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    Property profile & analytics

    6220 State Rd 45 Bloomington, IN 47408

    • Office properties & Spaces
    • 5,280 SF
    • 5.73 lot acres
    OFF-MARKET
    Value Estimations
    $510,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1165997
    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 6220 State Rd 45

    Year built
    1958
    Construction
    WOOD
    Lot size
    5.73 lot acres
    Property size
    5,280 SF
    Property type
    Office properties & Spaces
    APN
    53-06-18-300-008.000-003
    APU
    530618300008000003

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $755,000
      6.5%
      $695,000
      7%
      $645,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $669,000
      Market price range: $381k - $962k
      AI Estimate
      $382,000
      Market price range: $122k - $815k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $685,000
      Current use
      RETAIL STORES
      $800,000
      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
    -86.4618
    Latitude
    39.2097
    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
    $76
    $171,900
    $183,000
    $354,900
    -
    $171,900
    $183,000
    $354,900

    Comparable in this City

    • Value Estimation
      $665,000
      4,261 SF

      117 6th St

      OFFICE (GENERAL) • 4,261 SF
      117 6th St, Bloomington, IN 47408-3310
      View Details
    • Value Estimation by Request
      3,088 SF

      108 14th St

      OFFICE (GENERAL) • 3,088 SF
      108 14th St, Bloomington, IN 47408-1738
      View Details
    • Value Estimation by Request
      1,348 SF

      110 10th St

      OFFICE (GENERAL) • 1,348 SF
      110 10th St, Bloomington, IN 47408-3321
      View Details
    • Value Estimation
      $635,000
      4,050 SF

      215 Washington St

      OFFICE (GENERAL) • 4,050 SF
      215 Washington St, Bloomington, IN 47408-3539
      View Details
    • Value Estimation
      $530,000
      5,084 SF

      106 Pete Ellis Dr

      OFFICE (GENERAL) • 5,084 SF
      106 Pete Ellis Dr, Bloomington, IN 47408-4297
      View Details
    • Value Estimation by Request
      2,163 SF

      3301 John Hinkle Pl

      OFFICE (GENERAL) • 2,163 SF
      3301 John Hinkle Pl, Bloomington, IN 47408-2661
      View Details

    Similar Nearby for Sale

    • $2,000,000
      0.52 Acres

      Prime Redevelopment Opportunity Near Campus

      Office buildings near campus with redevelopment potential and convenient location.
      113 E 19Th St, Bloomington, IN 47408
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    • $735,000
      4,302 SF

      Historic Schoolhouse Near Indiana University

      East side location with office, retail, and daycare potential.
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    • $735,000
      4,300 SF

      Historic Schoolhouse with Business Potential

      Charming, renovated schoolhouse near IU with flexible business zoning.
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    • New
      $100,000
      4.32 Acres

      Residential Land in Monroe County

      Scenic 4.32-acre lot ready for building in Bloomington, IN.
      4268 E Farr Rd, Bloomington, IN 47408
      View Details
    • $149,900
      3.56 Acres

      Bloomington Residential Land for Custom Home

      3.56-acre residential lot ideal for a custom home or mini-farm.
      3621 E Post Rd, Bloomington, IN 47408
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    • $799,000
      Pending

      Bloomington Updated Five-Bedroom Property

      Updated five-bedroom, four-bath property near campus, currently rented.
      312 E 8Th St, Bloomington, IN 47408
      View Details

    Similar Nearby for Lease

    • $3,000 /Mo
      2,151 SF

      Charming Office Building with Parking

      Historical schoolhouse with modern amenities, suitable for various businesses.
      4638 E State Road 45, Bloomington, IN 47408
      View Details
    • Contact for pricing
      4,083 SF

      Downtown Bloomington Office Space Available

      Office space for lease in a highly visible building.
      101 W Kirkwood Ave, Bloomington, IN 47408
      View Details
    • $4,200 /Mo
      3,229 SF

      Downtown Bloomington Office Space Available

      Prime office space in the heart of Bloomington.
      121 E 6Th St, Bloomington, IN 47408
      View Details
    • $1,650 /Mo

      Kirkwood Avenue Retail Space Available

      650 SF retail space in historic mixed-use building.
      322 E Kirkwood Ave, Bloomington, IN 47408
      View Details
    • $17 SF/Yr
      2,483 SF

      Retail/Restaurant Space in Bloomington, IN

      2483 SF retail or restaurant space available for lease.
      108 E 6Th St, Bloomington, IN 47408
      View Details
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    6220 State Rd 45
    Bloomington, IN 47408
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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.

    More about this property
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