Mixed-Use Property with
For Sale
$1,500,000
322 W 3rd Street, Bloomington, IN 47404
COMMERCIAL, Bloomington, IN
Property Size8,808 SF
Lot Size0.20 Acres
Price / SF$170.30
Days on Market330
Property Features for 322 W 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
MD/DC description in documents section.
Rooms
Basement
Parking features
Offsite, Off Street, Garage
Fencing
Chain Link
Subdivision
Northwest Bloomington City
Lot features
City
Directions
Intersection of West Third and Madison Street.
Standard status
Active
APN
53-05-33-310-076.000-005
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
013-15530-00 ORIGINAL PLAT PT LOT 56; 013-15540-00 ORIGINAL PLAT PT LOT 56; and 013-15550-00 ORIGINAL PLAT PT LOT 56
Tax Annual Amount
4448
Legal Description
013-15530-00 ORIGINAL PLAT PT LOT 56; 013-15540-00 ORIGINAL PLAT PT LOT 56; and 013-15550-00 ORIGINAL PLAT PT LOT 56
Utilities
Cooling system
Multi Units, Central Air, Wall Unit(s)
Building Details
Year built
1935
Flooring type
Wood, Carpet, Tile
Roof type
Rubber
Listing Agency:
RE/MAX Acclaimed Properties · RE/MAX International
(812) 332-3001
Listed By:
Chris Smith · License #RB15000074
(812) 219-3030
Added: Nov 11, 2025
Changed: Sep 12
Last Checked: Oct 7 at 9:06AM
MLS# 202545552
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.
This mixed-use offering includes two buildings totaling approximately 8,808 square feet on 0.2 acres. Constructed in 1935, the property combines display, office, workshop, showroom, and residential areas. The corner structure contains a display room, office, and shop area, while the second building features a partial basement, a window-lined showroom with hardwood flooring, additional shop space, and a second-floor apartment with separate access. Flooring includes carpet, wood, and tile, and cooling is provided by wall units, central air, and multiple units.
The property is located in downtown Bloomington at 322 W 3rd Street, with access to the Bline Trail and downtown amenities. Parking options include garage, off-street, and off-site parking, and the site has chain-link fencing and a rubber roof. Zoning is identified as MD/DC, with further zoning information available in the property documents.
The property is located in downtown Bloomington at 322 W 3rd Street, with access to the Bline Trail and downtown amenities. Parking options include garage, off-street, and off-site parking, and the site has chain-link fencing and a rubber roof. Zoning is identified as MD/DC, with further zoning information available in the property documents.
Key Highlights
- Two buildings totaling approximately 8,808 square feet on 0.2 acres
- MD/DC zoning in downtown Bloomington
- Second‑floor apartment with private access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$118,122
Cap Rate
7.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,362,440
$2.4M
Cap Rate 7%
$1,687,457
$1.7M
Cap Rate 9%
$1,312,467
$1.3M
Market Conditions
NOI Build-Up for 8,808 SF
Gross rent
$176.5K $20.04/SF
− Vacancy
−$7.8K −$0.88/SF
EGI
$168.7K $19.16/SF
− OpEx
−$50.6K −$5.75/SF
NOI
$118.1K $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 Rate 5%
$2,362,440
Cap Rate 7%
$1,687,457
Cap Rate 9%
$1,312,467
Alternative Uses
Best Use
Retail
$1.69M
$1.48M – $1.97M
NOI $118,122 @ 7.0% cap · market cap 7.87%
Second Best
Mixed Use
$1.08M
$944.7K – $1.26M
NOI $75,573 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,499 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,772
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two-building commercial property with showroom, office, shop, and residential components in an MD/DC-zoned setting.
Where is this mixed-use property located?
The property is located at 322 W 3rd Street Bloomington, IN.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Two buildings totaling approximately 8,808 square feet on 0.2 acres; MD/DC zoning in downtown Bloomington; Second‑floor apartment with private access
