Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Bloomington Residential Land with Potential Title is generated by Realmo AI

    4689 E State Road 45 Road, Bloomington, IN 47408

    View on Map
    Claim this Listing
    For Sale
    $529,000

    Residential Land - Bloomington, IN

    Lot size:
    2.59 Acres
    Added:
    May 6, 2026
    Days on Market:
    13
    Last Refresh:
    May 18 at 2:06 pm

    Property Features for 4689 E State Road 45 Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Garage, House
    Standard status
    Active
    APN
    53-05-25-302-001.000-004
    Lot size
    2.59 Acres

    Taxes and HOA fees

    Tax Annual Amount
    5250

    Building Details

    Architectural style
    Other
    Additional Structures
    Garage(s)

    We can help!

    Listing Contact
    Janet Lane
    Janet Lane

    Listing agent Janet Lane License #RB15001488

    Listing office Century 21 Scheetz - Bloomington 1155 S College Mall Rd, Carmel, IN

    Listing date May 6, 2026

    MLS# 202616819 Listing URL

    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

    • 2. 59 wooded acres, offering privacy and space.
    • Potential for a three‑structure layout: primary residence, guest house (existing 2BR/1.5BA cottage), and detached office/studio.
    • Located just one mile from Indiana University, providing convenient access.
    • Established HOA agreements allow for residential rental flexibility, adding long‑term value.
    • Independent septic infrastructure in place, simplifying future building plans.
    • Located in the University Elementary district with immediate access to Eastside shopping and restaurants.

    Overview

    This property, known as the Historic Fox Farm Estate, is situated on 2.59 wooded acres one mile from Indiana University. The lot is positioned to potentially accommodate a three-structure layout: a new primary residence (minimum of 2200 sq. ft. with a walkout basement), the existing 2BR/1.5BA brick cottage as a guest house, and a third detached building suitable for a private office or hobby studio. Independent septic infrastructure is already in place. The property benefits from established HOA agreements that allow for residential rental flexibility. Located in the University Elementary district, it offers access to Eastside shopping and restaurants. Future building plans and specific uses are subject to standard county permits and HOA review. The property is located in Bloomington, Indiana.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Dental Office Department Store HVAC Service Grocery & Convenience Store Daycare Center Bakery Veterinary Clinic Catering Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Monroe
    State
    Indiana
    Longitude
    -86.473386
    Latitude
    39.181334

    Nearby Similar for Sale

    • $515,000
      4,760 SF

      Kirkwood Avenue Commercial Building

      Versatile commercial building with redevelopment potential in Bloomington, Indiana.
      1409 W Kirkwood Avenue, Bloomington, IN 47404
      View Details
    • $550,000

      Bloomington Office/Retail Building For Sale

      Well-maintained office/retail building with high visibility, ready for occupancy.
      1815 S Walnut Street, Bloomington, IN 47401
      View Details
    • $735,000
      4,302 SF

      Historic Schoolhouse Near Indiana University

      East side location with office, retail, and daycare potential.
      4638 E State Road 45, Bloomington, IN 47408
      View Details
    • $735,000

      Historic Schoolhouse with Business Potential

      Charming, renovated schoolhouse near IU with flexible business zoning.
      4638 E State Road 45, Bloomington, IN 47408
      View Details
    • $550,000
      4,750 SF

      Bloomington Fourplex with Development Potential

      Four rental units and vacant lots on 1.69 acres.
      1024 N Country Club Drive, Bloomington, IN 47403
      View Details
    • $659,900
      3,326 SF

      Bloomington Sixplex in Opportunity Zone

      Six-unit apartment building in prime location near downtown and IU.
      331 S Grant Street, Bloomington, IN 47401
      View Details
    • $449,900

      Bloomington Commercial Property on 1.67 Acres

      1.67 acre commercial property in Bloomington, Indiana for sale.
      500 S Cory Lane, Bloomington, IN 47403
      View Details
    • $1,500,000

      Multi-Revenue Entertainment Property on 2.82 Acres

      Fully renovated entertainment property with multiple revenue streams in Bloomington, Indiana.
      4747 W State Road 46, Bloomington, IN 47404
      View Details
    • $1,300,000

      Versatile Warehouse/Office Building in Bloomington

      High-quality warehouse and office space suitable for various business uses.
      1499 W Bloomfield Road, Bloomington, IN 47403
      View Details
    • $424,900
      2,592 SF

      Bloomington Duplex: Investment Opportunity

      Well-maintained duplex with strong rental history near shopping and downtown.
      3429 & 3431 S Kennedy Drive, Bloomington, IN 47401-8470
      View Details
    • $549,900
      3,229 SF

      Bloomington Triplex Near Indiana University

      Triplex near Indiana University with strong rental and game-day appeal.
      315 W 17th Street, Bloomington, IN 47404
      View Details
    • $499,900
      3,430 SF

      Bloomington Fourplex with Rental History

      Well-maintained fourplex near IU with strong rental history.
      775 - 777 N Smith Road, Bloomington, IN 47408
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 2.59 acres near Indiana University with flexible development options.
    Where is this residential land & home lot located?
    The property is located at 4689 E State Road 45 Road Bloomington, IN.
    What is the asking price?
    The asking price for this property is $529,000.
    What are key features of this property?
    This property features: 2. 59 wooded acres, offering privacy and space.; Potential for a three‑structure layout: **primary residence, guest house (existing 2BR/1.5BA cottage), and detached office/studio.**; Located just one mile from Indiana University, providing convenient access.
    (812) 360-3195
    We can help!
    Listing Contact
    Janet Lane
    Janet Lane
    Real Estate License ID: RB15001488
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    4689 E State Road 45 Road, Bloomington, IN 47408
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!