Historic Schoolhouse Office
For Sale
$735,000
4638 E State Road 45, Bloomington, IN 47408
MULTI_FAMILY - Ranch - Bloomington, IN
Property Size4,300 SF
Lot Size1.05 Acres
Price / SF$170.85
Days on Market188
Property Features for 4638 E State Road 45
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
Limited Business
Bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1, Basement
Parking
25
Parking features
Off Street
Basement
Block
Lot features
City/ Town/ Suburb, Level, Partially Wooded, 0-2.9999
Elementary school
University
Middle school
Tri-North
High school
Bloomington North
Elementary school district
Monroe County Community School C
Middle school district
Monroe County Community School C
High school district
Monroe County Community School C
Directions
Property is on your right, right before Prairie Green Court.
Subdivision
Monroe County
Standard status
Active
APN
53-05-36-200-017.000-004
Size
4,302 SF
Lot size
1.05 Acres
Taxes and HOA fees
Tax Year
3789
Tax Description
012-04420-00 PT NE NW 36-9-1W 0.89 A Plat 4 012-04435-00 PT SE SW 25-9-1W 0.16 A Plat 14
Legal Description
012-04420-00 PT NE NW 36-9-1W 0.89 A Plat 4 012-04435-00 PT SE SW 25-9-1W 0.16 A Plat 14
Utilities
Cooling system
Central Air
Amenities
restrooms
kitchenette
open common area
storage
original hardwood floors
fiber internet
Building Details
Year built
1928
Floors in Building
1
Number of units
1
Flooring type
Wood, Carpet
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Sterling Real Estate
(812) 333-1966
Listed By:
Heather Groves · License #RB15001614
(812) 606-4239
Added: Feb 5
Changed: Aug 1
Last Checked: Aug 12 at 12:06AM
MLS# 202603593
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.
Historic Poplar Grove School offers an approximately 4,302 SF split-level interior designed for office use, with freshly painted space and new carpet. The layout includes 10 office spaces, an open common area, storage, and larger first-level open area. Restrooms and a kitchenette are available on each level. Original hardwood floors are featured in the larger first-level open area, complemented by central air and a roof with shingle material.
The building sits on just over 1.05 acres with off-street parking totaling more than 25 spaces. Constructed in 1928, the property is zoned Limited Business (LB) and is presented for a range of uses described for this zoning category, including daycare, office space, retail, and studio/gallery space, as well as various professional services. The first-level open area includes original hardwood floors and features over 50 brand new windows that bring natural light indoors. Newly installed fiber internet is available through GigabitNow.
The building sits on just over 1.05 acres with off-street parking totaling more than 25 spaces. Constructed in 1928, the property is zoned Limited Business (LB) and is presented for a range of uses described for this zoning category, including daycare, office space, retail, and studio/gallery space, as well as various professional services. The first-level open area includes original hardwood floors and features over 50 brand new windows that bring natural light indoors. Newly installed fiber internet is available through GigabitNow.
Key Highlights
- Approximately 4,302 SF split‑level office layout with 10 office spaces
- Restrooms and a kitchenette on each level plus open common area and storage
- Just over 1.05 acres with off‑street parking for more than 25 vehicles
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$46,198
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$923,960
$924.0K
Cap Rate 7%
$659,971
$660.0K
Cap Rate 9%
$513,311
$513.3K
Market Conditions
NOI Build-Up for 4,302 SF
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.
Gross rent
$81.0K $18.84/SF
− Vacancy
−$19.5K −$4.52/SF
EGI
$61.6K $14.32/SF
− OpEx
−$15.4K −$3.58/SF
NOI
$46.2K $10.74/SF
Area
Monroe County, IN
Vacancy
24.00%
Lease Rate
$18.84 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$923,960
Cap Rate 7%
$659,971
Cap Rate 9%
$513,311
Alternative Uses
Best Use
Office B
$660.0K
$577.5K – $770.0K
NOI $46,198 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$840.8K
$735.7K – $980.9K
NOI $58,854 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Office units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
25
Businesses Nearby
Explore this area
Business Placement
Demographics for 47408, IN
22,917
Population
10,456
Households
2.2
Avg Household Size
28
Median Age
59%
College-Educated
98%
High-School Grad
64.4 sq mi
ZIP Area
356
Density / Sq Mi
$45,584
Median Household Income
$15,819
Median Earnings
$1,177
Median Rent
$304,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
School - Historic schoolhouse with a split-level office layout, central air, and Limited Business (LB) zoning for flexible uses.
Where is this school 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: Approximately 4,302 SF split‑level office layout with 10 office spaces; Restrooms and a kitchenette on each level plus open common area and storage; Just over 1.05 acres with off‑street parking for more than 25 vehicles
