Building Details

Year Built 1981

Listing Agency: Sterling Real Estate

Listed By: Heather Groves · License #RB15001614 Show Phone

Source: Kmsrealestategroup

Added: Sep 19 Changed: Oct 2 Last Checked: Oct 6 at 12:23AM

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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 approximately 4,000-square-foot mixed-use building was constructed in 1981 and is zoned Mixed Use. The interior includes two offices, a storage room, kitchen, two restrooms, and a large open area, providing a practical combination of private and shared-use space. Dedicated parking is provided on site with 12 spaces.

Improvements completed over the past 6 years include a rebuilt parking lot, exterior wall repairs, fresh interior and exterior paint, updated kitchen cabinetry and countertops, new flooring, electrical upgrades with LED lighting and additional outlets, two new HVAC systems, replacement windows, and a new roof with gutters. The property is located at 1108 W 8th St in Bloomington’s Near West Side neighborhood.

Key Highlights

• Approximately 4,000 square feet on a Mixed Use‑zoned property
• 12 dedicated parking spaces
• Two offices, storage room, kitchen, open area, and two restrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$34,320

Cap Rate

5.40%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$686,400 $686.4K

Cap Rate 7%

$490,286 $490.3K

Cap Rate 9%

$381,333 $381.3K

Market Conditions

NOI Build-Up for 4,000 SF

Gross rent

$62.4K $15.60/SF

− Vacancy

−$7.5K −$1.87/SF

EGI

$54.9K $13.73/SF

− OpEx

−$20.6K −$5.15/SF

NOI

$34.3K $8.58/SF

Area

Monroe County, IN

Vacancy

12.00%

Lease Rate

$15.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$686,400

Cap Rate 7%

$490,286

Cap Rate 9%

$381,333

Alternative Uses

Best Use

Mixed Use

$490.3K

$429.0K – $572.0K (±1% cap)

NOI $34,320 @ 7.0% cap · market cap 5.40%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$781.7K

$684.0K – $912.0K (±1% cap)

NOI $54,722 @ 7.0% cap · market cap 8.62%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Mixed-use properties

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Locksmith Catering Service Butcher Florist Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,973

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

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Flexible commercial layout with offices, kitchen, storage, multiple restrooms, open area, and dedicated parking.

Where is this mixed-use property located?

The property is located at 1108 W 8th St Bloomington, IN.

What is the asking price?

The asking price for this property is $635,000.

What are key features of this property?

This property features: Approximately 4,000 square feet on a Mixed Use‑zoned property; 12 dedicated parking spaces; Two offices, storage room, kitchen, open area, and two restrooms