Rented Office Condo Unit with Conference
For Sale
Contact for pricing
1602 W 3 St, Bloomington, IN 47404
Finished office condo unit with conference room, kitchenette, and half bath, currently rented to State Farm; lease expires 4/30/24.
Property Size1,360 SF
Price / SF$131.62
Days on Market891
Property Features for 1602 W 3 St
General Information
Standard status
Active
Size
1,360 SF
Property subtype
OFFICE
Additional Details
HOA Fee
$366
Building Details
Tenancy
Single
Owner Occupied
No
Listing Agency:
F.C. Tucker/Bloomington, REALTORS
(812) 330-7500
Listed By:
John West · License #RB14012678
(812) 330-7500
Source:
Moodyscre
Added: Mar 1, 2024
Changed: Jul 30
Last Checked: Aug 9 at 1:24PM
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 F.C. Tucker/Bloomington, REALTORS
Investment Insights
Based on property information with market context.
This nicely finished office condo unit includes a large conference room, a private office, a kitchenette, a 1/2 bath, and a large entry/clerical area. At 1,360 square feet, the layout is designed to support both client meetings and day-to-day administrative work.
The property is part of an office condo complex and is currently rented to State Farm Insurance. The lease expires 4/30/24.
Located at 1602 W 3 St in Bloomington, Indiana, this unit is well suited for an owner looking to keep an existing in-place tenant while planning next steps around the lease expiration date.
The property is part of an office condo complex and is currently rented to State Farm Insurance. The lease expires 4/30/24.
Located at 1602 W 3 St in Bloomington, Indiana, this unit is well suited for an owner looking to keep an existing in-place tenant while planning next steps around the lease expiration date.
Key Highlights
- Currently rented to State Farm Insurance with lease expiration 4/30/24
- Large conference room plus private office for meetings and focused work
- Kitchenette and 1/2 bath included
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
$14,605
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
8.16%
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%
$292,100
$292.1K
Cap Rate 7%
$208,643
$208.6K
Cap Rate 9%
$162,278
$162.3K
Market Conditions
NOI Build-Up for 1,360 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
$25.6K $18.84/SF
− Vacancy
−$6.1K −$4.52/SF
EGI
$19.5K $14.32/SF
− OpEx
−$4.9K −$3.58/SF
NOI
$14.6K $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%
$292,100
Cap Rate 7%
$208,643
Cap Rate 9%
$162,278
Alternative Uses
Best Use
Office B
$208.6K
$182.6K – $243.4K
NOI $14,605 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$265.8K
$232.6K – $310.1K
NOI $18,606 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
943
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
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 units - Finished office condo unit with conference room, kitchenette, and half bath, currently rented to State Farm; lease expires 4/30/24.
Where is this office units located?
The property is located at 1602 W 3 St Bloomington, IN.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: Currently rented to State Farm Insurance with lease expiration 4/30/24; Large conference room plus private office for meetings and focused work; Kitchenette and 1/2 bath included
