Office Building with Private
For Sale
$899,900
807 N College Avenue, Bloomington, IN 47404
COMMERCIAL - Bloomington, IN
Property Size4,292 SF
Lot Size0.17 Acres
Price / SF$209.67
Days on Market308
Property Features for 807 N College Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Lot features
City
Directions
From IN-45 N/IN-46 E, Go S on College Avenue. Go under railroad crossing and property is on the left. Park in back.
Subdivision
Monroe County
Standard status
Active
APN
53-05-33-204-045.000-005
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
013-33080-00 KENWOOD LOT 19 & PT (40'X 59') NW 33-9-1W .06A
Tax Annual Amount
8615
Legal Description
013-33080-00 KENWOOD LOT 19 & PT (40'X 59') NW 33-9-1W .06A
Utilities
Cooling system
Central Air
Building Details
Year built
1994
Flooring type
Laminate
Roof type
Rubber, Flat
Listing Agency:
Keller Williams - Indy Metro South LLC
(317) 882-5900
Listed By:
Micah Heath · License #RB23001214
(812) 760-0083
Added: Oct 20, 2025
Changed: Aug 4
Last Checked: Aug 23 at 12:06AM
MLS# 202542574
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.
Investment Insights
Based on property information with market context.
An adaptable office building built in 1994 offering two finished levels and a flexible interior layout. The space includes multiple offices, meeting rooms, reception areas, and restrooms, with laminate flooring throughout. Approximately 1,100 SF of unfinished lower-level space provides room for expansion, storage, or future build-out. Several interior walls are described as non-structural, allowing the next owner to remove or reconfigure the layout for a range of professional uses.
The property is approximately 4,292 SF and includes a private parking lot with about 12–13 spaces, positioned minutes from Downtown Bloomington, Indiana University, and the city’s north side. The remarks also reference the Stadium District for long-term area positioning.
Recent building updates include a membrane roof, HVAC replacement, and water heater improvements. Back flow valves have also been updated in accordance with new city ordinances.
The property is approximately 4,292 SF and includes a private parking lot with about 12–13 spaces, positioned minutes from Downtown Bloomington, Indiana University, and the city’s north side. The remarks also reference the Stadium District for long-term area positioning.
Recent building updates include a membrane roof, HVAC replacement, and water heater improvements. Back flow valves have also been updated in accordance with new city ordinances.
Key Highlights
- Approximately 4,292 SF office building with two finished levels
- Unfinished lower level adds about 1,100 SF for expansion or future build‑out
- Private parking lot with approximately 12–13 spaces
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
$52,882
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
5.88%
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%
$1,057,640
$1.1M
Cap Rate 7%
$755,457
$755.5K
Cap Rate 9%
$587,578
$587.6K
Market Conditions
NOI Build-Up for 4,292 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
$95.3K $22.20/SF
− Vacancy
−$7.1K −$1.67/SF
EGI
$88.1K $20.54/SF
− OpEx
−$35.3K −$8.21/SF
NOI
$52.9K $12.32/SF
Area
Monroe County, IN
Vacancy
7.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
40.00%
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%
$1,057,640
Cap Rate 7%
$755,457
Cap Rate 9%
$587,578
Alternative Uses
Best Use
Healthcare Medical
$755.5K
$661.0K – $881.4K
NOI $52,882 @ 7.0% cap · market cap 5.88%
Second Best
Office B
$658.4K
$576.1K – $768.2K
NOI $46,091 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$838.8K
$734.0K – $978.6K
NOI $58,717 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,987
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-located office building with private parking and central air, built in 1994.
Where is this office building located?
The property is located at 807 N College Avenue Bloomington, IN.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Approximately 4,292 SF office building with two finished levels; Unfinished lower level adds about 1,100 SF for expansion or future build‑out; Private parking lot with approximately 12–13 spaces
