Building Details

Year Built 1900

Listing Agency: RE/MAX Acclaimed Properties

Listed By: AJ Bowlen · License #RB16000753 Show Phone

Source: Callcriswell

Added: Aug 8 Changed: Oct 11 Last Checked: Oct 7 at 1:14PM

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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.

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 / Yr

$103,263

Cap Rate

3.18%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $103,263 @ 7.0% cap · market cap 3.18%

Second Best

Mixed Use

$943.8K

$825.8K – $1.10M (±1% cap)

NOI $66,066 @ 7.0% cap · market cap 2.03%

Theoretical Best

Office A

$1.50M

$1.32M – $1.76M (±1% cap)

NOI $105,340 @ 7.0% cap · market cap 3.24%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Commercial land

Suggested Use

Top Pick Locksmith Pet Grooming Service Butcher (Bike/Boat/Book/etc) Store Catering Service Pet Store & Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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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