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

    515 Patterson Dr Bloomington, IN 47403-4817

    • Office Properties & Spaces
    • 10,700 SF
    • 1.40 lot acres
    OFF-MARKET
    Value Estimations
    $1,605,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0867316
    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 515 Patterson Dr

    Year built
    2006
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.40 lot acres
    Property size
    10,700 SF
    Property type
    Office Properties & Spaces
    APN
    53-08-05-400-028.000-009
    APU
    530805400028000009

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,530,000
      6.5%
      $1,410,000
      7%
      $1,310,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,949,000
      Market price range: $773k - $1.95M
      AI Estimate
      $1,449,000
      Market price range: $297k - $1.55M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,385,000
      Current use
      RETAIL STORES
      $1,620,000
      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
    -86.5406
    Latitude
    39.1534
    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
    $14,319
    $161,000
    $1,192,300
    $1,353,300
    -
    $161,000
    $1,192,300
    $1,353,300

    Comparable in this City

    • Value Estimation
      $7,645,000
      82,005 SF

      2100 Liberty Dr

      OFFICE (GENERAL) • 82,005 SF
      2100 Liberty Dr, Bloomington, IN 47403-5147
      View Details
    • Value Estimation by Request
      2,715 SF

      1655 Oakdale Dr

      OFFICE (GENERAL) • 2,715 SF
      1655 Oakdale Dr, Bloomington, IN 47403-3216
      View Details
    • Value Estimation
      $2,565,000
      16,766 SF

      1565 Liberty Dr

      OFFICE (GENERAL) • 16,766 SF
      1565 Liberty Dr, Bloomington, IN 47403-5168
      View Details
    • Value Estimation
      $1,265,000
      14,016 SF

      719 Rogers St

      OFFICE (GENERAL) • 14,016 SF
      719 Rogers St, Bloomington, IN 47403-2332
      View Details
    • Value Estimation by Request
      5,180 SF

      4440 Gifford Rd

      OFFICE (GENERAL) • 5,180 SF
      4440 Gifford Rd, Bloomington, IN 47403-9262
      View Details
    • Value Estimation by Request
      4,692 SF

      1455 Bloomfield Rd

      OFFICE (GENERAL) • 4,692 SF
      1455 Bloomfield Rd, Bloomington, IN 47403-2010
      View Details

    Similar Nearby for Sale

    • $4,299,000
      15,700 SF

      Bloomington Medical Office Redevelopment

      15,700 SF Medical Office, 100% Occupied
      700 College Ave, Bloomington, IN 47403
      View Details
    • Contact for pricing
      7 SF

      Office Property for Sale

      Office property available for sale.
      2901 S Mcintire Dr, Bloomington, IN 47403
      View Details
    • $1,725,000
      6,120 SF

      Lauderhill Medical Office Sublease

      Ready-to-use medical office space.
      300 1St St, Bloomington, IN 47403
      View Details
    • $1,575,000
      0.57 Acres

      Versatile Property Near Hopewell Development

      Two-story, 6,120 SF property suitable for office or redevelopment.
      300-314 W 1St St, Bloomington, IN 47403
      View Details
    • Contact for pricing
      7,502 SF

      Bloomington Office Building For Sale

      Office building located on Bloomington's southern edge.
      2917 S Mcintire Dr, Bloomington, IN 47403
      View Details
    • $6,800,000
      2.31 Acres

      Bloomington Office Building For Sale

      Three-story office building near I-69, suitable for professional or medical use.
      1600 W Bloomfield Rd, Bloomington, IN 47403
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      51,735 SF

      Prime Bloomington Office Space

      51,735 SF Office Building, Flexible Lease Options
      1663 Liberty Dr, Bloomington, IN 47403
      View Details
    • $13 SF/Yr
      825 SF

      Bloomington Office Space For Rent

      Office space available for lease in Bloomington, Indiana.
      407 S College Ave, Bloomington, IN 47403
      View Details
    • $14 SF/Yr
      3,333 SF

      Bloomington Office Space Available

      3,333 SF office space for lease in Bloomington, Indiana.
      2205 W Sudbury Dr, Bloomington, IN 47403
      View Details
    • $12 SF/Yr
      20,000 SF

      Bloomington Office Space for Lease

      Class A Office, Multiple Suites Available
      1600 Bloomfield Rd, Bloomington, IN 47403
      View Details
    • $26 SF/Yr
      44,480 SF

      Bloomington Medical Office Building

      Class A medical office space, prime location.
      2920 Mcintire Dr, Bloomington, IN 47403
      View Details
    • $1,700 /Mo

      Versatile Space Near Switchyard Park

      Mixed-use space with office and storage near Switchyard Park.
      115 W Grimes Ln, Bloomington, IN 47403
      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.
    515 Patterson Dr
    Bloomington, IN 47403-4817
    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.