Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    115 W Grimes Ln Bloomington, IN 47403

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $1,700 /Mo

    Mixed-use space with office and storage near Switchyard Park.

    Lot size:
    0.11 Acres

    Property Features for 115 W Grimes Ln

    General Information

    Standard status
    Active
    Lot size
    0.11 Acres

    We can help!

    Listing Contact
    Gigi Larmour-Goldin
    Source: Exprealty

    Listing Agency: RE/MAX Acclaimed Properties Listing Agent: Gigi Larmour-Goldin

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Versatile Space Near Switchyard Park

    Located in a high-traffic area near the corner of Grimes and S Walnut, adjacent to the main entrance of Switchyard Park, this versatile space offers 2,400 square feet. It includes 1,200 square feet of finished office space and 1,200 square feet of unfinished space suitable for storage or potential conversion. Ample parking is available behind the building, with an additional 0.25 acres of parking lot space included. The property's visibility and accessibility make it suitable for a range of businesses. The intended use of the property is for lease.
    Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Monroe
    State
    Indiana
    Longitude
    -86.5346923
    Latitude
    39.1531996

    Nearby Similar for Lease

    • Sponsored
      $15 SF/Yr

      4101 E 3rd St

      1st Month Rent Free--Sublet--move in ready condition
      4101 E 3Rd St, Bloomington, IN 47401
      View Details
    • $1.00 SF/Yr
      5,412 SF

      Furnished Office Suites Available

      Fully furnished office suites for lease with shared amenities.
      6755 S Old State 37 Rd, Bloomington, IN 47401
      View Details
    • $3,000 /Mo
      2,151 SF

      Charming Office Building with Parking

      Historical schoolhouse with modern amenities and ample parking.
      4638 E State Road 45, Bloomington, IN 47408
      View Details
    • $9,000 /Mo
      6,000 SF

      Bloomington Mixed-Use Retail/Office Space

      6000 sq ft of office or retail space for lease.
      135 N Gates Dr, Bloomington, IN 47404
      View Details
    • $1,700 /Mo
      1,200 SF

      Office Space Near Switchyard Park

      Versatile office space with storage and ample parking available for lease.
      115 W Grimes Ln, Bloomington, IN 47403
      View Details
    • $4,000 /Mo
      1,852 SF

      Inviting Office Suite in Bloomington

      Bright office suite with conference room, near downtown and university.
      463 S Park Ridge Rd, Bloomington, IN 47401
      View Details
    • $3,000 /Mo
      2,300 SF

      Bloomington Office/Retail Building For Lease

      Well-maintained office/retail building with excellent visibility, available for lease.
      1815 S Walnut St, Bloomington, IN 47401
      View Details
    • $17 SF/Yr
      1,700 SF

      Functional Medical Office Space

      Well-maintained Bloomington office space suitable for medical or professional use.
      515 S Woodscrest Dr, Bloomington, IN 47401
      View Details
    • $14 SF/Yr
      3,333 SF

      Bloomington Office Space Available

      3,333 SF office space for lease in Bloomington, Indiana.
      2205 W Sudbury Dr, Bloomington, IN 47403
      View Details
    • $15 SF/Yr
      3,822 SF

      South Bloomington Office Sub-Lease

      Single-level office building with flexible sub-lease terms until 2027.
      2495 S Walnut Street Pike, Bloomington, IN 47401
      View Details
    • $4,200 /Mo
      5,651 SF

      Downtown Bloomington Commercial Space Available

      Open commercial space in downtown Bloomington near IU Campus.
      633 N Morton St, Bloomington, IN 47404
      View Details
    • $1,589 /Mo
      1,015 SF

      Bloomington Commercial Space For Rent

      Commercial space near shopping and restaurants on Bloomington's east side.
      3101 E Covenanter Dr, Bloomington, IN 47401
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use space with office and storage near Switchyard Park.
    Where is this mixed-use property located?
    The property is located at 115 W Grimes Ln Bloomington, IN.
    What are key features of this property?
    This property features: - Prime location next to Switchyard Park entrance in a high-traffic area.; - Versatile 2,400 SF space with **1,200 SF finished office** and 1,200 SF unfinished space.; - Ample parking behind the building plus an additional .25-acre parking lot.
    (812) 327-5608
    Request Owner's contact information
    115 W Grimes Ln Bloomington, IN 47403
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    115 W Grimes Ln
    Bloomington, IN 47403
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    115 W Grimes Ln Bloomington, IN 47403
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Gigi Larmour-Goldin
    (812) 327-5608
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.