Two-Level Office
For Sale
$375,000
2723 N Walnut St, Bloomington, IN 47401
Leased office property with flexible two-level access, business zoning, and a visible position across from a convenience-oriented retail stop.
Property Size1,878 SF
Price / SF$199.68
Days on Market96
Property Features for 2723 N Walnut St
General Information
Standard status
Active
Size
1,878 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1950
Tenancy
Single
Listing Agency:
Stanger Homes, LLC
Listed By:
Michelle Stanger · License #RB14044502
(812) 219-2307
Source:
Spencerchildersgroup
Added: Jul 11
Changed: Sep 26
Last Checked: Oct 7 at 4:27PM
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 Stanger Homes, LLC
Investment Insights
Based on property information with market context.
This 1,878-square-foot office building is currently leased to a local radio station under an assumable 5-year lease. The property includes a kitchen, electric heat, an electric stove, washer/dryer hookups, and 2 bathrooms. Separate electrical breaker boxes and meters serve the upper level. The lower level has its own exterior entrance at the rear, while an interior stairway connects the two levels when operated together.
Built in 1950, the property is zoned for business use and sits along a busy highway at 2723 N Walnut St in Bloomington, Indiana. Its setting includes a wooded backyard view and a position directly across from a gas station and convenience store. The two-level configuration and separate access points provide practical flexibility for office operations or continued use by a single occupant.
Built in 1950, the property is zoned for business use and sits along a busy highway at 2723 N Walnut St in Bloomington, Indiana. Its setting includes a wooded backyard view and a position directly across from a gas station and convenience store. The two-level configuration and separate access points provide practical flexibility for office operations or continued use by a single occupant.
Key Highlights
- 1,878 SF office building with upper and lower levels
- Assumable 5‑year lease currently in place with a local radio station
- Separate electrical breaker boxes and meters for the upper level
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,167
Cap Rate
5.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$403,340
$403.3K
Cap Rate 7%
$288,100
$288.1K
Cap Rate 9%
$224,078
$224.1K
Market Conditions
NOI Build-Up for 1,878 SF
Gross rent
$35.4K $18.84/SF
− Vacancy
−$8.5K −$4.52/SF
EGI
$26.9K $14.32/SF
− OpEx
−$6.7K −$3.58/SF
NOI
$20.2K $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%
$403,340
Cap Rate 7%
$288,100
Cap Rate 9%
$224,078
Alternative Uses
Best Use
Office B
$288.1K
$252.1K – $336.1K
NOI $20,167 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$367.0K
$321.2K – $428.2K
NOI $25,692 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
222
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Leased office property with flexible two-level access, business zoning, and a visible position across from a convenience-oriented retail stop.
Where is this office building located?
The property is located at 2723 N Walnut St Bloomington, IN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,878 SF office building with upper and lower levels; Assumable 5‑year lease currently in place with a local radio station; Separate electrical breaker boxes and meters for the upper level
