4638 E State Road 45, Bloomington, IN 47408
MULTI_FAMILY - Ranch - Bloomington, IN
- Added:
- Feb 5, 2026
- Days on Market:
- 147
- Last Refresh:
- Jul 2 at 7:06 am
Property Features for 4638 E State Road 45
General Information
- Property type
- Residential Multi Family
- Property subtype
- Single Family Residence
- Bathrooms
- 1
- Rooms
- Basement, Bathroom 1
- Parking
- 25
- Parking features
- Off Street
- Basement
- Block
- Standard status
- Active
- APN
- 53-05-36-200-017.000-004
- Size
- 4,302 SF
- Lot size
- 1.05 Acres
Taxes and HOA fees
- Tax Year
- 3789
- 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
Utilities
- Cooling system
- Central Air
Building Details
- Year built
- 1928
- Floors in Building
- 1
- Number of units
- 1
- Flooring type
- Carpet, Wood
- Roof type
- Shingle
- Architectural style
- Ranch
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 School building with 4,300+ sqft across two levels, freshly painted and split between 10 office spaces and common/open areas.
- New carpet plus original hardwood floors and 50+ new windows for bright interior space.
- Each level includes restrooms and a kitchenette; basement included in the layout.
- Just over 1.05 acres with 25+ parking spots and off‑street parking.
- Limited Business (LB) zoning with flexibility for uses such as daycare, office, retail, studio/gallery, massage/music therapy, counseling, and more.
- Newly installed fiber internet through GigabitNow; central air and shingle roof.
Overview
Located on the east side of Bloomington, the property sits 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 convenient access for employees, clients, and visitors.
Zoned Limited Business (LB), the building is positioned to serve a range of office and service-oriented uses. The current configuration supports both private office and shared workspace needs, while the existing layout can also be brought back into service with additional reconfiguration as appropriate. Newly installed fiber internet through GigabitNow adds modern connectivity for professional use, including office, counseling, and related service formats.
Local Financial Insights For Office B
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 | $81.0k | $18.84 |
| − Vacancy | −$19.5k | −$4.52 |
| EGI | $61.6k | $14.32 |
| − OpEx | −$15.4k | −$3.58 |
| NOI | $46.2k | $10.74 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Bloomington
- County
- Monroe
- State
- Indiana
- Longitude
- -86.474763
- Latitude
- 39.178712
