Quadplex With Separate
For Sale
$550,000
1024 N Country Club Drive, Bloomington, IN 47403
INVESTMENT, Detached, Bloomington, IN
Property Size4,750 SF
Lot Size1.69 Acres
Price / SF$115.79
Days on Market121
Property Features for 1024 N Country Club Drive
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
9
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 4, Bathroom 5, Basement, Bedroom 4, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 8, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 9, Bedroom 1, Bathroom 1, Bedroom 3
Parking
8
Parking features
Off Street, Garage
Fireplace
1
Basement
Block
Subdivision
Broadview
Lot features
City/ Town/ Suburb, Level, Slope, 0-2.9999
Elementary school
Summit
Middle school
Batchelor
High school
Bloomington South
Elementary school district
Monroe County Community School C
Middle school district
Monroe County Community School C
High school district
Monroe County Community School C
Directions
South on Rogers to Country Club, turn right. Property is close to the corner of Rockport and Country Club, just before the church.
Standard status
Active
APN
53-08-08-403-001.000-009
Size
4,750 SF
Lot size
1.69 Acres
Taxes and HOA fees
Tax Year
4049
Tax Description
015-00905-00 Broadview Park 1st S1/2 L201; 015-23245-00 Broadview Park 1st S1/2 L202; 015-23240-02 BROADVIEW PARK N1/2 LOT 202 105'X 206.5' PLAT 202A ANNEXED 3-1-03 FROM 014-23240-02; 015-00895-00 BROADVIEW PARK PT LOT 201 PLAT 201B ANNEXED 3-1-03 FROM 014-00890-00 additional Parcel # 53-08-08-403-019.000-009 and 53-08-08-403-054.000-009
Tax Annual Amount
3000
Legal Description
015-00905-00 Broadview Park 1st S1/2 L201; 015-23245-00 Broadview Park 1st S1/2 L202; 015-23240-02 BROADVIEW PARK N1/2 LOT 202 105'X 206.5' PLAT 202A ANNEXED 3-1-03 FROM 014-23240-02; 015-00895-00 BROADVIEW PARK PT LOT 201 PLAT 201B ANNEXED 3-1-03 FROM 014-00890-00 additional Parcel # 53-08-08-403-019.000-009 and 53-08-08-403-054.000-009
Utilities
Cooling system
Central Air
Amenities
car port
4-car garage
storage shed
1-car garage/shed with loft
Building Details
Year built
1950
Number of units
4
Flooring type
Laminate, Wood, Carpet, Tile
Roof type
Metal, Rubber, Shingle
Architectural style
Other
Listing Agency:
Realty Professionals · RE/MAX International
(812) 650-3600
Listed By:
Brandy Holdeman · License #RB14044117
(812) 325-7685
Added: Apr 26
Changed: Aug 20
Last Checked: Aug 24 at 8:06AM
MLS# 202615037
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.
Investment Insights
Based on property information with market context.
This 4,750-square-foot quadplex occupies 1.69 acres and is divided among four separate deeds. The rental mix includes a one-bedroom, one-bath home with an unfinished basement; a two-bedroom, one-bath home with a carport; an upstairs two-bedroom, one-bath apartment; and a four-bedroom, two-bath home. The apartment has recently received new paint, flooring, and an updated dishwasher. Shared and ancillary improvements include a large four-car garage, a one-car garage or shed with loft space, and a smaller storage shed.
Two of the deeds are vacant land parcels measuring 1/2 acre and .33 acre, both zoned R2. The remaining residential parcels include .42 acres and .44 acres. Three units are leased through July 22, 2027, July 22, 2027, and July 24, 2027, respectively; the four-bedroom home is occupied under a month-to-month lease. The property is offered as-is and includes off-street parking, garage parking, central air, and a 1950 construction date.
Two of the deeds are vacant land parcels measuring 1/2 acre and .33 acre, both zoned R2. The remaining residential parcels include .42 acres and .44 acres. Three units are leased through July 22, 2027, July 22, 2027, and July 24, 2027, respectively; the four-bedroom home is occupied under a month-to-month lease. The property is offered as-is and includes off-street parking, garage parking, central air, and a 1950 construction date.
Key Highlights
- 1.69 acres containing 4 rental units conveyed through 4 separate deeds
- 4,750 square feet across four residential rental units
- Two vacant parcels measuring 1/2 acre and .33 acre, both zoned R2
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$42,688
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$853,760
$853.8K
Cap Rate 7%
$609,829
$609.8K
Cap Rate 9%
$474,311
$474.3K
Market Conditions
NOI Build-Up for 4,750 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$64.4K $13.56/SF
− Vacancy
−$3.4K −$0.72/SF
EGI
$61.0K $12.84/SF
− OpEx
−$18.3K −$3.85/SF
NOI
$42.7K $8.99/SF
Area
Monroe County, IN
Vacancy
5.32%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$853,760
Cap Rate 7%
$609,829
Cap Rate 9%
$474,311
Alternative Uses
Best Use
Multifamily LT 5
$609.8K
$533.6K – $711.5K
NOI $42,688 @ 7.0% cap · market cap 7.76%
Second Best
Apartment 5plus
$553.8K
$484.6K – $646.2K
NOI $38,769 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$928.3K
$812.3K – $1.08M
NOI $64,983 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
Explore this area
Business Placement
Demographics for 47403, IN
33,066
Population
16,271
Households
2
Avg Household Size
35
Median Age
39%
College-Educated
93%
High-School Grad
85.0 sq mi
ZIP Area
389
Density / Sq Mi
$68,703
Median Household Income
$40,391
Median Earnings
$1,114
Median Rent
$222,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Income property combining rental residences, an apartment, R2 land, and multiple accessory buildings.
Where is this quadplex located?
The property is located at 1024 N Country Club Drive Bloomington, IN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 1.69 acres containing 4 rental units conveyed through 4 separate deeds; 4,750 square feet across four residential rental units; Two vacant parcels measuring 1/2 acre and .33 acre, both zoned R2
