Corner Office
For Sale
$515,000
1815 S Walnut Street, Bloomington, IN 47401
COMMERCIAL, Bloomington, IN
Property Size2,300 SF
Lot Size0.37 Acres
Price / SF$223.91
Days on Market118
Property Features for 1815 S Walnut Street
General Information
Property type
Commercial Sale
Property subtype
Office
Directions
GPS friendly
Subdivision
Monroe County
Standard status
Active
APN
53-08-09-200-006.000-009
Lot size
0.37 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
015-24350-00 PT NW NW 9-8-1W .376A
Tax Annual Amount
13559
Legal Description
015-24350-00 PT NW NW 9-8-1W .376A
Utilities
Cooling system
Central Air
Amenities
conference room
kitchenette
Building Details
Year built
1995
Flooring type
Mixed
Roof type
Shingle
Listing Agency:
Dohman Team
(812) 606-0136
Listed By:
Craig Dohman · License #RB17001882
(812) 606-0136
Added: Apr 28
Changed: Aug 20
Last Checked: Aug 23 at 8:06AM
MLS# 202615368
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.
This 2,300-square-foot office property was built in 1995 and occupies a 0.37-acre corner lot. The interior provides a reception area, 7 offices, a conference room, 2 bathrooms, and a kitchenette. Mixed flooring and central air support a functional professional setting, while the shingle roof is part of the building’s existing improvements.
Positioned one mile south of downtown Bloomington at a signalized intersection, the property has exposure from its corner setting and convenient circulation around the building. The driveway accommodates deliveries and additional vehicle movement, with 9 parking spots on site. Handicap accessibility is in place, and the building is vacant for immediate occupancy.
Positioned one mile south of downtown Bloomington at a signalized intersection, the property has exposure from its corner setting and convenient circulation around the building. The driveway accommodates deliveries and additional vehicle movement, with 9 parking spots on site. Handicap accessibility is in place, and the building is vacant for immediate occupancy.
Key Highlights
- 2,300‑square‑foot office building on a 0.37‑acre corner lot
- Interior includes reception, 7 offices, conference room, 2 bathrooms, and kitchenette
- Located one mile south of downtown Bloomington at a signalized intersection
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
$24,699
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
4.80%
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%
$493,980
$494.0K
Cap Rate 7%
$352,843
$352.8K
Cap Rate 9%
$274,433
$274.4K
Market Conditions
NOI Build-Up for 2,300 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
$43.3K $18.84/SF
− Vacancy
−$10.4K −$4.52/SF
EGI
$32.9K $14.32/SF
− OpEx
−$8.2K −$3.58/SF
NOI
$24.7K $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%
$493,980
Cap Rate 7%
$352,843
Cap Rate 9%
$274,433
Alternative Uses
Best Use
Office B
$352.8K
$308.7K – $411.7K
NOI $24,699 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$449.5K
$393.3K – $524.4K
NOI $31,465 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
589
Businesses Nearby
Explore this area
Business Placement
Demographics for 47401, IN
41,225
Population
21,162
Households
1.9
Avg Household Size
35
Median Age
62%
College-Educated
95%
High-School Grad
82.6 sq mi
ZIP Area
499
Density / Sq Mi
$65,643
Median Household Income
$34,279
Median Earnings
$1,181
Median Rent
$333,100
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 - Vacant, accessible workplace with reception, private rooms, conference space, and on-site parking.
Where is this office units located?
The property is located at 1815 S Walnut Street Bloomington, IN.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: 2,300‑square‑foot office building on a 0.37‑acre corner lot; Interior includes reception, 7 offices, conference room, 2 bathrooms, and kitchenette; Located one mile south of downtown Bloomington at a signalized intersection
