Storefront Retail Building with
For Sale
$469,000
3001 N Smith Pike, Bloomington, IN 47404
Flexible commercial building with showroom, office, kitchen, storage, licenses, and CD zoning for multiple business uses.
Property Size1,800 SF
Price / SF$260.56
Days on Market47
Property Features for 3001 N Smith Pike
General Information
Standard status
Active
Size
1,800 SF
Zoning
CD
Additional Details
Road Access
Yes
Liquor License
Yes
Building Details
Year Built
1988
Buildings
2
Construction
steel frame
Listing Agency:
Dohman Team
(812) 606-0136
Listed By:
Craig Dohman · License #RB17001882
Source:
Kmsrealestategroup
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 25 at 4:58AM
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 Dohman Team
Investment Insights
Based on property information with market context.
Located at 3001 N Smith Pike in Bloomington, this 1,800± square foot storefront property was built in 1988 by Graber with a solid steel frame. The main building includes an open showroom measuring 48' x 21', a 10' x 13' private office with a service counter and sink, a kitchen with a range and refrigerator, storage areas, a front checkout area, and retail shelving. A detached storage building is positioned behind the primary structure.
The property includes on-site parking and two ingress/egress points. Sale terms include a 2-way liquor license and tobacco license. CD (Community Development) zoning supports a range of stated commercial applications, including a Coffee Shop/Cafe, Child Care, Real Estate Office, and Religious Facility.
The property includes on-site parking and two ingress/egress points. Sale terms include a 2-way liquor license and tobacco license. CD (Community Development) zoning supports a range of stated commercial applications, including a Coffee Shop/Cafe, Child Care, Real Estate Office, and Religious Facility.
Key Highlights
- 1,800± square foot retail building at 3001 N Smith Pike, Bloomington, IN 47404
- Constructed in 1988 by Graber with a solid steel frame
- Open‑span 48' x 21' showroom plus a 10' x 13' private office
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
$24,139
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
5.15%
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%
$482,780
$482.8K
Cap Rate 7%
$344,843
$344.8K
Cap Rate 9%
$268,211
$268.2K
Market Conditions
NOI Build-Up for 1,800 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
$36.1K $20.04/SF
− Vacancy
−$1.6K −$0.88/SF
EGI
$34.5K $19.16/SF
− OpEx
−$10.3K −$5.75/SF
NOI
$24.1K $13.41/SF
Area
Monroe County, IN
Vacancy
4.40%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
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%
$482,780
Cap Rate 7%
$344,843
Cap Rate 9%
$268,211
Alternative Uses
Best Use
Retail
$344.8K
$301.7K – $402.3K
NOI $24,139 @ 7.0% cap · market cap 5.15%
Second Best
Specialty Retail
$332.6K
$291.0K – $388.0K
NOI $23,279 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$351.8K
$307.8K – $410.4K
NOI $24,625 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
119
Businesses Nearby
Balanced
Demand for This Use
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?
Storefront property - Flexible commercial building with showroom, office, kitchen, storage, licenses, and CD zoning for multiple business uses.
Where is this storefront property located?
The property is located at 3001 N Smith Pike Bloomington, IN.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: 1,800± square foot retail building at 3001 N Smith Pike, Bloomington, IN 47404; Constructed in 1988 by Graber with a solid steel frame; Open‑span 48' x 21' showroom plus a 10' x 13' private office
