Church Facility with Walkout
For Sale
$425,000
1409 W Kirkwood Ave, Bloomington, IN 47404
Vacant religious facility with MM zoning and access from Kirkwood Ave.
Property Size2,380 SF
Price / SF$178.57
Days on Market49
Property Features for 1409 W Kirkwood Ave
General Information
Standard status
Active
Size
2,380 SF
Building Details
Year Built
1980
Listing Agency:
Dohman Team
(812) 606-0136
Listed By:
Craig Dohman · License #RB17001882
Source:
Kmsrealestategroup
Added: Jul 14
Changed: Aug 31
Last Checked: Aug 30 at 8:00PM
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 Dohman Team
Investment Insights
Based on property information with market context.
Located at 1409 W Kirkwood Ave in Bloomington, this vacant religious facility includes an open main-floor area, several lower-level rooms, and a full walkout basement. The building was constructed in 1980 and is supported by 13 paved parking spaces.
The property carries MM, or Mixed-Use Medium Scale, zoning, which permits most business uses, including office and retail. Its layout can accommodate continued religious use, while the zoning also allows consideration of multifamily, residential, and other redevelopment concepts. The property is offered for sale or lease.
The property carries MM, or Mixed-Use Medium Scale, zoning, which permits most business uses, including office and retail. Its layout can accommodate continued religious use, while the zoning also allows consideration of multifamily, residential, and other redevelopment concepts. The property is offered for sale or lease.
Key Highlights
- MM (Mixed‑Use Medium Scale) zoning permits most business uses, including office and retail
- Open main‑floor area with multiple lower‑level rooms and a full walkout basement
- 13 paved parking spaces
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
$20,420
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
4.80%
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%
$408,400
$408.4K
Cap Rate 7%
$291,714
$291.7K
Cap Rate 9%
$226,889
$226.9K
Market Conditions
NOI Build-Up for 2,380 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
$37.1K $15.60/SF
− Vacancy
−$4.5K −$1.87/SF
EGI
$32.7K $13.73/SF
− OpEx
−$12.3K −$5.15/SF
NOI
$20.4K $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 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%
$408,400
Cap Rate 7%
$291,714
Cap Rate 9%
$226,889
Alternative Uses
Best Use
Mixed Use
$291.7K
$255.3K – $340.3K
NOI $20,420 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$465.1K
$407.0K – $542.7K
NOI $32,560 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,279
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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Frequently Asked Questions
What type of property is this?
Church & religious facility - Vacant religious facility with MM zoning and access from Kirkwood Ave.
Where is this church & religious facility located?
The property is located at 1409 W Kirkwood Ave Bloomington, IN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: MM (Mixed‑Use Medium Scale) zoning permits most business uses, including office and retail; Open main‑floor area with multiple lower‑level rooms and a full walkout basement; 13 paved parking spaces
