Mixed-Use Development Site with Dual
319 South Madison Street Bloomington, IN 47403
319 South Madison Street, Bloomington, IN, 47403
$3,250,000
For Sale
$3,250,000
For-sale mixed-use development site with street frontage on both W 3rd Street and S Madison Street.
Property Size36,155 SF
Price / SF$89.89
Days on Market1242
Property Features for 319 South Madison Street
General Information
- Standard status
- Active
- Size
- 36,155 SF
- Property subtype
- Commercial / Mixed Use
Building Details
- Year Built
- 1900
Listing agency
RE/MAX Acclaimed Properties
(812) 345-3712
Listed by
AJ Bowlen · License #RB16000753
Source
Compass
Added: Feb 25, 2023 Updated: Jul 21 at 3:27AM Checked: Jul 21 at 3:27AM
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 RE/MAX Acclaimed Properties
Investment Insights
Based on property information with market context.
This mixed-use development property offers dual street frontage, with access along both W 3rd Street and S Madison Street. The site is currently zoned Mixed Use Downtown with the Downtown Edges Overlay, which supports a range of uses.
The property is adjacent to the Monroe County Convention Center and is within walking distance of downtown Bloomington amenities and the campus of Indiana University. It is also described as steps from the B-Line Trail.
Based on the stated zoning allowance, potential uses may include multi-family, lodging, and retail. The property is offered for sale at $3,250,000.
The property is adjacent to the Monroe County Convention Center and is within walking distance of downtown Bloomington amenities and the campus of Indiana University. It is also described as steps from the B-Line Trail.
Based on the stated zoning allowance, potential uses may include multi-family, lodging, and retail. The property is offered for sale at $3,250,000.
Key Highlights
- Mixed‑use development site in downtown Bloomington with frontage on both W 3rd Street and S Madison Street
- Adjacent to the Monroe County Convention Center
- Zoned Mixed Use Downtown with Downtown Edges Overlay, allowing for a variety of uses including multi‑family, lodging, and retail
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $568.4k | $15.72 |
| − Vacancy | −$31.8k | −$0.88 |
| EGI | $536.5k | $14.84 |
| − OpEx | −$241.4k | −$6.68 |
| NOI | $295.1k | $8.16 |
36,155 SF · lease $15.72/SF/yr · vacancy 5.60% · expense 45.00%
Alternative Uses
Best Use
Mixed Use
$4.43M
$3.88M – $5.17M
NOI $310,210 @ 7.0% cap · market cap 9.54%
Second Best
Apartment 5plus
$4.22M
$3.69M – $4.92M
NOI $295,091 @ 7.0% cap · market cap 9.08%
Theoretical Best
Office A
$7.07M
$6.18M – $8.24M
NOI $494,621 @ 7.0% cap · market cap 15.22%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Mixed-use properties
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FAQs
What type of property is this?
Mixed-use property - For-sale mixed-use development site with street frontage on both W 3rd Street and S Madison Street.
Where is this mixed-use property located?
The property is located at 319 South Madison Street Bloomington, IN.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Mixed‑use development site in downtown Bloomington with frontage on both W 3rd Street and S Madison Street; Adjacent to the Monroe County Convention Center; Zoned Mixed Use Downtown with Downtown Edges Overlay, allowing for a variety of uses including multi‑family, lodging, and retail
