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    4638 E State Road 45 Bloomington, IN 47408

    Sponsored
    For Sale
    $735,000

    Ranch, Other - Bloomington, IN

    Property size:
    4,302 SF
    Lot size:
    1.05 Acres
    Days on Market:
    6
    Last Refresh:
    Jan 18 at 5:06 pm

    Property Features for 4638 E State Road 45

    General Information

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

    Sterling Real Estate (812) 333-1966 [email protected]

    Listing agent Heather Groves (812) 333-1966 License #RB15001614

    Listing date Jan 13, 2026

    MLS# 202530452 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.

    Learn more

    Property Insight Report

    Overview

    Historic Schoolhouse with Business Potential

    Located on the east side of Bloomington, 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 features two levels, each equipped with restrooms and a kitchenette. The layout includes 10 office spaces, an open common area, and storage. The first level features a larger open area with original hardwood floors and over 50 new windows that provide ample natural light. The property, situated on just over 1.05 acres, includes more than 25 parking spots. Zoned Limited Business (LB), the property is suitable for various uses, including daycare, office space, retail, studio/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. Newly installed fiber internet is available through GigabitNow. The property offers potential for reconfiguration, redevelopment, or transformation.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Hotel & Motel Gym & Fitness Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Monroe
    State
    Indiana
    Longitude
    -86.474726
    Latitude
    39.178725

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    FAQs

    What type of property is this?
    Office space - East side Bloomington schoolhouse with office, retail, and daycare potential.
    Where is this office space 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.; - Large 4,300+ sqft historic schoolhouse featuring 10 office spaces and open common areas.; - Versatile Limited Business (LB) zoning allows for a wide range of business uses.
    (812) 606-4239
    Request Owner's contact information
    4638 E State Road 45 Bloomington, IN 47408
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    Bloomington, IN 47408
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    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
    4638 E State Road 45 Bloomington, IN 47408
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    We can help!
    Listing Contact
    Heather Groves
    Real Estate License ID: RB15001614
    (812) 606-4239
    Learn more
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