New Construction Duplex with Two Two-Story
For Sale
$679,000
1118 & 1120 N Woodburn Avenue, Bloomington, IN 47404
MULTI_FAMILY - Bloomington, IN
Property Size2,398 SF
Lot Size0.11 Acres
Price / SF$283.15
Days on Market48
Property Features for 1118 & 1120 N Woodburn Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bedroom 3, Bathroom 6, Bathroom 5, Bathroom 2, Bedroom 5, Bedroom 1, Bedroom 6, Bedroom 4, Bedroom 2, Bathroom 4, Bathroom 1
Parking
3
Lot features
Near College Campus, Level
Elementary school
Fairview
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
GPS friendly
Subdivision
Monroe County
Standard status
Active
APN
53-05-33-204-151.000-005
Size
2,398 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
013-44091-00 Woodburn Avenue Subdivision Secondary Plat Lot 4
Tax Annual Amount
1400
Legal Description
013-44091-00 Woodburn Avenue Subdivision Secondary Plat Lot 4
Utilities
Cooling system
Central Air
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Roof type
Shingle
Architectural style
Other
Listing Agency:
Beyers Realty
(812) 327-8734
Listed By:
Sable Beyers · License #RB20001388
(812) 327-8734
Added: Jun 25
Changed: Aug 4
Last Checked: Aug 11 at 5:06PM
MLS# 202625112
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.
New construction duplex completed in 2026 offers two two-story units totaling 2,398 finished square feet. Each unit features three bedrooms and three full bathrooms, supported by central air cooling. The finishes and build-out include commercial grade LVP flooring, modern shaker cabinetry, and quartz countertops, with full spray foam insulation and 2x6 construction. The roof is shingle.
The property includes three parking spaces located behind the building, available on a first-come, first-served basis for tenants of both units, with additional non-permitted street parking right in front. The duplex is located a few blocks from Indiana University Bloomington and IU Memorial Stadium. The property is fully leased for the 2026-2027 school year.
Lease information and additional property details are available upon request.
The property includes three parking spaces located behind the building, available on a first-come, first-served basis for tenants of both units, with additional non-permitted street parking right in front. The duplex is located a few blocks from Indiana University Bloomington and IU Memorial Stadium. The property is fully leased for the 2026-2027 school year.
Lease information and additional property details are available upon request.
Key Highlights
- 2,398 finished square feet duplex completed in 2026
- Two two‑story units; each unit has 3 bedrooms and 3 full bathrooms
- Fully leased for the 2026‑2027 school year
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
$21,551
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
3.17%
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%
$431,020
$431.0K
Cap Rate 7%
$307,871
$307.9K
Cap Rate 9%
$239,456
$239.5K
Market Conditions
NOI Build-Up for 2,398 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
$32.5K $13.56/SF
− Vacancy
−$1.7K −$0.72/SF
EGI
$30.8K $12.84/SF
− OpEx
−$9.2K −$3.85/SF
NOI
$21.6K $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%
$431,020
Cap Rate 7%
$307,871
Cap Rate 9%
$239,456
Alternative Uses
Best Use
Multifamily LT 5
$307.9K
$269.4K – $359.2K
NOI $21,551 @ 7.0% cap · market cap 3.17%
Second Best
Apartment 5plus
$279.6K
$244.7K – $326.2K
NOI $19,572 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$468.7K
$410.1K – $546.8K
NOI $32,806 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,130
Businesses Nearby
Explore this area
Business Placement
Demographics for 47404, IN
23,799
Population
12,101
Households
2
Avg Household Size
33
Median Age
43%
College-Educated
95%
High-School Grad
52.6 sq mi
ZIP Area
452
Density / Sq Mi
$54,674
Median Household Income
$36,725
Median Earnings
$1,159
Median Rent
$243,500
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 two-story units are fully leased for the 2026-2027 school year, with three tenant parking spaces behind the building.
Where is this duplex located?
The property is located at 1118 & 1120 N Woodburn Avenue Bloomington, IN.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: 2,398 finished square feet duplex completed in 2026; Two two‑story units; each unit has 3 bedrooms and 3 full bathrooms; Fully leased for the 2026‑2027 school year
