Three-Story Office
For Sale
$5,500,000
1600 W Bloomfield Road, Bloomington, IN 47403
COMMERCIAL, Bloomington, IN
Property Size28,077 SF
Lot Size2.31 Acres
Price / SF$195.89
Days on Market48
Property Features for 1600 W Bloomfield Road
General Information
Property type
Commercial Sale
Property subtype
Office
Rooms
Basement
Directions
From Bloomington head west on Second street after the stop light of the intersection of Bloomfield/2nd St. and Landmark the property will be on the right after the gas station. GPS Friendly!
Subdivision
Monroe County
Standard status
Active
APN
53-08-06-104-062.000-009
Lot size
2.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
015-63420-01 Seminary Part Lot 189 2.31A Plat 189E
Tax Annual Amount
44085
Legal Description
015-63420-01 Seminary Part Lot 189 2.31A Plat 189E
Amenities
kitchenettes
conference room
handicap-accessible entrances
Building Details
Year built
2004
Flooring type
Carpet, Tile - Ceramic
Roof type
Metal
Listing Agency:
FC Tucker/Bloomington REALTORS
(812) 336-7300
Listed By:
Chris Cockerham · License #RB14027897
(812) 340-3083
Added: Aug 4
Changed: Sep 12
Last Checked: Sep 20 at 5:06PM
MLS# 202631512
Copyright © 2026 Indiana Uplands Realtor® Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2004, this three-story office property occupies 2.31 acres and includes a metal roof, carpet and ceramic tile flooring, and a basement. The building is arranged for multiple occupants, with separate handicap-accessible entrances serving the main and lower levels. Kitchenettes are provided on each floor.
The lower level contains two leased office suites. The main level includes two office areas and a substantial conference room, while the second floor offers a combination of cubicle workstations and private offices. Access to the second level is by stairs only.
Private on-site parking serves tenants and guests. The property is located approximately 3 minutes from I-69, providing direct highway access from the Bloomington area.
The lower level contains two leased office suites. The main level includes two office areas and a substantial conference room, while the second floor offers a combination of cubicle workstations and private offices. Access to the second level is by stairs only.
Private on-site parking serves tenants and guests. The property is located approximately 3 minutes from I-69, providing direct highway access from the Bloomington area.
Key Highlights
- 28,077 SF three‑story office building on 2.31 acres
- Two fully leased office suites on the lower level
- Main level includes two office spaces and a large conference room
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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-tenant layout with accessible entrances, private parking, and office accommodations across three levels.
Where is this office building located?
The property is located at 1600 W Bloomfield Road 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 on 2.31 acres; Two fully leased office suites on the lower level; Main level includes two office spaces and a large conference room
