Downtown Flex/Showroom
322 West 3rd Street Bloomington, IN 47404
322 West 3rd Street, Bloomington, IN, 47404
$1,500,000
For Sale
$1,500,000
Two-building downtown property with showroom, shop, offices, and a second-floor apartment with private access.
Property Size8,712 SF
Price / SF$172.18
Days on Market352
Property Features for 322 West 3rd Street
General Information
- Standard status
- Active
- Size
- 8,712 SF
- Property subtype
- Commercial / Mixed Use
Building Details
- Year Built
- 1935
Listing agency
RE/MAX Acclaimed Properties
(812) 219-3030
Listed by
Chris Smith · License #RB15000074
Source
Compass
Added: Aug 5, 2025 Updated: Jul 22 at 2:08AM Checked: Jul 22 at 2:08AM
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 for-sale, two-building property totals approximately 8,808 square feet on 0.2 acres and is zoned MD/DC. The corner building includes a display room, an office, and a shop area. The second building features a partial basement, a showroom with large windows and hardwood floors, shop space, and an apartment on the second floor accessed privately.
The property is described as having easy access to the Bline trail and downtown amenities. Zoning information is provided in the documents section, and a virtual tour is available for review.
The property is described as having easy access to the Bline trail and downtown amenities. Zoning information is provided in the documents section, and a virtual tour is available for review.
Key Highlights
- Two buildings totaling approx. 8,808 SF on 0.2 acres, zoned MD/DC (per documents section).
- Corner building includes a display room, office, and shop area.
- Second building features a partial basement, showroom with large windows and hardwood floors, shop space, and a 2nd‑floor apartment with private access.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $174.6k | $20.04 |
| − Vacancy | −$7.7k | −$0.88 |
| EGI | $166.9k | $19.16 |
| − OpEx | −$50.1k | −$5.75 |
| NOI | $116.8k | $13.41 |
8,712 SF · lease $20.04/SF/yr · vacancy 4.40% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.67M
$1.46M – $1.95M
NOI $116,835 @ 7.0% cap · market cap 7.79%
Second Best
Office B
$1.34M
$1.17M – $1.56M
NOI $93,556 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$1.70M
$1.49M – $1.99M
NOI $119,185 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Flex space
Similar For Sale Nearby
Similar Off Market Nearby
- Great White Smoke — 400 N Walnut St, Bloomington, IN 47404
- IU Catering — 900 E 7th St #017, Bloomington, IN 47405
FAQs
What type of property is this?
Flex space - Two-building downtown property with showroom, shop, offices, and a second-floor apartment with private access.
Where is this flex space located?
The property is located at 322 West 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 approx. 8,808 SF on 0.2 acres, zoned MD/DC (per documents section).; Corner building includes a display room, office, and shop area.; Second building features a partial basement, showroom with large windows and hardwood floors, shop space, and a 2nd‑floor apartment with private access.
