Climate-Controlled
For Sale
$1,850,000
1430 N Willis Dr, Bloomington, IN 47404
Industrial building with loading dock access, three restrooms, and parking.
Property Size15,400 SF
Price / SF$120.13
Days on Market10
Property Features for 1430 N Willis Dr
General Information
Standard status
Active
Size
15,400 SF
Building Details
Year Built
1958
Listing Agency:
Owens Realty Group
(812) 322-6888
Listed By:
Scott Owens · License #RB14023735
Source:
Callcriswell
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 31 at 6:55PM
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 Owens Realty Group
Investment Insights
Based on property information with market context.
This 15,400-square-foot warehouse at 1430 N Willis Dr includes climate-controlled space, three restrooms, an exterior loading dock, and garage door access. The 1958 building also provides ample parking and room for expansion.
The property is in Bloomington, close to Indiana University and downtown. Its existing loading infrastructure, temperature-controlled interior, and expansion area support a range of storage and commercial uses.
The property is in Bloomington, close to Indiana University and downtown. Its existing loading infrastructure, temperature-controlled interior, and expansion area support a range of storage and commercial uses.
Key Highlights
- 15,400‑square‑foot warehouse with climate‑controlled space
- Exterior loading dock with garage door access
- Three restrooms and ample parking
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
$110,567
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
5.98%
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%
$2,211,340
$2.2M
Cap Rate 7%
$1,579,529
$1.6M
Cap Rate 9%
$1,228,522
$1.2M
Market Conditions
NOI Build-Up for 15,400 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
$146.0K $9.48/SF
− Vacancy
−$15.9K −$1.03/SF
EGI
$130.1K $8.45/SF
− OpEx
−$19.5K −$1.27/SF
NOI
$110.6K $7.18/SF
Area
Monroe County, IN
Vacancy
10.90%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$2,211,340
Cap Rate 7%
$1,579,529
Cap Rate 9%
$1,228,522
Alternative Uses
Best Use
Warehouse
$1.58M
$1.38M – $1.84M
NOI $110,567 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.01M
$2.63M – $3.51M
NOI $210,681 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
769
Businesses Nearby
Balanced
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Straight Outta Storage — 1503 W Arlington Rd, Bloomington, IN 47404
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- Virtu360 - 3D Virtual Tours — 1329 N Woodburn Ave, Bloomington, IN 47404
- Storage Express — 606 W Gourley Pike, Bloomington, IN 47404
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial building with loading dock access, three restrooms, and parking.
Where is this warehouse located?
The property is located at 1430 N Willis Dr Bloomington, IN.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 15,400‑square‑foot warehouse with climate‑controlled space; Exterior loading dock with garage door access; Three restrooms and ample parking
