
    Indiana
    Longitude
    -86.583758
    Latitude
    39.210081

    Nearby Similar for Sale

    • $550,000

      Bloomington Office/Retail Building For Sale

      Well-maintained office/retail building on a corner lot in Bloomington.
      1815 S Walnut Street, Bloomington, IN 47401
      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
    • $735,000

      Historic Schoolhouse with Business Potential

      Charming, renovated schoolhouse near IU with flexible business zoning.
      4638 E State Road 45, Bloomington, IN 47408
      View Details
    • $550,000
      4,750 SF

      Bloomington Fourplex with Development Potential

      Four rental units and vacant lots on 1.69 acres.
      1024 N Country Club Drive, Bloomington, IN 47403
      View Details
    • $449,900

      Bloomington Commercial Property on 1.67 Acres

      1.67 acre commercial property in Bloomington, Indiana for sale.
      500 S Cory Lane, Bloomington, IN 47403
      View Details
    • $1,500,000

      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
    • $1,300,000

      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
    • $399,900

      Versatile Mixed-Use Property on Acreage

      1,800 SF building on 3.25 acres with multi-use zoning.
      1409 W Kirkwood Avenue, Bloomington, IN 47404
      View Details
    • $499,900
      3,430 SF

      Bloomington Fourplex with Rental History

      Well-maintained fourplex near IU with strong rental history.
      775 - 777 N Smith Road, Bloomington, IN 47408
      View Details
    • $899,900

      Bloomington Commercial Land For Sale

      Commercial lot in high-traffic area, ready for building.
      4125 W State Road 46, Bloomington, IN 47404
      View Details
    • $425,000
      2,440 SF

      Bloomington Duplex Investment Opportunity

      Duplex near Indiana University, ideal for investors or owner-occupants.
      1231-1233 E Tylers Turn, Bloomington, IN 47401
      View Details
    • $799,000

      Landmark Property with I-69 Visibility

      Unique mixed-use property with retail, warehouse, and residential spaces.
      8300 N Wayport Road, Bloomington, IN 47408
      View Details

    FAQs

    What type of property is this?
    Commercial land - Commercial lot in high-traffic area, ready for building.
    Where is this commercial land located?
    The property is located at 3655 W State Road 46 Bloomington, IN.
    What is the asking price?
    The asking price for this property is $899,900.
    What are key features of this property?
    This property features: High traffic commercial location with visibility from State Road 46 and quick access off I69.; Utilities available at the lot: Natural Gas, Electric, fiber internet, water and sewer.; Clear and clean lot ready for building in business‑friendly Ellettsville zoning.
    (812) 345-4404
    We can help!
    Listing Contact
    Deborah Tomaro
    Deborah Tomaro
    Real Estate License ID: RB14044665
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!