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    Eagle Pointe Homesite Opportunity Title is generated by Realmo AI

    8828 S Morrison Court, Bloomington, IN 47401

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    Claim this Listing
    Pending
    $67,000

    Residential Land - Bloomington, IN

    Lot size:
    0.49 Acres
    Added:
    Feb 17, 2026
    Days on Market:
    94
    Last Refresh:
    May 22 at 8:06 am

    Property Features for 8828 S Morrison Court

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Walk To Lake Access
    Standard status
    Pending
    APN
    53-11-22-102-004.000-006
    Lot size
    0.49 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1066.08
    Expense value
    1150
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Annually

    Utilities

    Water front features
    Waterfront Lake Monroe, Waterfront Walk To Lake Access, Waterfront, Waterfront Lake Monroe, Waterfront Walk To Lake Access
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Susan Slaven

    Listing agent Susan Slaven License #RB14024771

    Listing office Susan Slaven Realty 2505 E Pointe Cove Road, Bloomington, IN

    Listing date Feb 17, 2026

    MLS# 202604999 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

    • Buildable lot in gated Eagle Pointe golf course community with enhanced privacy.
    • Walkable access to Lake Monroe for boating and marina, with potential boat slips.
    • Suited for walkout basement to maximize living space and views.
    • Unique natural backdrop with exposed karst topography and no rear development.
    • Enjoy the Point Cove private swimming pool and gated entrance.
    • Pre‑approved home plans available.

    Overview

    This 0.49-acre residential land offers an exceptional opportunity to build a custom home in the Point Cove section of Eagle Pointe Golf Resort. As one of the last remaining buildable lots in this established, gated golf course community, the wooded homesite features mature trees and a naturally narrow configuration that enhances privacy. The rear of the property showcases exposed karst topography, creating a unique natural backdrop and ensuring no future development behind the home. The topography is suited for a walkout basement, allowing maximization of living space and views. Point Cove residents enjoy a private swimming pool and the security of a gated entrance. Scenic Lake Monroe, Indiana’s largest lake, is within walking distance, offering boating opportunities, marina access, potential boat slips, and nearby accommodations. The resort clubhouse features additional amenities including a restaurant and pro shop. Pre-approved home plans with detailed specifications are available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Building Supply Kitchen & Bath Showroom Food Market Storage Facility Bar & Pub Daycare Center Travel Agency Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Monroe
    State
    Indiana
    Longitude
    -86.50426
    Latitude
    39.032753

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    FAQs

    What type of property is this?
    Residential land & home lot - Buildable lot in gated golf community near Lake Monroe.
    Where is this residential land & home lot located?
    The property is located at 8828 S Morrison Court Bloomington, IN.
    What is the asking price?
    The asking price for this property is $67,000.
    What are key features of this property?
    This property features: Buildable lot in gated Eagle Pointe golf course community with enhanced privacy.; Walkable access to Lake Monroe for boating and marina, with potential boat slips.; Suited for walkout basement to maximize living space and views.
    (812) 325-5473
    We can help!
    Listing Contact
    Susan Slaven
    Real Estate License ID: RB14024771
    Learn More
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    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.

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