Historic Two-Level Office
For Sale
$735,000
4638 E State Road 45, Bloomington, IN 47408
COMMERCIAL, Bloomington, IN
Property Size4,300 SF
Lot Size1.05 Acres
Price / SF$170.93
Days on Market243
Property Features for 4638 E State Road 45
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Limited Business
Rooms
Basement
Parking features
Off Street
Lot features
Near College Campus, Rural
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
Lot size
1.05 Acres
Taxes and HOA fees
Tax Year
2026
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
Tax Annual Amount
3789
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
common area
storage
original hardwood floors
new windows
fiber internet
Building Details
Year built
1928
Flooring type
Wood, Carpet
Roof type
Shingle
Listing Agency:
Sterling Real Estate
(812) 333-1966
Listed By:
Heather Groves · License #RB15001614
(812) 606-4239
Added: Feb 5
Changed: Sep 12
Last Checked: Oct 6 at 6:06PM
MLS# 202603595
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.
The Poplar Grove School is a historic two-level office property built in 1928. The building contains over 4,300 square feet, including 10 office spaces, an open common area, storage, and a larger open area on the first level. Each floor includes restrooms and a kitchenette. Interior improvements include fresh paint, new carpet, original hardwood flooring in the larger first-floor area, and 50 brand new windows that bring natural light into the building.
The property occupies 1.05 acres and provides more than 25 off-street parking spaces. Limited Business (LB) zoning supports office, daycare, retail, studio or gallery, massage therapy, counseling, real estate, freelance, law, and insurance uses, among others. Newly installed fiber internet through GigabitNow is also in place.
The property occupies 1.05 acres and provides more than 25 off-street parking spaces. Limited Business (LB) zoning supports office, daycare, retail, studio or gallery, massage therapy, counseling, real estate, freelance, law, and insurance uses, among others. Newly installed fiber internet through GigabitNow is also in place.
Key Highlights
- Historic Poplar Grove School office property built in 1928
- Over 4,300 square feet across two levels with 10 office spaces
- Each floor includes restrooms and a kitchenette
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,177
Cap Rate
6.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$923,540
$923.5K
Cap Rate 7%
$659,671
$659.7K
Cap Rate 9%
$513,078
$513.1K
Market Conditions
NOI Build-Up for 4,300 SF
Gross rent
$81.0K $18.84/SF
− Vacancy
−$19.4K −$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 Rate 5%
$923,540
Cap Rate 7%
$659,671
Cap Rate 9%
$513,078
Alternative Uses
Best Use
Office B
$659.7K
$577.2K – $769.6K
NOI $46,177 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$840.4K
$735.3K – $980.4K
NOI $58,826 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Office units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
43
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Recently refreshed workspace offers multiple offices, shared areas, and restrooms with kitchenettes on both floors.
Where is this office building 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: Historic Poplar Grove School office property built in 1928; Over 4,300 square feet across two levels with 10 office spaces; Each floor includes restrooms and a kitchenette
