Commercial Property with Pole
For Sale
$449,999
4890 W State Road 46, Bloomington, IN 47404
COMMERCIAL, Bloomington, IN
Property Size2,032 SF
Lot Size1.27 Acres
Price / SF$221.46
Days on Market455
Property Features for 4890 W State Road 46
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Garage
Directions
State Road 46 West into Ellettsville. Home is located on North Side across from Hoosier Putt Hole.
Subdivision
Monroe County
Standard status
Active
APN
53-00-92-049-000.000-013
Lot size
1.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
009-20490-00 PT SW NE 14-9-2W 1.274A PLAT 48
Tax Annual Amount
3920
Legal Description
009-20490-00 PT SW NE 14-9-2W 1.274A PLAT 48
Utilities
Cooling system
Central Air
Building Details
Year built
1960
Flooring type
Wood, Laminate
Roof type
Shingle
Listing Agency:
NVS Realty, LLC
(812) 322-7711
Listed By:
Nicole Van Sant · License #RB14030179
(812) 322-7711
Added: May 26, 2025
Changed: Aug 20
Last Checked: Aug 23 at 2:06AM
MLS# 202519500
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 on a 1.274-acre lot, this commercial-zoned property includes a solid limestone ranch home built in 1960 and a separate 896-square-foot pole building. The residence offers 2,032 square feet of living space with three bedrooms and two full bathrooms, plus spacious living areas featuring built-in bookshelves and a double-sided fireplace. Recent interior updates include removal of all carpet to expose the original hardwood flooring, along with new flooring, a new vanity, and a new toilet in the hallway bath. The en suite bath has new flooring and a new toilet. The dilapidated pool has been removed and the area has been filled in to create additional outdoor green space or room for expansion, and the home includes an attached two-car garage.
The property is located on State Road 46, providing straightforward visibility and access for a range of business uses. While it is currently operating as a residential homestead, the zoning supports commercial use, offering flexibility for buyers who want to combine a home base with income or business-oriented operations.
For tenants, buyers, or operators seeking a property that can accommodate both practical office or workspace needs and on-site storage, the pole building provides a dedicated footprint separate from the residence. The existing home configuration, garage, and updated interior finishes can support a variety of owner-occupied or mixed-use plans, subject to applicable requirements for the intended commercial use.
The property is located on State Road 46, providing straightforward visibility and access for a range of business uses. While it is currently operating as a residential homestead, the zoning supports commercial use, offering flexibility for buyers who want to combine a home base with income or business-oriented operations.
For tenants, buyers, or operators seeking a property that can accommodate both practical office or workspace needs and on-site storage, the pole building provides a dedicated footprint separate from the residence. The existing home configuration, garage, and updated interior finishes can support a variety of owner-occupied or mixed-use plans, subject to applicable requirements for the intended commercial use.
Key Highlights
- 1.274‑acre lot with a limestone ranch‑style home built in 1960 and 2,032 SF of living space
- 3 bedrooms and 2 full bathrooms, with built‑in bookshelves and a double‑sided fireplace
- Zoned for commercial use and currently used as a residential homestead
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
$16,585
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
3.69%
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%
$331,700
$331.7K
Cap Rate 7%
$236,929
$236.9K
Cap Rate 9%
$184,278
$184.3K
Market Conditions
NOI Build-Up for 2,032 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
$31.9K $15.72/SF
− Vacancy
−$1.8K −$0.88/SF
EGI
$30.2K $14.84/SF
− OpEx
−$13.6K −$6.68/SF
NOI
$16.6K $8.16/SF
Area
Monroe County, IN
Vacancy
5.60%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$331,700
Cap Rate 7%
$236,929
Cap Rate 9%
$184,278
Alternative Uses
Best Use
Apartment 5plus
$236.9K
$207.3K – $276.4K
NOI $16,585 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$397.1K
$347.5K – $463.3K
NOI $27,799 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Commercial-zoned property on State Road 46 with a renovated limestone ranch and substantial pole building for storage or workspace.
Where is this commercial land located?
The property is located at 4890 W State Road 46 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 with a limestone ranch‑style home built in 1960 and 2,032 SF of living space; 3 bedrooms and 2 full bathrooms, with built‑in bookshelves and a double‑sided fireplace; Zoned for commercial use and currently used as a residential homestead
