New Construction
For Sale
$679,000
Pending
1118 & 1120 N Woodburn Avenue, Bloomington, IN 47404
MULTI_FAMILY - Bloomington, IN
Property Size2,398 SF
Lot Size0.11 Acres
Days on Market9
Property Features for 1118 & 1120 N Woodburn Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 2, Bedroom 4, Bathroom 6, Bathroom 1, Bathroom 4, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 5, Bedroom 5, Bedroom 6, Bedroom 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
Pending
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: Aug 4
Last Checked: Aug 12 at 2:06PM
MLS# 202631515
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 contains two separate two-story residences totaling 2,398 finished square feet. Each unit provides 1,199 finished square feet with three bedrooms and three full bathrooms. Interior features include commercial-grade LVP flooring, shaker-style cabinetry, quartz countertops, central air, and spray foam insulation. The building uses 2x6 construction and has a shingle roof.
The property is located at 1118 & 1120 N Woodburn Avenue in Bloomington, a few blocks from Indiana University Bloomington and IU Memorial Stadium. Three parking spaces are positioned behind the building for shared tenant use, while additional non-permitted street parking is available in front. Both units are leased for the 2026-2027 school year.
The property is located at 1118 & 1120 N Woodburn Avenue in Bloomington, a few blocks from Indiana University Bloomington and IU Memorial Stadium. Three parking spaces are positioned behind the building for shared tenant use, while additional non-permitted street parking is available in front. Both units are leased for the 2026-2027 school year.
Key Highlights
- 2,398 finished square feet across two two‑story units
- Each residence includes 3 bedrooms, 3 full bathrooms, and 1,199 finished square feet
- 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
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units near Indiana University Bloomington and IU Memorial Stadium, with tenant leases in place for the 2026-2027 school year.
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 across two two‑story units; Each residence includes 3 bedrooms, 3 full bathrooms, and 1,199 finished square feet; Fully leased for the 2026‑2027 school year
