4638 E State Road 45, Bloomington, IN 47408
COMMERCIAL - Bloomington, IN
- Added:
- Feb 5, 2026
- Days on Market:
- 150
- Last Refresh:
- Jul 5 at 12:06 am
Property Features for 4638 E State Road 45
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Rooms
- Basement
- Parking features
- Off Street
- Standard status
- Active
- APN
- 53-05-36-200-017.000-004
- Lot size
- 1.05 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Description
- 012-04420-00 PT NE NW 36-9-1W 0.89 A Plat 4 012-04435-00 PT SE SW 25-9-1W 0.16 A Plat 14
- Tax Annual Amount
- 3789
Utilities
- Cooling system
- Central Air
Building Details
- Year built
- 1928
- Flooring type
- Carpet, Wood
- Roof type
- Shingle
Listing agent Heather Groves License #RB15001614 (812) 606-4239
Listing office Sterling Real Estate 509 E Hillside Dr Ste 101, Bloomington, IN (812) 333-1966
Listing date Feb 5, 2026
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.
HighLights
- Historic Poplar Grove Schoolhouse built in 1928 with over 4,300 SF across two levels
- Over 50 new windows plus original hardwood floors and freshly painted interior
- Two levels feature restrooms and a kitchenette; layout includes 10 office spaces, common areas, and storage
- Just over 1.05 acres with more than 25 off‑street parking spots
- Zoned Limited Business (LB) for a range of uses including daycare, office, retail, studio/gallery, and counseling
- Newly installed fiber internet through GigabitNow; central air and shingle roof
Overview
Located on the east side of Bloomington at 4638 E State Road 45, the property is positioned just east of Indiana University and near IU Health Bloomington Hospital. The site totals a little over 1.05 acres and provides more than 25 parking spots, supporting day-to-day visits and client access.
Zoned Limited Business (LB), the building is suited to a range of professional and service-oriented concepts. The current configuration supports office and related uses, while the layout also lends itself to reconfiguration if an operator wants to adjust space planning. Listed as a for-sale opportunity, it offers a straightforward foundation for an owner-occupant, professional tenant, or investor looking for a distinctive structure with functional updates and ample on-site parking.
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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Bloomington
- County
- Monroe
- State
- Indiana
- Longitude
- -86.474763
- Latitude
- 39.178712
