Dual-Frontage Mixed-Use
For Sale
$3,250,000
319 S Madison St, Bloomington, IN 47403
Mixed Use Downtown zoning with Downtown Edges Overlay supports multifamily, lodging, and retail applications.
Property Size7,700 SF
Price / SF$422.08
Days on Market23
Property Features for 319 S Madison St
General Information
Standard status
Active
Size
7,700 SF
Building Details
Year Built
1900
Listing Agency:
RE/MAX Acclaimed Properties
(812) 345-3712
Listed By:
AJ Bowlen · License #RB16000753
Source:
Callcriswell
Added: Aug 8
Changed: Aug 30
Last Checked: Aug 30 at 6:45AM
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 RE/MAX Acclaimed Properties
Investment Insights
Based on property information with market context.
This mixed-use property has frontage along both W 3rd Street and S Madison Street. The existing property dates to 1900 and is governed by Mixed Use Downtown zoning with the Downtown Edges Overlay, supporting a range of uses that includes multifamily, lodging, and retail.
The address is adjacent to the Monroe County Convention Center in downtown Bloomington. Indiana University is within walking distance, and the B-Line Trail is located steps away, placing the property near established downtown destinations and pedestrian-oriented amenities.
The address is adjacent to the Monroe County Convention Center in downtown Bloomington. Indiana University is within walking distance, and the B-Line Trail is located steps away, placing the property near established downtown destinations and pedestrian-oriented amenities.
Key Highlights
- Frontage along both W 3rd Street and S Madison Street
- Mixed Use Downtown zoning with Downtown Edges Overlay
- Potential uses include multifamily, lodging, and retail
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
$103,263
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
3.18%
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%
$2,065,260
$2.1M
Cap Rate 7%
$1,475,186
$1.5M
Cap Rate 9%
$1,147,367
$1.1M
Market Conditions
NOI Build-Up for 7,700 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
$154.3K $20.04/SF
− Vacancy
−$6.8K −$0.88/SF
EGI
$147.5K $19.16/SF
− OpEx
−$44.3K −$5.75/SF
NOI
$103.3K $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%
$2,065,260
Cap Rate 7%
$1,475,186
Cap Rate 9%
$1,147,367
Alternative Uses
Best Use
Retail
$1.48M
$1.29M – $1.72M
NOI $103,263 @ 7.0% cap · market cap 3.18%
Second Best
Mixed Use
$943.8K
$825.8K – $1.10M
NOI $66,066 @ 7.0% cap · market cap 2.03%
Theoretical Best
Office A
$1.50M
$1.32M – $1.76M
NOI $105,340 @ 7.0% cap · market cap 3.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,772
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 Retail 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?
Mixed-use property - Mixed Use Downtown zoning with Downtown Edges Overlay supports multifamily, lodging, and retail applications.
Where is this mixed-use property located?
The property is located at 319 S Madison St Bloomington, IN.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Frontage along both W 3rd Street and S Madison Street; Mixed Use Downtown zoning with Downtown Edges Overlay; Potential uses include multifamily, lodging, and retail
