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    Versatile Commercial Property on State Road Title is generated by Realmo AI

    4890 W State Road 46 Road, Bloomington, IN 47404

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    For Sale
    $449,999

    Mixed Use, None - Bloomington, IN

    Type:Mixed Use
    Lot size:
    1.27 Acres
    Added:
    May 26, 2025
    Days on Market:
    352
    Last Refresh:
    May 12 at 2:06 pm

    Property Features for 4890 W State Road 46 Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3
    Parking features
    Garage
    Interior features
    Drywall, None
    Exterior features
    None
    Standard status
    Active
    APN
    53-00-92-049-000.000-013
    Lot size
    1.27 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3920

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1960
    Floors in Building
    1
    Flooring type
    Laminate, Wood
    Building materials
    Other
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Nicole Van Sant

    Listing agent Nicole Van Sant License #RB14030179

    Listing office NVS Realty, LLC P.O. Box 5025, Bloomington, IN

    Listing date May 26, 2025

    MLS# 202519500 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

    • 1.274‑acre lot zoned for commercial use with residential homestead
    • Prime location on State Road 46 with excellent visibility and accessibility
    • Spacious 2,032 sq ft ranch‑style home with 3 bedrooms and 2 full bathrooms
    • Substantial 896 sq ft pole building for ample storage or workspace
    • Original hardwood flooring throughout the home
    • New flooring, vanity, and toilet in hallway bath; new toilet and flooring in en suite bath

    Overview

    This versatile property, zoned for commercial use, is situated on a 1.274-acre lot. Currently used as a residential homestead, the property features a solid limestone ranch-style home built in 1960, offering 2,032 square feet of living space. The residence includes three bedrooms, two full bathrooms, and spacious living areas, complemented by built-in bookshelves and a double-sided fireplace. The original hardwood flooring is showcased throughout the home. The hallway bathroom features new flooring, a new vanity, and a new toilet, while the en suite bathroom has a new toilet and flooring. The property is further enhanced by an 896-square-foot pole building, providing ample storage or workspace. An attached two-car garage adds convenience. Located on State Road 46, the property ensures excellent visibility and accessibility, making it ideal for various business ventures. This property offers flexibility and opportunity in a desirable Bloomington location. It is suitable for establishing a commercial enterprise or enjoying a spacious residential setting with potential for future business use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Monroe
    State
    Indiana
    Longitude
    -86.463646
    Latitude
    39.16544

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    FAQs

    What type of property is this?
    Mixed-use property - Commercial property with residential potential on a 1.274-acre lot.
    Where is this mixed-use property located?
    The property is located at 4890 W State Road 46 Road Bloomington, IN.
    What is the asking price?
    The asking price for this property is $449,999.
    What are key features of this property?
    This property features: 1.274‑acre lot zoned for commercial use with residential homestead; Prime location on State Road 46 with excellent visibility and accessibility; Spacious 2,032 sq ft ranch‑style home with 3 bedrooms and 2 full bathrooms
    (812) 322-7711
    We can help!
    Listing Contact
    Nicole Van Sant
    Real Estate License ID: RB14030179
    Learn More
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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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