Mixed-Use Property with Three
For Sale
$250,000
1015 W Gourley Pike, Bloomington, IN 47404
Mixed-use zoning accompanies three existing dwellings near Indiana University.
Property Size800 SF
Lot Size0.78 Acres
Price / SF$312.50
Days on Market347
Property Features for 1015 W Gourley Pike
General Information
Standard status
Active
Size
800 SF
Lot size
0.78 Acres
Property subtype
Mixed Use
Zoning
Mixed Use
Additional Details
Land Use
mixed-use, residential
Amenities
3
Gravel.
Building Details
Buildings
3
Listing Agency:
Carpenter, REALTORS
(812) 330-9375
Listed By:
Carrie Parrish · License #RB23000757
Source:
Xome
Added: Sep 19, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:38PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Carpenter, REALTORS
Investment Insights
Based on property information with market context.
This 0.78-acre mixed-use property includes three existing dwellings and is identified with a three-family residential code. The site may support renovation or future development subject to applicable local regulations.
Located at 1015 W Gourley Pike in Bloomington, the property sits minutes from Indiana University. A major highway is visible from the site, providing a prominent setting with convenient access for residential or commercial uses allowed under the zoning designation.
Located at 1015 W Gourley Pike in Bloomington, the property sits minutes from Indiana University. A major highway is visible from the site, providing a prominent setting with convenient access for residential or commercial uses allowed under the zoning designation.
Key Highlights
- 0.78‑acre mixed‑use property
- Three existing dwellings on site
- Mixed Use zoning with a three‑family residential code
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
$7,190
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
2.88%
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%
$143,800
$143.8K
Cap Rate 7%
$102,714
$102.7K
Cap Rate 9%
$79,889
$79.9K
Market Conditions
NOI Build-Up for 800 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
$10.8K $13.56/SF
− Vacancy
−$577 −$0.72/SF
EGI
$10.3K $12.84/SF
− OpEx
−$3.1K −$3.85/SF
NOI
$7.2K $8.99/SF
Area
Monroe County, IN
Vacancy
5.32%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$143,800
Cap Rate 7%
$102,714
Cap Rate 9%
$79,889
Alternative Uses
Best Use
Multifamily LT 5
$102.7K
$89.9K – $119.8K
NOI $7,190 @ 7.0% cap · market cap 2.88%
Second Best
Mixed Use
$98.1K
$85.8K – $114.4K
NOI $6,864 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$156.3K
$136.8K – $182.4K
NOI $10,944 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
301
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use zoning accompanies three existing dwellings near Indiana University.
Where is this mixed-use property located?
The property is located at 1015 W Gourley Pike Bloomington, IN.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 0.78‑acre mixed‑use property; Three existing dwellings on site; Mixed Use zoning with a three‑family residential code
