Finished Office Unit with Conference
For Sale
$179,000
1602 W 3rd St Unit E, Bloomington, IN 47404
Office condo unit with dedicated work areas, kitchenette, half bath, and shared association structure.
Property Size1,360 SF
Price / SF$131.62
Days on Market63
Property Features for 1602 W 3rd St Unit E
General Information
Standard status
Active
Size
1,360 SF
Additional Details
HOA Fee
$366
Building Details
Year Built
1992
Listing Agency:
FC Tucker/Bloomington REALTORS
Listed By:
John West · License #RB14012678
(812) 322-1983
Source:
Callcriswell
Added: Aug 13
Changed: Oct 10
Last Checked: Oct 7 at 3:35PM
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.
This 1,360-square-foot office unit was built in 1992 and features a large conference room, a private office, kitchenette, half bath, and a spacious entry and clerical area. The finished interior supports a combination of private work, administrative, and meeting functions within a compact office layout.
The unit is part of an office condominium complex with an HOA and is located at 1602 W 3rd St, Unit E, in Bloomington, Indiana.
The unit is part of an office condominium complex with an HOA and is located at 1602 W 3rd St, Unit E, in Bloomington, Indiana.
Key Highlights
- 1,360‑square‑foot office unit at 1602 W 3rd St Unit E
- Large conference room plus a private office
- Kitchenette and half bath included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,605
Cap Rate
8.16%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Current Use
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 - Office condo unit with dedicated work areas, kitchenette, half bath, and shared association structure.
Where is this office units located?
The property is located at 1602 W 3rd St Unit E 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: 1,360‑square‑foot office unit at 1602 W 3rd St Unit E; Large conference room plus a private office; Kitchenette and half bath included
