Historic Schoolhouse Office
For Sale
$735,000
4638 E State Road 45, Bloomington, IN 47408
Freshly painted, two-level office building with new carpet and multiple restrooms plus a kitchenette area.
Property Size4,302 SF
Lot Size1.05 Acres
Price / SF$170.85
Days on Market166
Property Features for 4638 E State Road 45
General Information
Standard status
Active
Size
4,302 SF
Lot size
1.05 Acres
Property subtype
Multi-Family
Zoning
LB
Additional Details
Office Units
10
Building Details
Year Built
1928
Stories
2
Listing Agency:
Sterling Real Estate
Listed By:
Heather Groves · License #RB15001614
(812) 606-4239
Source:
Callcriswell
Added: Apr 24
Changed: Oct 2
Last Checked: Oct 5 at 7:37PM
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 Sterling Real Estate
Investment Insights
Based on property information with market context.
This historic schoolhouse, the Poplar Grove School, offers over 4,300 square feet of freshly painted space across two levels. The building includes new carpet and a mix of ten office spaces, an open common area, storage, and a larger first-level open area with original hardwood floors. Both levels feature restrooms and a kitchenette, and the building has more than 50 new windows providing natural light throughout.
The property is situated on just over 1.05 acres and provides more than 25 parking spots. It is zoned Limited Business (LB) and is positioned just east of Indiana University, near the new IU Health Bloomington Hospital. Newly installed fiber internet is also available through GigabitNow.
The existing layout supports a range of business uses consistent with the LB zoning designation, including daycare, office space, retail, studio or gallery use, massage and music therapy, counseling, real estate, freelance work, law firms, and insurance.
The property is situated on just over 1.05 acres and provides more than 25 parking spots. It is zoned Limited Business (LB) and is positioned just east of Indiana University, near the new IU Health Bloomington Hospital. Newly installed fiber internet is also available through GigabitNow.
The existing layout supports a range of business uses consistent with the LB zoning designation, including daycare, office space, retail, studio or gallery use, massage and music therapy, counseling, real estate, freelance work, law firms, and insurance.
Key Highlights
- Historic Poplar Grove Schoolhouse offers 4,300+ sqft across two levels, freshly painted with new carpet
- Zoned Limited Business (LB) building supports office and a variety of uses listed in remarks, including daycare, retail, studio/gallery, and more
- Building includes 10 office spaces, open common area, storage, and a larger first‑level open area with original hardwood floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,198
Cap Rate
6.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$923,960
$924.0K
Cap Rate 7%
$659,971
$660.0K
Cap Rate 9%
$513,311
$513.3K
Market Conditions
NOI Build-Up for 4,302 SF
Gross rent
$81.0K $18.84/SF
− Vacancy
−$19.5K −$4.52/SF
EGI
$61.6K $14.32/SF
− OpEx
−$15.4K −$3.58/SF
NOI
$46.2K $10.74/SF
Area
Monroe County, IN
Vacancy
24.00%
Lease Rate
$18.84 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$923,960
Cap Rate 7%
$659,971
Cap Rate 9%
$513,311
Alternative Uses
Best Use
Office B
$660.0K
$577.5K – $770.0K
NOI $46,198 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$840.8K
$735.7K – $980.9K
NOI $58,854 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
10
Office units
Location Intelligence
Trade Area within ½ mile
25
Businesses Nearby
Explore this area
Business Placement
Demographics for 47408, IN
22,917
Population
10,456
Households
2.2
Avg Household Size
28
Median Age
59%
College-Educated
98%
High-School Grad
64.4 sq mi
ZIP Area
356
Density / Sq Mi
$45,584
Median Household Income
$15,819
Median Earnings
$1,177
Median Rent
$304,600
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Freshly painted, two-level office building with new carpet and multiple restrooms plus a kitchenette area.
Where is this office building located?
The property is located at 4638 E State Road 45 Bloomington, IN.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Historic Poplar Grove Schoolhouse offers 4,300+ sqft across two levels, freshly painted with new carpet; Zoned Limited Business (LB) building supports office and a variety of uses listed in remarks, including daycare, retail, studio/gallery, and more; Building includes 10 office spaces, open common area, storage, and a larger first‑level open area with original hardwood floors
