Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2420 3rd St Bloomington, IN 47401-5337

    • Office Properties & Spaces
    • 24,124 SF
    • 5.75 lot acres
    OFF-MARKET
    Value Estimations
    $3,565,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0927310
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 2420 3rd St

    Year built
    1956
    Construction
    WOOD
    Lot size
    5.75 lot acres
    Property size
    24,124 SF
    Property type
    Office Properties & Spaces
    APN
    53-08-03-100-043.000-009
    APU
    530803100043000009

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,450,000
      6.5%
      $3,185,000
      7%
      $2,955,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,396,000
      Market price range: $1.74M - $4.40M
      AI Estimate
      $3,110,000
      Market price range: $870k - $3.11M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,120,000
      Current use
      RETAIL STORES
      $3,655,000
      Change: +17% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Monroe
    State
    Indiana
    Longitude
    -86.5041
    Latitude
    39.1633
    CBSA code
    14020
    CBSA name
    BLOOMINGTON, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $0.00
    $3,450,000
    $864,100
    $4,314,100
    -
    $3,450,000
    $864,100
    $4,314,100

    Comparable in this City

    • Value Estimation
      $2,835,000
      19,201 SF

      3655 Sare Rd

      OFFICE (GENERAL) • 19,201 SF
      3655 Sare Rd, Bloomington, IN 47401-4173
      View Details
    • Value Estimation by Request
      2,620 SF

      2280 Smith Rd

      OFFICE (GENERAL) • 2,620 SF
      2280 Smith Rd, Bloomington, IN 47401-8920
      View Details
    • Value Estimation
      $4,675,000
      43,988 SF

      9090 Strain Rdg Rd

      OFFICE (GENERAL) • 43,988 SF
      9090 Strain Rdg Rd, Bloomington, IN 47401-8413
      View Details
    • Value Estimation
      $2,110,000
      32,911 SF

      1121 Lincoln St

      OFFICE (GENERAL) • 32,911 SF
      1121 Lincoln St, Bloomington, IN 47401-5847
      View Details
    • Value Estimation
      $1,635,000
      15,320 SF

      2755 Canada Dr

      OFFICE (GENERAL) • 15,320 SF
      2755 Canada Dr, Bloomington, IN 47401-4184
      View Details
    • Value Estimation by Request
      4,126 SF

      1604 Henderson St

      OFFICE (GENERAL) • 4,126 SF
      1604 Henderson St, Bloomington, IN 47401-6579
      View Details

    Similar Nearby for Sale

    • $759,000
      16,379 SF

      Bloomington Office Building For Sale

      Prime Office Space, 16,379 SF, High Visibility
      1815 Walnut St, Bloomington, IN 47401
      View Details
    • $1,250,000
      0.27 Acres

      Bloomington Office Building For Sale

      High-traffic location, excellent visibility, investment opportunity or owner-occupied use.
      616 S College Mall Rd, Bloomington, IN 47401
      View Details
    • $995,000
      0.12 Acres

      Two-Story Office Building with Apartment

      Two-story office building with apartment near the mall.
      515 S Woodscrest Dr, Bloomington, IN 47401
      View Details
    • $239,900
      0.08 Acres

      Updated Office Building, Bloomington, IN

      Updated office building with high visibility and off-street parking.
      1225 S Walnut St, Bloomington, IN 47401
      View Details
    • $625,000
      5.33 Acres

      Versatile Building on 5.33 Acres

      Spacious building suitable for various uses near Bloomington's east side.
      3372 E Moffett Ln, Bloomington, IN 47401
      View Details
    • $189,000
      0.07 Acres

      Bloomington Office Condo - $189K

      Eastside Bloomington office, high visibility, ample parking.
      519 Woodscrest Dr, Bloomington, IN 47401
      View Details

    Similar Nearby for Lease

    • Sponsored
      $15 SF/Yr

      4101 E 3rd St

      1st Month Rent Free--Sublet--move in ready condition
      4101 E 3Rd St, Bloomington, IN 47401
      View Details
    • $13 SF/Yr
      1,600 SF

      Downtown Bloomington Office Space

      Versatile Office Space, Prime Location, 1600 SQFT
      405 College Ave, Bloomington, IN 47401
      View Details
    • $1.00 SF/Yr
      5,412 SF

      Furnished Office Suites Available

      Fully furnished office suites for lease with shared amenities.
      6755 S Old State 37 Rd, Bloomington, IN 47401
      View Details
    • $17 SF/Yr
      1,700 SF

      Functional Medical Office Space

      Well-maintained Bloomington office space suitable for medical or professional use.
      515 S Woodscrest Dr, Bloomington, IN 47401
      View Details
    • $3,000 /Mo

      Bloomington Office/Retail Building For Lease

      Well-maintained office/retail building with high visibility and accessibility.
      1815 S Walnut St, Bloomington, IN 47401
      View Details
    • $15 SF/Yr

      South Bloomington Office Sub-Lease

      Office sub-lease in high-traffic area, flexible move-in date.
      2495 S Walnut Street Pike, Bloomington, IN 47401
      View Details
    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.
    2420 3rd St
    Bloomington, IN 47401-5337
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.