Grocery and Convenience Store
For Sale
$469,000
3001 N Smith Pike, Bloomington, IN 47404
COMMERCIAL, Bloomington, IN
Property Size1,800 SF
Lot Size0.57 Acres
Price / SF$260.56
Days on Market51
Property Features for 3001 N Smith Pike
General Information
Property type
Commercial Sale
Property subtype
Retail
Directions
GPS friendly
Subdivision
Monroe County
Standard status
Active
APN
53-04-24-200-180.000-011
Lot size
0.57 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
007-12600-00 Grubb Smith Lot 1
Tax Annual Amount
5457
Legal Description
007-12600-00 Grubb Smith Lot 1
Utilities
Cooling system
Central Air
Amenities
showroom
private office with service counter and sink
kitchen equipped with a range and refrigerator
storage areas
detached storage building
front checkout area with retail shelving
Building Details
Year built
1988
Flooring type
Concrete
Roof type
Metal
Listing Agency:
Dohman Team
(812) 606-0136
Listed By:
Craig Dohman · License #RB17001882
(812) 606-0136
Added: Jul 9
Changed: Aug 20
Last Checked: Aug 28 at 7:06AM
MLS# 202627392
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.
Built in 1988, this 1,800+/- square foot retail building has a steel-frame structure and concrete flooring. The interior includes an open-span 48' x 21' showroom, a 10' x 13' private office with service counter and sink, a kitchen with range and refrigerator, storage areas, and a front checkout zone with retail shelving. A detached storage building is positioned behind the main structure.
The property occupies 0.57 acres and provides on-site parking, two ingress/egress points, and signage. Central air conditioning and a metal roof are in place. Zoned CD (Community Development), the property supports a range of commercial uses identified in the source information, including a Coffee Shop/Cafe, Child Care, Real Estate Office, and Religious Facility. The sale includes a 2-way liquor license and tobacco license.
The property occupies 0.57 acres and provides on-site parking, two ingress/egress points, and signage. Central air conditioning and a metal roof are in place. Zoned CD (Community Development), the property supports a range of commercial uses identified in the source information, including a Coffee Shop/Cafe, Child Care, Real Estate Office, and Religious Facility. The sale includes a 2-way liquor license and tobacco license.
Key Highlights
- 1,800+/- square foot retail building on 0.57 acres
- Open‑span 48' x 21' showroom with front checkout area and retail shelving
- Includes 10' x 13' private office, kitchen, storage areas, and detached storage building
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
Turnkey business
Opportunity
Yes
Paved road access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
110
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Flexible commercial layout includes showroom, office, kitchen, storage, and on-site parking.
Where is this grocery and convenience store 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 on 0.57 acres; Open‑span 48' x 21' showroom with front checkout area and retail shelving; Includes 10' x 13' private office, kitchen, storage areas, and detached storage building
