Three-Story Office
For Sale
$5,500,000
1600 W Bloomfield Rd, Bloomington, IN 47403
Flexible multi-level office property with accessible entrances, kitchenettes, private parking, and multiple suite configurations.
Property Size28,077 SF
Price / SF$195.89
Days on Market20
Property Features for 1600 W Bloomfield Rd
General Information
Standard status
Active
Size
28,077 SF
Elevators
No
Additional Details
Highway Access
Yes
Amenities
kitchenettes
handicap-accessible entrances
conference room
Building Details
Year Built
2004
Buildings
1
Stories
3
Building Size
28,077 SF
Tenancy
Multi
Listing Agency:
FC Tucker/Bloomington REALTORS
(812) 340-3083
Listed By:
Chris Cockerham · License #RB14027897
Source:
Callcriswell
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 28 at 12:57PM
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 FC Tucker/Bloomington REALTORS
Investment Insights
Based on property information with market context.
Built in 2004, this 28,077 SF office building spans three levels and supports a range of professional, medical, and institutional uses. The main and lower floors have separate handicap-accessible entrances, while the second floor is reached by stairs. Existing improvements include private offices, cubicles, a large conference room, and kitchenettes on each floor.
The lower level contains two fully leased office suites. Two additional office spaces are located on the main level, and the second floor is leasable with a combination of private offices and cubicle areas. Private on-site parking serves tenants and guests, and the property is approximately 3 minutes from I-69.
The lower level contains two fully leased office suites. Two additional office spaces are located on the main level, and the second floor is leasable with a combination of private offices and cubicle areas. Private on-site parking serves tenants and guests, and the property is approximately 3 minutes from I-69.
Key Highlights
- ±28,077 SF three‑story office building built in 2004
- Approximately 3 minutes from I‑69
- Two fully leased office suites on the lower level
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
$301,513
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
5.48%
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%
$6,030,260
$6.0M
Cap Rate 7%
$4,307,329
$4.3M
Cap Rate 9%
$3,350,144
$3.4M
Market Conditions
NOI Build-Up for 28,077 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
$529.0K $18.84/SF
− Vacancy
−$127.0K −$4.52/SF
EGI
$402.0K $14.32/SF
− OpEx
−$100.5K −$3.58/SF
NOI
$301.5K $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 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%
$6,030,260
Cap Rate 7%
$4,307,329
Cap Rate 9%
$3,350,144
Alternative Uses
Best Use
Office B
$4.31M
$3.77M – $5.03M
NOI $301,513 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.49M
$4.80M – $6.40M
NOI $384,110 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
790
Businesses Nearby
Explore this area
Business Placement
Demographics for 47403, IN
33,066
Population
16,271
Households
2
Avg Household Size
35
Median Age
39%
College-Educated
93%
High-School Grad
85.0 sq mi
ZIP Area
389
Density / Sq Mi
$68,703
Median Household Income
$40,391
Median Earnings
$1,114
Median Rent
$222,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Flexible multi-level office property with accessible entrances, kitchenettes, private parking, and multiple suite configurations.
Where is this office building located?
The property is located at 1600 W Bloomfield Rd Bloomington, IN.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: ±28,077 SF three‑story office building built in 2004; Approximately 3 minutes from I‑69; Two fully leased office suites on the lower level
