Back to Search

For sale
Office Units
IN
Bloomington
47408
4638 E State Road 45

Historic Schoolhouse Near Indiana University

4638 E State Road 45, Bloomington, IN 47408

View on Map

For Sale

$735,000

Ranch, Other - Bloomington, IN

Property size:

4,302 SF

Lot size:

1.05 Acres

Price / SF:

$170/SF

HighLights

Prime location near Indiana University and IU Health Bloomington Hospital.
Versatile Limited Business (LB) zoning allows for a wide range of business uses.
Spacious 4,300+ sqft historic schoolhouse with 10 office spaces and open areas.
Over 50 new windows provide abundant natural light.
Sits on 1.05 acres with 25+ parking spots.
Newly installed fiber internet through GigabitNow.

We can help!

Listing Contact

Heather Groves

For Sale

$735,000

Ranch, Other - Bloomington, IN

Property size:

4,302 SF

Lot size:

1.05 Acres

Price / SF:

$170/SF

Added:: Feb 5, 2026
Days on Market:: 138
Last Refresh:: Jun 23 at 8:06 am

Property Features for 4638 E State Road 45

General Information

Property type: Residential Multi Family
Property subtype: Other
Zoning: Limited Business
Bathrooms: 1
Rooms: Basement, Bathroom 1
Parking features: Off Street, Paved or Surfaced
Exterior features: Basement, Off Street Parking, Storage, Countertops-laminate, Detector-smoke, None
Basement Y/N: 1
Standard status: Active
APN: 53-05-36-200-017.000-004
Size: 4,302 SF
Lot size: 1.05 Acres

Utilities

Heating system: Heat Pump (Heating)
Cooling system: Central Air

Building Details

Floors in Building: 2
Number of units: 1
Flooring type: Carpet, Wood
Building materials: Brick
Roof type: Shingle
Architectural style: Ranch
Additional Structures: Storage

We can help!

Listing Contact

Heather Groves

Listing agent Heather Groves License #RB15001614

Listing office Sterling Real Estate 509 E Hillside Dr, Bloomington, IN

Listing date Feb 5, 2026

MLS# 202603593 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

Prime location near Indiana University and IU Health Bloomington Hospital.
Versatile Limited Business (LB) zoning allows for a wide range of business uses.
Spacious 4,300+ sqft historic schoolhouse with 10 office spaces and open areas.
Over 50 new windows provide abundant natural light.
Sits on 1.05 acres with 25+ parking spots.
Newly installed fiber internet through GigabitNow.

Overview

Located on the east side, near Indiana University and the new IU Health Bloomington Hospital, this historic schoolhouse, known as the Poplar Grove School, offers over 4,300 square feet of space. The building is split between two levels and includes restrooms and a kitchenette on each level. The layout features 10 office spaces, an open common area, and storage. The first level includes a larger open area with original hardwood floors. The property benefits from over 50 new windows, providing ample natural light. Situated on just over 1.05 acres, the property includes more than 25 parking spots. Zoned Limited Business (LB), the property supports a variety of uses, including daycare, office space, retail, studio or gallery space, massage therapy, music therapy, counseling, real estate, freelance work, law firms, and insurance. The space has been freshly painted and features new carpet. The building has newly installed fiber internet through GigabitNow. It offers potential for reconfiguration, redevelopment, or transformation.

Local Financial Insights For Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$86.2k	$20.04
− Vacancy	−$3.8k	−$0.88
EGI	$82.4k	$19.16
− OpEx	−$24.7k	−$5.75
NOI	$57.7k	$13.41

4,302 SF · lease $20.04/SF/yr · vacancy 4.40% · expense 30.00%

Alternative Uses

Best Use

Retail

$824.2K

$721.2K – $961.6K (±1% cap)

NOI $57,693 @ 7.0% cap · market cap 7.85%

Second Best

Office B

$660.0K

$577.5K – $770.0K (±1% cap)

NOI $46,198 @ 7.0% cap · market cap 6.29%

Theoretical Best

Office A

$840.8K

$735.7K – $980.9K (±1% cap)

NOI $58,854 @ 7.0% cap · market cap 8.01%

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

Property Profile Location Intelligence

Current Use by Public Records

Office Units

Suggested Use

Location Insight

Map
Local Demand

City: Bloomington
County: Monroe
State: Indiana
Longitude: -86.474763
Latitude: 39.178712

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

Corner Office Building

Vacant office building with reception, 7 offices, conference room, kitchenette, and 9 parking spaces on a corner lot.

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
$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
$1,595,000

Restaurant/Bar with Commercial Kitchen

Renovated downtown Bloomington space with commercial kitchen, walk-in coolers, and flexible open interior layout.

419 N Walnut Street, Bloomington, IN 47404

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
$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
$875,000

Mixed-Use Retail and Office Property

Two leased buildings with shared parking provide occupied office suites and a retail space on a high-visibility corridor.

5340 & 5350 S Old State Road 37, Bloomington, IN 47401

View Details
$340,000

3,552 SF

Traditional Triplex With Extra Lot

Triplex with three rented units and multiple garages, plus a separately deeded vacant lot on R2-zoned land.

1024 W Country Club Drive, Bloomington, IN 47403

View Details
$485,000

Retail Building with Walkout Basement

Flexible mixed-use property with open main floor, multiple lower-level rooms, and 13 paved parking spaces.

1409 W Kirkwood Avenue, Bloomington, IN 47404

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

Lofted Apartment Building

Built in 2013, this 11-unit complex offers in-unit laundry and resident-paid internet and electric.

703 N Walnut Street, Bloomington, IN 47404

View Details

For sale
Office Units
IN
Bloomington
47408
4638 E State Road 45

What type of property is this?

Office units - East side location with office, retail, and daycare potential.

Where is this office units located?

The property is located at 4638 E State Road 45 Bloomington, IN.

What is the asking price?

The asking price for this property is $735,000.

What are key features of this property?

This property features: Prime location near Indiana University and IU Health Bloomington Hospital.; Versatile Limited Business (LB) zoning allows for a wide range of business uses.; Spacious 4,300+ sqft historic schoolhouse with 10 office spaces and open areas.

4638 E State Road 45, Bloomington, IN 47408

Ranch, Other - Bloomington, IN

Property Features for 4638 E State Road 45

General Information

Utilities

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Retail

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Multi-Revenue Entertainment Property on 2.82 Acres

Corner Office Building

Historic Schoolhouse with Business Potential

Versatile Warehouse/Office Building in Bloomington

Restaurant/Bar with Commercial Kitchen

New Duplex Investment Opportunity

Bloomington Sixplex in Opportunity Zone

Mixed-Use Retail and Office Property

Traditional Triplex With Extra Lot

Retail Building with Walkout Basement

Mixed-Use Property Near IU Stadium

Lofted Apartment Building

FAQs

Create New Password