Five-Bedroom Rental-Ready
For Sale
$179,900
1222 W Kirkwood Avenue, Bloomington, IN 47404
MULTI_FAMILY - Bloomington, IN
Property Size1,176 SF
Lot Size0.12 Acres
Price / SF$152.98
Days on Market150
Property Features for 1222 W Kirkwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 4
Parking
5
Parking features
Off Street
Subdivision
Northwest Bloomington City
Lot features
City/ Town/ Suburb, Near College Campus, Irregular
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
2nd Building East of the intersection of Adams & Kirkwood. Parking is in the back accessed via an alley you can reach from Pine or 6th St.
Standard status
Active
APN
53-05-32-314-009.000-005
Size
1,176 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
013-15170-00 Cron 2nd Pt Lot 26
Legal Description
013-15170-00 Cron 2nd Pt Lot 26
Utilities
Cooling system
Central Air
Building Details
Year built
1970
Floors in Building
1
Number of units
1
Roof type
Asphalt
Architectural style
Other
Listing Agency:
RE/MAX Acclaimed Properties · RE/MAX International
(812) 332-3001
Listed By:
Andy Walker · License #RB14032117
(812) 325-1290
Added: Mar 16
Changed: Aug 1
Last Checked: Aug 12 at 6:06PM
MLS# 202608603
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 property is a single-family home configured with 5 bedrooms and 2 bathrooms. It includes a rental permit for occupancy of five and is offered “as is.” The home is currently rented, and there is parking available in the back of the structure.
The address is 1222 W Kirkwood Avenue in Bloomington, Indiana. The listing describes the home as being on the near west side of downtown, with convenient access to downtown Bloomington and Indiana University, as well as nearby restaurants, services, and shopping.
For tenants and operators, the rental-permit structure and current occupancy profile support a rental use aligned with the permitted five-person occupancy. For an owner-occupant, the layout offers multiple bedrooms and baths while retaining the option to participate in permitted rental use. Buyers should plan for due diligence and any required improvements, as the property is being sold in “as is” condition.
The address is 1222 W Kirkwood Avenue in Bloomington, Indiana. The listing describes the home as being on the near west side of downtown, with convenient access to downtown Bloomington and Indiana University, as well as nearby restaurants, services, and shopping.
For tenants and operators, the rental-permit structure and current occupancy profile support a rental use aligned with the permitted five-person occupancy. For an owner-occupant, the layout offers multiple bedrooms and baths while retaining the option to participate in permitted rental use. Buyers should plan for due diligence and any required improvements, as the property is being sold in “as is” condition.
Key Highlights
- 5‑bedroom, 2‑bath home with rental permit for 5
- Currently rented for $1,400/month
- Central air and asphalt 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
$9,598
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
5.34%
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%
$191,960
$192.0K
Cap Rate 7%
$137,114
$137.1K
Cap Rate 9%
$106,644
$106.6K
Market Conditions
NOI Build-Up for 1,176 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
$18.5K $15.72/SF
− Vacancy
−$1.0K −$0.88/SF
EGI
$17.5K $14.84/SF
− OpEx
−$7.9K −$6.68/SF
NOI
$9.6K $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%
$191,960
Cap Rate 7%
$137,114
Cap Rate 9%
$106,644
Alternative Uses
Best Use
Apartment 5plus
$137.1K
$120.0K – $160.0K
NOI $9,598 @ 7.0% cap · market cap 5.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$229.8K
$201.1K – $268.1K
NOI $16,088 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,709
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Single family property - A five-bedroom, two-bath home with a rental permit for five and parking at the rear.
Where is this single family property located?
The property is located at 1222 W Kirkwood Avenue Bloomington, IN.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: 5‑bedroom, 2‑bath home with rental permit for 5; Currently rented for $1,400/month; Central air and asphalt roof
