Historic Schoolhouse 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 Market188
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
Building Details
Year built
1928
Flooring type
Carpet, Wood
Roof type
Shingle
Listing Agency:
Sterling Real Estate
(812) 333-1966
Listed By:
Heather Groves · License #RB15001614
(812) 606-4239
Added: Feb 5
Changed: Aug 4
Last Checked: Aug 12 at 12:06AM
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.
Set in a historic schoolhouse, this office building offers freshly painted space with new carpet and split-level functionality. The layout includes 10 office spaces plus an open common area, storage, and a larger first-level open area. Both levels feature restrooms and a kitchenette, and original hardwood floors are featured in the larger first-level open area. The property also includes over 50 new windows and central air, with shingle roofing and off-street parking.
The building sits on just over 1.05 acres with more than 25 parking spots. Zoned Limited Business (LB), it supports a range of uses, including daycare, office space, retail, studio or gallery space, massage therapy, music therapy, counseling, real estate, freelance work, law firms, and insurance.
Built in 1928, the property includes newly installed fiber internet through GigabitNow, supporting modern connectivity for today’s office and service needs.
The building sits on just over 1.05 acres with more than 25 parking spots. Zoned Limited Business (LB), it supports a range of uses, including daycare, office space, retail, studio or gallery space, massage therapy, music therapy, counseling, real estate, freelance work, law firms, and insurance.
Built in 1928, the property includes newly installed fiber internet through GigabitNow, supporting modern connectivity for today’s office and service needs.
Key Highlights
- Historic schoolhouse office building built in 1928 with shingle roof
- Split between two levels with restrooms and a kitchenette on each level
- 10 office spaces plus open common area and storage
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
$46,177
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
6.28%
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%
$923,540
$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
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
−$19.4K −$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 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%
$923,540
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
Property Profile
Current Use
Lease Details
10
Office units
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
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Frequently Asked Questions
What type of property is this?
Office building - Historic office space split between two levels with restrooms and a kitchenette, freshly painted with new carpet and central air.
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 schoolhouse office building built in 1928 with shingle roof; Split between two levels with restrooms and a kitchenette on each level; 10 office spaces plus open common area and storage
