229 W 1st St - Restaurant FOR SALE


Bloomington, IN 47403
$2,100,000 USD
930-203-1508
229 W 1st St, Bloomington, IN for Sale
$2,100,000 USD
Restaurant - FOR SALE
1/28
null | Request Cap Rate

229 W 1st St
Bloomington, IN 47403


HIGHLIGHTS

  • Located directly on the B-Line Trail; central, biking and walking rails to trails corridor. Connectivity to downtown, Switchyard Park, and IU.
  • Built in 1922 as a bulk petroleum terminal for Standard Oil of Indiana. Building retains significant architectural and historic charm.
  • Close to Indiana University, sporting events, and cultural offerings. Two blocks to Monroe County Convention Center. Year-round foot traffic.
  • Located close to new Bloomington Tech Park. Easy walk/bike ride to growing medical manufacturing facilities and residential neighborhoods..
  • Flexible spaces for large and small, inside and outside seating areas. Planned for future rooftop seating/interior staircase/elevator.
  • Historic industrial charm meets modern potential, conceptually approved for a brew pub, bar/restaurant, music venue. Other options considered..

OVERVIEW

The Monroe Oil site in Bloomington, Indiana, is a unique and exciting opportunity to repurpose a historic industrial property for a new, vibrant purpose. Originally built in 1922 as a bulk petroleum terminal for Standard Oil of Indiana, this over 10,000-square-foot property retains significant historic charm and offers great potential for a variety of uses. The property is located directly on the B-Line Trail, just two blocks south of downtown Bloomington, the Monroe County Convention Center, and three blocks north of Switchyard Park. It is also positioned near a major urban redevelopment zone—the Bloomington Hospital / Hopewell Neighborhood Redevelopment Project—making it an ideal location for a new business venture. The property sits on over one acre of land with Downtown Commercial Zoning, that provides flexibility for development. With a well-defined environmental condition (backed by a No Further Action Letter from the Indiana Department of Environmental Management), it is ready for immediate construction. Planned structural improvements include accommodations for rooftop seating and an interior staircase, making the space perfect for a brew pub, taproom, bar restaurant or similar venue. The site also benefits from an outstanding solar footprint, with full south exposure ideal for solar power generation. Additionally, there are approximately 34 on-site parking spaces available, and all utilities, including 3-phase electric, are in place to support the development. The location offers exceptional visibility and access, on a major urban bicycle/walking corridor and greenway directly adjacent to one of the largest urban redevelopment projects in Bloomington’s history. The Monroe Oil property is conceptually approved for a brew pub, which would be a natural fit given the area’s growing arts and restaurant district. Bloomington, home to Indiana University, is a vibrant city with a rich cultural and athletic scene. The site is centrally located, making it walkable to downtown, Switchyard Park, and large existing neighborhoods. It is also well-connected by the B-Line Trail, a popular route for pedestrians, cyclists, and visitors. With the influx of activity from the nearby redevelopment projects, the area is primed for an exciting new venture that can draw both locals and tourists. Bloomington is undergoing a period of rapid growth, particularly in its arts and dining sectors. The Monroe Oil property, with its rich industrial history, expansive space, and on-site parking is in a prime location to take advantage of this growth. The area’s proximity to Indiana University and the large athletic and cultural activities around the city ensures a steady stream of potential patrons. Moreover, the ongoing development projects in the area, including the Bloomington Hospital Redevelopment Project, the Bloomington Tech Park, and medical manufacturing facilities promise to bring even more foot and bicycle traffic and investment to the neighborhood. The property is available for conventional sale, unsubordinated land lease, or build-to-suit options. With the property already prepared with utilities and environmental clearances, it’s ready for immediate development. Whether you’re looking to create a brew pub, taproom, or restaurant, this property offers a solid foundation for success in one of the city’s most promising areas. Bloomington’s vibrant, growing community is a perfect backdrop for a new, unforgettable venue. With its historic industrial charm, excellent location, and growing demand for new dining and entertainment spaces, Monroe Oil is an ideal property for someone looking to establish a brew pub or similar venue. The site is surrounded by development, cultural activity, and recreational opportunities, ensuring it will be a popular destination for both residents and visitors alike.

FOR SALE DETAILS

PRICE

$2,100,000 USD

PRICE/SF

$210 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Single

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

ADD'L SUBTYPES

Bar

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1922

SPRINKLERS

-

PARKING SPACES

36

LAND DETAILS

LAND ACRES

1.18 AC

LAND SF

51,254 SF

ZONING

Commercial

APN/PARCEL ID

53-08-04-200-112.000-009

ASK ABOUT THIS PROPERTY

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930-203-1508

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930-203-1508

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