21-Unit Furnished Apartment
For Sale
$2,790,000
604 N Smith Road, Bloomington, IN 47408
INVESTMENT, Multi-Story (3+), Bloomington, IN
Property Size18,863 SF
Lot Size0.75 Acres
Price / SF$147.91
Days on Market97
Property Features for 604 N Smith Road
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
21
Bathrooms
21
Full bathrooms
21
Rooms
Bedroom 1, Bathroom 9, Bedroom 9, Bedroom 18, Bathroom 3, Bathroom 13, Bathroom 5, Bedroom 13, Bedroom 6, Bedroom 19, Bedroom 2, Bedroom 5, Bathroom 8, Bathroom 14, Bedroom 8, Bedroom 15, Bedroom 3, Bedroom 4, Bedroom 7, Bathroom 12, Bedroom 21, Bathroom 1, Bedroom 14, Bathroom 10, Bathroom 19, Bedroom 12, Bathroom 7, Bathroom 16, Bedroom 17, Bathroom 18, Bathroom 6, Bathroom 4, Bathroom 17, Bedroom 11, Bathroom 15, Bathroom 20, Bedroom 20, Bathroom 21, Bathroom 11, Bedroom 16, Bedroom 10, Bathroom 2
Parking
21
Parking features
Off Street
Subdivision
Northeast Bloomington City
Lot features
City/ Town/ Suburb, Near College Campus, Level
Elementary school
University
Middle school
Tri-North
High school
Bloomington North
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
East on 3rd Street, Left on Smith Rd, property is on the Right....OR...East on 10th Street, Right on Smith Rd, property is on the Left.
Standard status
Active
APN
53-05-36-300-005.000-005
Size
18,863 SF
Lot size
0.75 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
013-01880-00 PT NW SW 36-9-1W (0.75 Acre) PLAT 52
Tax Annual Amount
17308
Legal Description
013-01880-00 PT NW SW 36-9-1W (0.75 Acre) PLAT 52
Utilities
Cooling system
Central Air, Multi Units
Amenities
washer/dryer in unit
security system
on-site parking
Building Details
Year built
2017
Number of units
21
Flooring type
Carpet, Laminate
Roof type
Flat
Architectural style
Contemporary
Listing Agency:
RE/MAX Acclaimed Properties · RE/MAX International
(812) 332-3001
Listed By:
Janet Jin · License #RB17001414
(812) 325-9093
Added: May 19
Changed: Aug 20
Last Checked: Aug 23 at 6:06AM
MLS# 202619114
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.
Built in 2017, this contemporary apartment property contains 21 furnished units across 18,863 square feet, including 17 flat plans and 4 loft layouts. Each residence features modern finishes, large picture windows, laminate and carpet flooring, stackable washer and dryer units, and a security system. The property also provides off-street parking for residents, with water, sewer, trash, and Internet included in monthly rent while tenants pay electric. All units are fully leased.
The building is located at 604 N Smith Road in Bloomington, between E 10th and E 3rd Streets. The property offers convenient access to Indiana University's Kelly School of Business, along with nearby dining, shopping, and nightlife. Its 0.7516-acre site and flat-roof contemporary design support the existing multifamily configuration.
The building is located at 604 N Smith Road in Bloomington, between E 10th and E 3rd Streets. The property offers convenient access to Indiana University's Kelly School of Business, along with nearby dining, shopping, and nightlife. Its 0.7516-acre site and flat-roof contemporary design support the existing multifamily configuration.
Key Highlights
- 21 total units: 17 flats and 4 loft floor plans
- 18,863 square feet on a 0.7516‑acre site
- Built in 2017 with contemporary architecture
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
$153,956
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
5.52%
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%
$3,079,120
$3.1M
Cap Rate 7%
$2,199,371
$2.2M
Cap Rate 9%
$1,710,622
$1.7M
Market Conditions
NOI Build-Up for 18,863 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
$296.5K $15.72/SF
− Vacancy
−$16.6K −$0.88/SF
EGI
$279.9K $14.84/SF
− OpEx
−$126.0K −$6.68/SF
NOI
$154.0K $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%
$3,079,120
Cap Rate 7%
$2,199,371
Cap Rate 9%
$1,710,622
Alternative Uses
Best Use
Apartment 5plus
$2.20M
$1.92M – $2.57M
NOI $153,956 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.69M
$3.23M – $4.30M
NOI $258,057 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
416
Businesses Nearby
Explore this area
Business Placement
Demographics for 47408, IN
22,917
Population
10,456
Households
2.2
Avg Household Size
28
Median Age
59%
College-Educated
98%
High-School Grad
64.4 sq mi
ZIP Area
356
Density / Sq Mi
$45,584
Median Household Income
$15,819
Median Earnings
$1,177
Median Rent
$304,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Contemporary furnished apartments with private laundry, resident parking, and access to nearby university, dining, shopping, and nightlife amenities.
Where is this apartment building located?
The property is located at 604 N Smith Road Bloomington, IN.
What is the asking price?
The asking price for this property is $2,790,000.
What are key features of this property?
This property features: 21 total units: 17 flats and 4 loft floor plans; 18,863 square feet on a 0.7516‑acre site; Built in 2017 with contemporary architecture
