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    Multi-Revenue Entertainment Property on 2.82 Acres Title is generated by Realmo AI

    4747 W State Road 46, Bloomington, IN 47404

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    For Sale
    $1,500,000

    Sport & Entertainment, Restaurant,Other - Bloomington, IN

    Property size:
    8,400 SF
    Lot size:
    2.81 Acres
    Price / SF:
    $178/SF
    Added:
    Mar 2, 2026
    Days on Market:
    91
    Last Refresh:
    Jun 1 at 1:06 am

    Property Features for 4747 W State Road 46

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    5
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Kitchen, Office
    Parking features
    Paved or Surfaced
    Interior features
    Block, Drywall, Handicap Access, Living Space, Basement, Office Space, Public Restrooms, Refrigeration/Freezer
    Exterior features
    Handicap Access, Living Space, Basement, Office Space, Public Restrooms, Refrigeration/Freezer
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    53-04-14-100-053.000-013
    Size
    8,400 SF
    Lot size
    2.81 Acres

    Taxes and HOA fees

    Tax Annual Amount
    17558.46

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1994
    Floors in Building
    3
    Flooring type
    Concrete, Tile, Vinyl
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Chris Cockerham
    Chris Cockerham

    Listing agent Chris Cockerham License #RB14027897

    Listing office FC Tucker/Bloomington REALTORS 487 S Clarizz Blvd, Bloomington, IN

    Listing date Mar 2, 2026

    MLS# 202606471 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.

    HighLights

    • Multi‑revenue entertainment property: mini golf, restaurant/bar, live entertainment, short‑term rental potential.
    • Prime location: 2.82 acres on highly trafficked State Road 46.
    • Benefit from a three‑way liquor license.
    • Updated efficiency apartment (Airbnb‑ready).
    • Income‑producing digital billboard (installed 2025).
    • Extensive recent capital improvements.

    Overview

    Located on 2.82 acres along State Road 46 in Bloomington, Indiana, this renovated entertainment property, known as Hoosier Putt Hole, offers multiple revenue streams. The property includes an 8,400 square-foot, three-level main building, a mini golf support building referred to as the Putt Hut, and private concrete parking. A newly installed digital sign generates income. The property combines mini golf, restaurant and bar operations, a live entertainment space, and potential for short-term rental income. Features include a three-way liquor license, an updated efficiency apartment suitable for Airbnb with new furnishings, and an outdoor live music stage with electrical setup. An outdoor bar is also present. A large Putt Hut addition is planned for 2025, potentially serving as a small take-out restaurant. An income-producing digital billboard was installed in 2025. The property benefits from extensive recent capital improvements and strong visibility on State Road 46.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $168.3k $20.04
    − Vacancy −$7.4k −$0.88
    EGI $160.9k $19.16
    − OpEx −$48.3k −$5.75
    NOI $112.7k $13.41
    8,400 SF · lease $20.04/SF/yr · vacancy 4.40% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $1.61M
    $1.41M – $1.88M (±1% cap)
    NOI $112,650 @ 7.0% cap · market cap 7.51%
    Second Best
    Specialty Retail
    $1.55M
    $1.36M – $1.81M (±1% cap)
    NOI $108,637 @ 7.0% cap · market cap 7.24%
    Theoretical Best
    Office A
    $1.64M
    $1.44M – $1.92M (±1% cap)
    NOI $114,917 @ 7.0% cap · market cap 7.66%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Gym & Fitness Center

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

    Similar Places Nearby

    • Western Skateland — 930 W 17th St, Bloomington, IN 47404
    • Classic Bowling Lanes — 1421 N Willis Dr, Bloomington, IN 47404

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Monroe
    State
    Indiana
    Longitude
    -86.598148
    Latitude
    39.216643

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    FAQs

    What type of property is this?
    Sports & entertainment property - Fully renovated entertainment property with multiple revenue streams in Bloomington, Indiana.
    Where is this sports & entertainment property located?
    The property is located at 4747 W State Road 46 Bloomington, IN.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Multi‑revenue entertainment property: mini golf, restaurant/bar, live entertainment, short‑term rental potential.; Prime location: 2.82 acres on highly trafficked State Road 46.; Benefit from a three‑way liquor license.
    (812) 340-3083
    We can help!
    Listing Contact
    Chris Cockerham
    Chris Cockerham
    Real Estate License ID: RB14027897
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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.

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