Renovated Mini Golf
For Sale
$1,500,000
4747 W State Road 46, Bloomington, IN 47404
Entertainment destination with dining, bar service, live music amenities, and a furnished efficiency apartment.
Property Size8,400 SF
Price / SF$178.57
Days on Market46
Property Features for 4747 W State Road 46
General Information
Standard status
Active
Size
8,400 SF
Building Details
Year Built
1994
Listing Agency:
FC Tucker/Bloomington REALTORS
(812) 340-3083
Listed By:
Chris Cockerham · License #RB14027897
Source:
Barberryrealty
Added: Jul 16
Changed: Aug 29
Last Checked: Aug 25 at 4:03AM
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 FC Tucker/Bloomington REALTORS
Investment Insights
Based on property information with market context.
This golf and entertainment property occupies 2.82 acres and includes an 8,400 SF, three-level main building constructed in 1994. The offering combines mini golf with restaurant and bar operations, an outdoor stage, an outdoor bar, and a dedicated support building known as the Putt Hut. A private concrete parking lot serves the site, while recent capital improvements include a 2025 Putt Hut addition and a digital sign installed in 2025.
The property also includes an updated efficiency apartment with new furnishings and Airbnb-ready positioning, along with a three-way liquor license. The outdoor performance area includes electrical service, and the digital sign is described as income-producing. Located along State Road 46 in Bloomington, the property presents multiple operating components within one entertainment-oriented site.
The property also includes an updated efficiency apartment with new furnishings and Airbnb-ready positioning, along with a three-way liquor license. The outdoor performance area includes electrical service, and the digital sign is described as income-producing. Located along State Road 46 in Bloomington, the property presents multiple operating components within one entertainment-oriented site.
Key Highlights
- 2.82‑acre golf and entertainment property along State Road 46
- 8,400 SF, three‑level main building constructed in 1994
- Mini golf, restaurant and bar operations, outdoor stage, and outdoor bar
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
$108,637
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
7.24%
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%
$2,172,740
$2.2M
Cap Rate 7%
$1,551,957
$1.6M
Cap Rate 9%
$1,207,078
$1.2M
Market Conditions
NOI Build-Up for 8,400 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
$151.2K $18.00/SF
− Vacancy
−$6.4K −$0.76/SF
EGI
$144.8K $17.24/SF
− OpEx
−$36.2K −$4.31/SF
NOI
$108.6K $12.93/SF
Area
Monroe County, IN
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,172,740
Cap Rate 7%
$1,551,957
Cap Rate 9%
$1,207,078
Alternative Uses
Best Use
Specialty Retail
$1.55M
$1.36M – $1.81M
NOI $108,637 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.44M – $1.92M
NOI $114,917 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
Explore this area
Business Placement
Demographics for 47404, IN
23,799
Population
12,101
Households
2
Avg Household Size
33
Median Age
43%
College-Educated
95%
High-School Grad
52.6 sq mi
ZIP Area
452
Density / Sq Mi
$54,674
Median Household Income
$36,725
Median Earnings
$1,159
Median Rent
$243,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Golf course & driving range - Entertainment destination with dining, bar service, live music amenities, and a furnished efficiency apartment.
Where is this golf course & driving range located?
The property is located at 4747 W State Road 46 Bloomington, IN.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 2.82‑acre golf and entertainment property along State Road 46; 8,400 SF, three‑level main building constructed in 1994; Mini golf, restaurant and bar operations, outdoor stage, and outdoor bar
