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    Office Condo with Reception Area Title is generated by Realmo AI

    1602 W 3rd Street, Bloomington, IN 47404

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    For Sale
    $204,900

    COMMERCIAL - Bloomington, IN

    Type:Office
    Property size:
    1,260 SF
    Price / SF:
    $162/SF
    Added:
    Jul 22, 2025
    Days on Market:
    349
    Last Refresh:
    Jul 5 at 12:06 am

    Property Features for 1602 W 3rd Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Standard status
    Active
    APN
    53-01-30-562-006.000-005

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    013-05620-06 THIRD STREET CROSSING UNIT D
    Tax Annual Amount
    3607

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1992
    Flooring type
    Tile
    Roof type
    Shingle

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    Chris Cockerham
    Chris Cockerham

    Listing agent Chris Cockerham License #RB14027897

    Listing office FC Tucker/Bloomington REALTORS 487 S Clarizz Blvd, Bloomington, IN

    Listing date Jul 22, 2025

    MLS# 202528629

    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.

    HighLights

    • ±1,260 SF condo suite along W. 3rd Street in Bloomington with highly visible frontage
    • Suite D layout includes two private offices, a spacious open area, and a reception window
    • Shared parking lot with the rest of the building for staff and visitor access
    • Built in 1992 with central air and tile flooring
    • Shingle roof

    Overview

    This for-sale office condo offers approximately 1,260 square feet with a flexible interior layout designed for client-facing or operational use. Suite D includes two private offices, a spacious open area suitable for a variety of office setups, and a convenient reception window to support customer or client interactions.

    The suite is located within a building positioned along W. 3rd Street in Bloomington, with frontage that supports signage opportunities and day-to-day visibility. Parking is shared with the rest of the building, helping provide straightforward access for staff and visitors.

    For businesses that need a mix of private offices and collaborative open space, this configuration can accommodate a range of professional uses. The reception window also supports an organized front-facing presence for welcoming visitors, while the shared on-site parking can simplify arrival for employees and clients.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $23.7k $18.84
    − Vacancy −$5.7k −$4.52
    EGI $18.0k $14.32
    − OpEx −$4.5k −$3.58
    NOI $13.5k $10.74
    1,260 SF · lease $18.84/SF/yr · vacancy 24.00% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $193.3K
    $169.1K – $225.5K (±1% cap)
    NOI $13,531 @ 7.0% cap · market cap 6.60%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $246.3K
    $215.5K – $287.3K (±1% cap)
    NOI $17,238 @ 7.0% cap · market cap 8.41%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Garden Center Storage Facility Grocery & Convenience Store Big Box & Wholesale Store Department Store Furniture & Home Goods Electronics & Wireless Store (Bike/Boat/Book/etc) Store Car Rental Facility Bakery

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Monroe
    State
    Indiana
    Longitude
    -86.553545
    Latitude
    39.164827

    FAQs

    What type of property is this?
    Office units - Flexible office layout with two private offices, open work area, and reception window in a visible office condo.
    Where is this office units located?
    The property is located at 1602 W 3rd Street Bloomington, IN.
    What is the asking price?
    The asking price for this property is $204,900.
    What are key features of this property?
    This property features: ±1,260 SF condo suite along W. 3rd Street in Bloomington with highly visible frontage; Suite D layout includes two private offices, a spacious open area, and a reception window; Shared parking lot with the rest of the building for staff and visitor access
    More about this property
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