Auto Service Shop with RV
New
For Sale
$1,100,000
1126 N Air Drive, Bloomington, IN 47404
COMMERCIAL, Bloomington, IN
Property Size5,000 SF
Lot Size1.04 Acres
Price / SF$220
Days on Market2
Property Features for 1126 N Air Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Intersection of 17th St. and N. College Ave. head West on 17th St. Take the 2nd exit of the roundabout toward 17th St./Vernal Pike. Take a left at Enterprise Dr. Turn right Venture Blvd. Turn Left onto Air Dr. The property is on the Left GPS Friendly
Subdivision
Monroe County
Standard status
Active
APN
53-05-31-201-015.000-004
Lot size
1.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
012-15526-12 ENTERPRISE PARK LOT 12A
Tax Annual Amount
4695
Legal Description
012-15526-12 ENTERPRISE PARK LOT 12A
Utilities
Cooling system
Central Air
Amenities
reception/office area
showroom
mezzanine storage
Building Details
Year built
2000
Flooring type
Concrete, Laminate
Roof type
Metal
Listing Agency:
FC Tucker/Bloomington REALTORS
(812) 336-7300
Listed By:
Chris Cockerham · License #RB14027897
(812) 340-3083
Added: Aug 31
Last Checked: Sep 1 at 6:06AM
MLS# 202635801
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.
This auto service property combines three service bays with a reception area, office space, showroom, mezzanine storage, and additional room suitable for office use. The building has concrete and laminate flooring, central air, and a metal roof. Its configuration supports RV service and repair, automotive operations, contractor activities, and other light industrial uses stated in the property information.
The property encompasses 1.04 acres at 1126 N Air Drive in Bloomington, Indiana, providing space for parking, equipment, deliveries, and vehicle circulation. Two overhead doors measure 12 feet and a third measures 14 feet, accommodating RVs and larger vehicles. The sale also includes the existing Alexander RV business and established service and repair operation.
The property encompasses 1.04 acres at 1126 N Air Drive in Bloomington, Indiana, providing space for parking, equipment, deliveries, and vehicle circulation. Two overhead doors measure 12 feet and a third measures 14 feet, accommodating RVs and larger vehicles. The sale also includes the existing Alexander RV business and established service and repair operation.
Key Highlights
- Three service bays, including two 12‑foot overhead doors and one 14‑foot overhead door
- 1.04‑acre property at 1126 N Air Drive, Bloomington, IN 47404
- Reception area, showroom, office space, and mezzanine storage
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
$67,054
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
6.10%
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%
$1,341,080
$1.3M
Cap Rate 7%
$957,914
$957.9K
Cap Rate 9%
$745,044
$745.0K
Market Conditions
NOI Build-Up for 5,000 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
$100.2K $20.04/SF
− Vacancy
−$4.4K −$0.88/SF
EGI
$95.8K $19.16/SF
− OpEx
−$28.7K −$5.75/SF
NOI
$67.1K $13.41/SF
Area
Monroe County, IN
Vacancy
4.40%
Lease Rate
$20.04 /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%
$1,341,080
Cap Rate 7%
$957,914
Cap Rate 9%
$745,044
Alternative Uses
Best Use
Retail
$957.9K
$838.2K – $1.12M
NOI $67,054 @ 7.0% cap · market cap 6.10%
Second Best
Flex RnD
$640.7K
$560.6K – $747.5K
NOI $44,850 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$977.2K
$855.0K – $1.14M
NOI $68,403 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Service bays
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
228
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?
Auto shop - Industrial service property with customer areas, office space, storage, and vehicle maneuvering area.
Where is this auto shop located?
The property is located at 1126 N Air Drive Bloomington, IN.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Three service bays, including two 12‑foot overhead doors and one 14‑foot overhead door; 1.04‑acre property at 1126 N Air Drive, Bloomington, IN 47404; Reception area, showroom, office space, and mezzanine storage
