Craftsman Residential Income
For Sale
$689,900
402 E 1st Street, Bloomington, IN 47401
MULTI_FAMILY - Craftsman - Bloomington, IN
Property Size2,455 SF
Lot Size0.20 Acres
Price / SF$281.02
Days on Market61
Property Features for 402 E 1st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 3, Bedroom 1, Bedroom 4, Bedroom 5, Bedroom 2, Bathroom 1, Bathroom 3, Bathroom 2
Parking
5
Parking features
Off Street
Subdivision
Bryan Park
Lot features
Level
Elementary school
Rogers/Binford
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
Take E 1st property is on south side of street
Standard status
Active
APN
53-08-04-113-059.000-009
Size
2,455 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
015-57020-00 Allendale 2nd Lot 112
Tax Annual Amount
1466
Legal Description
015-57020-00 Allendale 2nd Lot 112
Utilities
Cooling system
Central Air
Building Details
Year built
1920
Floors in Building
1
Number of units
1
Flooring type
Wood
Roof type
Shingle
Architectural style
Craftsman
Listing Agency:
Cornerstone Realtors
(812) 360-5980
Listed By:
Tim Ballard · License #RB15000758
(812) 325-1648
Added: Jun 23
Changed: Aug 5
Last Checked: Aug 22 at 6:06AM
MLS# 202624790
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 1920s craftsman residential income property offers a 5-bedroom, 3-bath layout with original windows, woodwork, and floors. The home features a front porch leading into a wide-open living space. Recent improvements include an updated kitchen and a full bathroom, along with a laundry room addition completed within the last two years. The property is situated on a 0.2-acre lot and includes a back yard and off-street parking on the side of the house.
Located in the heart of Bloomington’s Bryan Park/Elm Heights neighborhood at 402 E 1st Street, the home is positioned for convenient access to campus, the B-line Trail, and downtown.
The property is currently rented for the 25–26 school year at $4,750 per month and for the 26–27 school year at $5,000 per month. A 5-person HAND permit is on file and is valid through 5-28-28. With an established rental status, this home can be a fit for an owner looking to begin or add to a residential income portfolio, particularly where tenant housing near campus is desired.
Located in the heart of Bloomington’s Bryan Park/Elm Heights neighborhood at 402 E 1st Street, the home is positioned for convenient access to campus, the B-line Trail, and downtown.
The property is currently rented for the 25–26 school year at $4,750 per month and for the 26–27 school year at $5,000 per month. A 5-person HAND permit is on file and is valid through 5-28-28. With an established rental status, this home can be a fit for an owner looking to begin or add to a residential income portfolio, particularly where tenant housing near campus is desired.
Key Highlights
- 5‑bedroom, 3‑bath Craftsman home built in 1920
- Currently rented at $4,750/month for the 25–26 school year and $5,000/month for the 26–27 school year
- Central air cooling; wood flooring; shingle roof
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
$20,037
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
2.90%
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%
$400,740
$400.7K
Cap Rate 7%
$286,243
$286.2K
Cap Rate 9%
$222,633
$222.6K
Market Conditions
NOI Build-Up for 2,455 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
$38.6K $15.72/SF
− Vacancy
−$2.2K −$0.88/SF
EGI
$36.4K $14.84/SF
− OpEx
−$16.4K −$6.68/SF
NOI
$20.0K $8.16/SF
Area
Monroe County, IN
Vacancy
5.60%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$400,740
Cap Rate 7%
$286,243
Cap Rate 9%
$222,633
Alternative Uses
Best Use
Apartment 5plus
$286.2K
$250.5K – $334.0K
NOI $20,037 @ 7.0% cap · market cap 2.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$479.8K
$419.8K – $559.8K
NOI $33,586 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,307
Businesses Nearby
Explore this area
Business Placement
Demographics for 47401, IN
41,225
Population
21,162
Households
1.9
Avg Household Size
35
Median Age
62%
College-Educated
95%
High-School Grad
82.6 sq mi
ZIP Area
499
Density / Sq Mi
$65,643
Median Household Income
$34,279
Median Earnings
$1,181
Median Rent
$333,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - 1920s craftsman residence with five bedrooms, three baths, off-street parking, and a back yard for tenants.
Where is this single family property located?
The property is located at 402 E 1st Street Bloomington, IN.
What is the asking price?
The asking price for this property is $689,900.
What are key features of this property?
This property features: 5‑bedroom, 3‑bath Craftsman home built in 1920; Currently rented at $4,750/month for the 25–26 school year and $5,000/month for the 26–27 school year; Central air cooling; wood flooring; shingle roof
