Historic Schoolhouse Office
For Sale
$735,000
4638 State Road 45, Bloomington, IN 47408
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 Market191
Property Features for 4638 State Road 45
General Information
Standard status
Active
Size
4,300 SF
Lot size
1.05 Acres
Property subtype
Mixed Use
Zoning
LB
Additional Details
Office Units
10
Taxes and HOA fees
Annual Taxes
$3,789
Amenities
Central Air
3
25 Parking Spaces.
irr
Building Details
Year Built
1928
Stories
2
Listing Agency:
Sterling Real Estate
(812) 606-4239
Listed By:
Sterling Real Estate · License #RB15001614
(812) 606-4239
Source:
Xome
Added: Feb 1
Changed: Aug 8
Last Checked: Aug 11 at 5:23AM
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
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
$57,666
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
7.85%
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%
$1,153,320
$1.2M
Cap Rate 7%
$823,800
$823.8K
Cap Rate 9%
$640,733
$640.7K
Market Conditions
NOI Build-Up for 4,300 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
$86.2K $20.04/SF
− Vacancy
−$3.8K −$0.88/SF
EGI
$82.4K $19.16/SF
− OpEx
−$24.7K −$5.75/SF
NOI
$57.7K $13.41/SF
Area
Monroe County, IN
Vacancy
4.40%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
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%
$1,153,320
Cap Rate 7%
$823,800
Cap Rate 9%
$640,733
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Office units
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 47408, IN
22,917
Population
10,456
Households
2.2
Avg Household Size
28
Median Age
59%
College-Educated
98%
High-School Grad
64.4 sq mi
ZIP Area
356
Density / Sq Mi
$45,584
Median Household Income
$15,819
Median Earnings
$1,177
Median Rent
$304,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
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 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
