Warehouse with Climate-Controlled
For Sale
$1,800,000
4700 W Innovation Drive, Bloomington, IN 47404
COMMERCIAL - Bloomington, IN
Property Size6,630 SF
Lot Size1.73 Acres
Price / SF$271.49
Days on Market49
Property Features for 4700 W Innovation Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Light Industrial
Parking features
Off Street
Directions
From Curry Pike - West on Vernal Pike - LEFT on Innovation Drive - Building is on RIGHT
Subdivision
Monroe County
Standard status
Active
APN
53-04-35-101-007.000-011
Lot size
1.73 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
007-28150-23 NORTHWEST PARK LOT 23
Tax Annual Amount
3556
Legal Description
007-28150-23 NORTHWEST PARK LOT 23
Utilities
Cooling system
Central Air
Building Details
Year built
1997
Flooring type
Tile, Carpet, Concrete
Roof type
Metal
Listing Agency:
FC Tucker/Bloomington REALTORS
(812) 336-7300
Listed By:
Melissa Emily · License #RB24001264
(812) 272-1665
Added: Jun 29
Changed: Aug 4
Last Checked: Aug 16 at 6:06AM
MLS# 202625796
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.
Located at 4700 W Innovation Drive in Bloomington, this built-in-1997 commercial facility combines professional office space with an expansive climate-controlled warehouse designed for day-to-day business operations. The office portion includes a reception area, seven private offices, collaborative work areas, conference space, storage, a utility room, and two ADA-compliant restrooms.
The warehouse provides heated and air-conditioned work space with 12-foot overhead doors, epoxy-coated floors, floor drains, and high ceilings. Loading is supported by six overhead doors and easy semi-truck access, supporting efficient unloading and daily logistics. Outside, a paved parking lot provides space for employees, customers, and fleet vehicles. Additional on-site features include a security camera system.
With a functional, move-in-ready layout that pairs client-ready office finishes with warehouse amenities, the property is suited for a range of commercial uses where controlled warehouse operations and office support are both important.
The warehouse provides heated and air-conditioned work space with 12-foot overhead doors, epoxy-coated floors, floor drains, and high ceilings. Loading is supported by six overhead doors and easy semi-truck access, supporting efficient unloading and daily logistics. Outside, a paved parking lot provides space for employees, customers, and fleet vehicles. Additional on-site features include a security camera system.
With a functional, move-in-ready layout that pairs client-ready office finishes with warehouse amenities, the property is suited for a range of commercial uses where controlled warehouse operations and office support are both important.
Key Highlights
- Approximately 6,630 SF office and climate‑controlled warehouse on 1.73 acres in Bloomington’s west‑side business corridor
- Warehouse features approximately 5,000+ SF heated and air‑conditioned space with 12‑ft overhead doors, high ceilings, epoxy‑coated floors, and floor drains
- Loading support includes 6 overhead doors and easy semi‑truck access for streamlined loading and unloading
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
$59,471
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
3.30%
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%
$1,189,420
$1.2M
Cap Rate 7%
$849,586
$849.6K
Cap Rate 9%
$660,789
$660.8K
Market Conditions
NOI Build-Up for 6,630 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
$99.5K $15.00/SF
− Vacancy
−$8.0K −$1.20/SF
EGI
$91.5K $13.80/SF
− OpEx
−$32.0K −$4.83/SF
NOI
$59.5K $8.97/SF
Area
Monroe County, IN
Vacancy
8.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,189,420
Cap Rate 7%
$849,586
Cap Rate 9%
$660,789
Alternative Uses
Best Use
Flex RnD
$849.6K
$743.4K – $991.2K
NOI $59,471 @ 7.0% cap · market cap 3.30%
Second Best
Warehouse
$680.0K
$595.0K – $793.4K
NOI $47,601 @ 7.0% cap · market cap 2.64%
Theoretical Best
Office A
$1.30M
$1.13M – $1.51M
NOI $90,702 @ 7.0% cap · market cap 5.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Drive-in doors
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 47404, IN
23,799
Population
12,101
Households
2
Avg Household Size
33
Median Age
43%
College-Educated
95%
High-School Grad
52.6 sq mi
ZIP Area
452
Density / Sq Mi
$54,674
Median Household Income
$36,725
Median Earnings
$1,159
Median Rent
$243,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Turnkey facility combining a professional office suite with a climate-controlled, heated warehouse and multiple overhead doors.
Where is this flex space located?
The property is located at 4700 W Innovation Drive Bloomington, IN.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Approximately 6,630 SF office and climate‑controlled warehouse on 1.73 acres in Bloomington’s west‑side business corridor; Warehouse features approximately 5,000+ SF heated and air‑conditioned space with 12‑ft overhead doors, high ceilings, epoxy‑coated floors, and floor drains; Loading support includes 6 overhead doors and easy semi‑truck access for streamlined loading and unloading
