Restaurant Building with
For Sale
$3,000,000
409 S Walnut St, Bloomington, IN 47401
Restaurant space includes a kitchen, multiple restrooms, meeting area, and rear warehouse access.
Property Size7,536 SF
Price / SF$398.09
Days on Market49
Property Features for 409 S Walnut St
General Information
Standard status
Active
Size
7,536 SF
Building Details
Year Built
1950
Listing Agency:
Century 21 Scheetz - Bloomington
(812) 325-5080
Listed By:
Isaac Redden · License #RB14047983
Source:
Barberryrealty
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 25 at 4:03AM
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 Century 21 Scheetz - Bloomington
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.
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 = 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
$97,463
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
3.25%
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%
$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
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
$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 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%
$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
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
NOI $103,097 @ 7.0% cap · market cap 3.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
