Historic Schoolhouse Office
4638 E State Road 45 Bloomington, IN 47408
4638 E State Road 45, Bloomington, IN, 47408
$735,000
For Sale
$735,000
Freshly painted, two-level office building with new carpet and multiple restrooms plus a kitchenette area.
Property Size4,300 SF
Lot Size1.05 Acres
Price / SF$170.93
Days on Market183
Property Features for 4638 E State Road 45
General Information
- Standard status
- Active
- Size
- 4,300 SF
- Lot size
- 1.05 Acres
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1928
Listing agency
Sterling Real Estate
(812) 606-4239
Listed by
Heather Groves · License #RB15001614
(812) 606-4239
Source
Xome
Added: Jan 19 Updated: Jul 20 at 7:31PM Checked: Jul 21 at 2:58AM
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 Sterling Real Estate
Investment Insights
Based on property information with market context.
This historic schoolhouse, the Poplar Grove School, offers over 4,300 square feet of freshly painted space across two levels. The building includes new carpet and a mix of ten office spaces, an open common area, storage, and a larger first-level open area with original hardwood floors. Both levels feature restrooms and a kitchenette, and the building has more than 50 new windows providing natural light throughout.
The property is situated on just over 1.05 acres and provides more than 25 parking spots. It is zoned Limited Business (LB) and is positioned just east of Indiana University, near the new IU Health Bloomington Hospital. Newly installed fiber internet is also available through GigabitNow.
The existing layout supports a range of business uses consistent with the LB zoning designation, including daycare, office space, retail, studio or gallery use, massage and music therapy, counseling, real estate, freelance work, law firms, and insurance.
The property is situated on just over 1.05 acres and provides more than 25 parking spots. It is zoned Limited Business (LB) and is positioned just east of Indiana University, near the new IU Health Bloomington Hospital. Newly installed fiber internet is also available through GigabitNow.
The existing layout supports a range of business uses consistent with the LB zoning designation, including daycare, office space, retail, studio or gallery use, massage and music therapy, counseling, real estate, freelance work, law firms, and insurance.
Key Highlights
- Historic Poplar Grove Schoolhouse offers 4,300+ sqft across two levels, freshly painted with new carpet
- Zoned Limited Business (LB) building supports office and a variety of uses listed in remarks, including daycare, retail, studio/gallery, and more
- Building includes 10 office spaces, open common area, storage, and a larger first‑level open area with original hardwood floors
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 | $86.2k | $20.04 |
| − Vacancy | −$3.8k | −$0.88 |
| EGI | $82.4k | $19.16 |
| − OpEx | −$24.7k | −$5.75 |
| NOI | $57.7k | $13.41 |
4,300 SF · lease $20.04/SF/yr · vacancy 4.40% · expense 30.00%
Alternative Uses
Best Use
Retail
$823.8K
$720.8K – $961.1K
NOI $57,666 @ 7.0% cap · market cap 7.85%
Second Best
Office B
$659.7K
$577.2K – $769.6K
NOI $46,177 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$840.4K
$735.3K – $980.4K
NOI $58,826 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Freshly painted, two-level office building with new carpet and multiple restrooms plus a kitchenette area.
Where is this office building located?
The property is located at 4638 E State Road 45 Bloomington, IN.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Historic Poplar Grove Schoolhouse offers 4,300+ sqft across two levels, freshly painted with new carpet; Zoned Limited Business (LB) building supports office and a variety of uses listed in remarks, including daycare, retail, studio/gallery, and more; Building includes 10 office spaces, open common area, storage, and a larger first‑level open area with original hardwood floors
