Duplex with Separate
For Sale
$275,000
1416 S Madison Street, Bloomington, IN 47403
INVESTMENT, One Story, Bloomington, IN
Property Size1,460 SF
Lot Size0.20 Acres
Price / SF$188.36
Days on Market71
Property Features for 1416 S Madison Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 2
Parking
4
Lot features
City/ Town/ Suburb, Level
Elementary school
Templeton
Middle school
Jackson Creek
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, Left on Wilson St, then Right on Madison, to home on the Right.
Subdivision
Monroe County
Standard status
Active
APN
53-08-05-406-025.000-009
Size
1,460 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
4258
Tax Description
015-44810-00 Dodds Lot 37
Legal Description
015-44810-00 Dodds Lot 37
Utilities
Cooling system
Central Air, Wall Unit(s)
Building Details
Year built
1960
Floors in Building
1
Number of units
1
Flooring type
Vinyl, Wood
Architectural style
Ranch, Cottage
Listing Agency:
RE/MAX Acclaimed Properties · RE/MAX International
(812) 332-3001
Listed By:
Ajmal Safi · License #RB19001767
(812) 219-1598
Added: Jun 19
Changed: Aug 20
Last Checked: Aug 28 at 9:06AM
MLS# 202624325
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 duplex property combines a 3-bedroom, 1-bath main house with a grandfathered 2-bedroom, 1-bath cottage on a 0.2-acre city lot. The 1,460-square-foot property includes wood and vinyl flooring, a large eat-in kitchen, central air, a washer and dryer, rear parking, and additional alley access along the north and west sides. The main residence also has a shaded yard and faces S Madison Street.
Tucked behind the primary home, the 600 SF cottage includes an open living and kitchen area, two bedrooms, a full bath, covered front porch, off-street parking, refrigerator, range, and window A/C. Both dwellings are approved for 3 unrelated adults by HAND. The property is near Switchyard Park, the B-Line Trail, and a city bus stop, with the trail connecting toward downtown and Bloomington’s south side.
Tucked behind the primary home, the 600 SF cottage includes an open living and kitchen area, two bedrooms, a full bath, covered front porch, off-street parking, refrigerator, range, and window A/C. Both dwellings are approved for 3 unrelated adults by HAND. The property is near Switchyard Park, the B-Line Trail, and a city bus stop, with the trail connecting toward downtown and Bloomington’s south side.
Key Highlights
- Two dwellings: 3 Bed, 1 Ba main house plus grandfathered 2 Bed, 1 Ba cottage
- 1,460 square feet on a 0.2‑acre city lot
- 600 SF cottage with covered front porch and off‑street parking
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
$13,121
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
4.77%
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%
$262,420
$262.4K
Cap Rate 7%
$187,443
$187.4K
Cap Rate 9%
$145,789
$145.8K
Market Conditions
NOI Build-Up for 1,460 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
$19.8K $13.56/SF
− Vacancy
−$1.1K −$0.72/SF
EGI
$18.7K $12.84/SF
− OpEx
−$5.6K −$3.85/SF
NOI
$13.1K $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%
$262,420
Cap Rate 7%
$187,443
Cap Rate 9%
$145,789
Alternative Uses
Best Use
Multifamily LT 5
$187.4K
$164.0K – $218.7K
NOI $13,121 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$170.2K
$149.0K – $198.6K
NOI $11,916 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$285.3K
$249.7K – $332.9K
NOI $19,974 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
628
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?
Duplex - Two approved dwellings provide a three-bedroom main home and a separate cottage with off-street parking.
Where is this duplex located?
The property is located at 1416 S Madison Street Bloomington, IN.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two dwellings: 3 Bed, 1 Ba main house plus grandfathered 2 Bed, 1 Ba cottage; 1,460 square feet on a 0.2‑acre city lot; 600 SF cottage with covered front porch and off‑street parking
