Building Details

Year Built 1950

Listing Agency: Century 21 Scheetz - Bloomington

Listed By: Isaac Redden · License #RB14047983 Show Phone

Source: Kmsrealestategroup

Added: Jul 13 Changed: Oct 8 Last Checked: Oct 13 at 12:05AM

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Investment Insights

Based on property information with market context.

This 7,536-square-foot commercial property is configured for restaurant, cafe, and bar operations. The building includes a kitchen, multiple restrooms, a conference and meeting area, and an open garage or warehouse section at the rear. The rear area has its own entrance, creating a distinct access point within the overall layout.

More than 10,000 square feet of parking serves the property. Located at 409 S Walnut Street in Bloomington, the building was constructed in 1950 and combines hospitality-oriented space with additional back-of-house or storage capacity.

Key Highlights

• 7,536‑square‑foot building configured for restaurant, cafe, and bar use
• More than 10,000 square feet of parking
• Kitchen and multiple restrooms included

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$97,463

Cap Rate

3.25%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,949,260 $1.9M

Cap Rate 7%

$1,392,329 $1.4M

Cap Rate 9%

$1,082,922 $1.1M

Market Conditions

NOI Build-Up for 7,536 SF

Gross rent

$135.6K $18.00/SF

− Vacancy

−$5.7K −$0.76/SF

EGI

$130.0K $17.24/SF

− OpEx

−$32.5K −$4.31/SF

NOI

$97.5K $12.93/SF

Area

Monroe County, IN

Vacancy

4.20%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,949,260

Cap Rate 7%

$1,392,329

Cap Rate 9%

$1,082,922

Alternative Uses

Best Use

Specialty Retail

$1.39M

$1.22M – $1.62M (±1% cap)

NOI $97,463 @ 7.0% cap · market cap 3.25%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.47M

$1.29M – $1.72M (±1% cap)

NOI $103,097 @ 7.0% cap · market cap 3.44%

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

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Auto Parts Store Electrical Service Locksmith Pet Grooming Service Florist

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

2,769

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 47401, IN

41,225

Population

21,162

Households

1.9

Avg Household Size

35

Median Age

62%

College-Educated

95%

High-School Grad

82.6 sq mi

ZIP Area

499

Density / Sq Mi

$65,643

Median Household Income

$34,279

Median Earnings

$1,181

Median Rent

$333,100

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

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What type of property is this? Where is this conventional restaurants 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?

Conventional restaurant - Restaurant space includes a kitchen, multiple restrooms, meeting area, and rear warehouse access.

Where is this conventional restaurant located?

The property is located at 409 S Walnut St Bloomington, IN.

What is the asking price?

The asking price for this property is $3,000,000.

What are key features of this property?

This property features: 7,536‑square‑foot building configured for restaurant, cafe, and bar use; More than 10,000 square feet of parking; Kitchen and multiple restrooms included