40-Unit Apartment
1201 W Allen Street, Bloomington, IN 47403
For Sale
$3,995,000
Pending
Nine ranch-style buildings include shared laundry, an on-site office, and recently renovated one-bedroom apartments.
Property Size23,310 SF
Lot Size2.66 Acres
Days on Market268
Property Features for 1201 W Allen Street
General Information
Standard status
Size
Lot size
Property subtype
Units
Unit Mix
Multifamily Units
Amenities
common area laundry
40
3
Slab
Vinyl
576
No
39
23310
1
Stone
115870
460x260
0-2.9999
2.66
Building Details
Year Built
Buildings
Stories
Construction
Listing Agency:
CRM Properties, Inc
Listed By:
Audra Cannon · License IN RB20000586
(765) 431-9111
Source:
Benishrealestategroup
Added: Feb 16
Changed: Nov 9
Last Checked: Nov 9 at 6:06PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CRM Properties, Inc
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Investment Insights
Based on property information with market context.
Hilltop Village is a 40-unit apartment property spanning 2.66 acres, with nine separate ranch-style buildings. The unit mix includes 39 one-bedroom apartments, all remodeled within the past two years, with comparable open layouts and finishes. The remaining space is divided between an office and a shared laundry facility; the office has two entrances and could be reconfigured as an efficiency unit.
Seven of the nine buildings have replacement roofs. Breaker boxes and telecommunications wiring have also been upgraded. The property was built in 1985.
Seven of the nine buildings have replacement roofs. Breaker boxes and telecommunications wiring have also been upgraded. The property was built in 1985.
Key Highlights
- 40 apartments across nine ranch‑style buildings
- 39 one‑bedroom units, remodeled within the past two years
- 2.66‑acre site
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$190,252
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,805,040
$3.8M
Cap Rate 7%
$2,717,886
$2.7M
Cap Rate 9%
$2,113,911
$2.1M
Market Conditions
NOI Build-Up for 23,310 SF
Gross rent
$366.4K $15.72/SF
− Vacancy
−$20.5K −$0.88/SF
EGI
$345.9K $14.84/SF
− OpEx
−$155.7K −$6.68/SF
NOI
$190.3K $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 Rate 5%
$3,805,040
Cap Rate 7%
$2,717,886
Cap Rate 9%
$2,113,911
Alternative Uses
Best Use
Apartment 5plus
$2.72M
$2.38M – $3.17M
NOI $190,252 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.56M
$3.99M – $5.31M
NOI $318,894 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
39
Residential units
Location Intelligence
Trade Area within ½ mile
1,304
Businesses Nearby
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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
$222,000
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Bloomington, IN
Properties on Market for Apartment buildings in Bloomington
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Nine ranch-style buildings include shared laundry, an on-site office, and recently renovated one-bedroom apartments.
Where is this apartment building located?
The property is located at 1201 W Allen Street Bloomington, IN.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 40 apartments across nine ranch‑style buildings; 39 one‑bedroom units, remodeled within the past two years; 2.66‑acre site
