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 Market18
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
(812) 322-1983
Listed By:
John West · License #RB14012678
Source:
Callcriswell
Added: Aug 13
Changed: Aug 30
Last Checked: Aug 30 at 8:24AM
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 = 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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
