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 Market285
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
Garage, Offsite, Off Street
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
Wall Unit(s), Central Air, Multi Units
Building Details
Year built
1935
Flooring type
Carpet, Wood, 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: Aug 20
Last Checked: Aug 23 at 8:06AM
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 = 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
$118,122
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
7.87%
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%
$2,362,440
$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
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
$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 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%
$2,362,440
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
Property Profile
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
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
