Two-Story Office
For Sale
$1,575,000
300 1st St, Bloomington, IN 47403
Two-story office property totaling 6,120 square feet across three parcels, recently rezoned to Mixed-Use Medium Scale.
Property Size6,120 SF
Lot Size0.57 Acres
Price / SF$257.35
Days on Market1535
Property Features for 300 1st St
General Information
Standard status
Active
Size
6,120 SF
Lot size
0.57 Acres
Property subtype
Retail
Zoning
MM
Taxes and HOA fees
Annual Taxes
$9,273
Amenities
Central Air
3
20 Parking Spaces.
Irregular
Building Details
Year Built
1977
Stories
2
Listing Agency:
FC Tucker/Bloomington REALTORS
Listed By:
Chris Cockerham · License #RB14027897
(812) 336-7300
Source:
Xome
Added: Jun 27, 2022
Changed: Sep 2
Last Checked: Sep 8 at 4:38AM
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 two-story office property totals 6,120 square feet and is situated on three parcels totaling approximately 0.57 acres. The site presents a flexible setup for office use or future redevelopment, supported by the property’s recently updated zoning status.
The property is located adjacent to the B-Line Trail and the Hopewell Development, with convenient access to downtown Bloomington, public transit, and an emerging mixed-use growth area.
The property has been rezoned to Mixed-Use Medium Scale (MM), which now supports 33 additional permitted uses, expanding options for owner-occupiers or developers. Estimated annual taxes are approximately $14,698.
The property is located adjacent to the B-Line Trail and the Hopewell Development, with convenient access to downtown Bloomington, public transit, and an emerging mixed-use growth area.
The property has been rezoned to Mixed-Use Medium Scale (MM), which now supports 33 additional permitted uses, expanding options for owner-occupiers or developers. Estimated annual taxes are approximately $14,698.
Key Highlights
- 6,120 SF, two‑story building across three parcels totaling approx. 0.57 acres
- Recently rezoned to Mixed‑Use Medium Scale (MM) with 33 additional permitted uses
- Central air cooling and heating system noted as '3'
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
$65,721
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
4.17%
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%
$1,314,420
$1.3M
Cap Rate 7%
$938,871
$938.9K
Cap Rate 9%
$730,233
$730.2K
Market Conditions
NOI Build-Up for 6,120 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
$115.3K $18.84/SF
− Vacancy
−$27.7K −$4.52/SF
EGI
$87.6K $14.32/SF
− OpEx
−$21.9K −$3.58/SF
NOI
$65.7K $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%
$1,314,420
Cap Rate 7%
$938,871
Cap Rate 9%
$730,233
Alternative Uses
Best Use
Office B
$938.9K
$821.5K – $1.10M
NOI $65,721 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,725 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,471
Businesses Nearby
Explore this area
Business Placement
Demographics for 47403, IN
33,066
Population
16,271
Households
2
Avg Household Size
35
Median Age
39%
College-Educated
93%
High-School Grad
85.0 sq mi
ZIP Area
389
Density / Sq Mi
$68,703
Median Household Income
$40,391
Median Earnings
$1,114
Median Rent
$222,000
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 building - Two-story office property totaling 6,120 square feet across three parcels, recently rezoned to Mixed-Use Medium Scale.
Where is this office building located?
The property is located at 300 1st St Bloomington, IN.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: 6,120 SF, two‑story building across three parcels totaling approx. 0.57 acres; Recently rezoned to Mixed‑Use Medium Scale (MM) with 33 additional permitted uses; Central air cooling and heating system noted as '3'
