Duplex with Grandfathered
For Sale
$275,000
1416 S Madison St, Bloomington, IN 47403
Two approved dwellings provide distinct living spaces with parking, alley access, and connections to nearby trails and transit.
Property Size1,460 SF
Price / SF$188.36
Days on Market74
Property Features for 1416 S Madison St
General Information
Standard status
Active
Size
1,460 SF
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1960
Buildings
2
Listing Agency:
RE/MAX Acclaimed Properties
Listed By:
Ajmal Safi · License #RB19001767
(812) 219-1598
Source:
Spencerchildersgroup
Added: Aug 2
Changed: Oct 12
Last Checked: Oct 7 at 5:24PM
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 RE/MAX Acclaimed Properties
Investment Insights
Based on property information with market context.
This duplex property contains a 3-bedroom, 1-bathroom main house and a separate 2-bedroom, 1-bathroom cottage on a large city lot. Built in 1960, the property includes 1,460 square feet overall, with the cottage measuring 600 square feet. The main residence offers hardwood floors, an eat-in kitchen, range, refrigerator, washer, dryer, central air, rear parking, and a shaded yard. The cottage includes an open living and kitchen area, covered front porch, full bathroom, range, refrigerator, and window A/C unit.
Both dwellings are approved by HAND for occupancy by 3 unrelated adults. The main house fronts S Madison and benefits from alley access along the north and west sides, while the cottage has its own off-street parking. The property is located near Switchyard Park, the B-Line Trail, and a city bus stop, with the trail providing connections toward downtown and the south side.
Both dwellings are approved by HAND for occupancy by 3 unrelated adults. The main house fronts S Madison and benefits from alley access along the north and west sides, while the cottage has its own off-street parking. The property is located near Switchyard Park, the B-Line Trail, and a city bus stop, with the trail providing connections toward downtown and the south side.
Key Highlights
- Two‑dwelling property with a 3‑bedroom main house and 2‑bedroom cottage
- 600 SF grandfathered cottage with covered porch and off‑street parking
- Both dwellings approved by HAND for 3 unrelated adults
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,121
Cap Rate
4.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$262,420
$262.4K
Cap Rate 7%
$187,443
$187.4K
Cap Rate 9%
$145,789
$145.8K
Market Conditions
NOI Build-Up for 1,460 SF
Gross rent
$19.8K $13.56/SF
− Vacancy
−$1.1K −$0.72/SF
EGI
$18.7K $12.84/SF
− OpEx
−$5.6K −$3.85/SF
NOI
$13.1K $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 Rate 5%
$262,420
Cap Rate 7%
$187,443
Cap Rate 9%
$145,789
Alternative Uses
Best Use
Multifamily LT 5
$187.4K
$164.0K – $218.7K
NOI $13,121 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$170.2K
$149.0K – $198.6K
NOI $11,916 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$285.3K
$249.7K – $332.9K
NOI $19,974 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
Explore this area
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
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two approved dwellings provide distinct living spaces with parking, alley access, and connections to nearby trails and transit.
Where is this duplex located?
The property is located at 1416 S Madison St Bloomington, IN.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑dwelling property with a 3‑bedroom main house and 2‑bedroom cottage; 600 SF grandfathered cottage with covered porch and off‑street parking; Both dwellings approved by HAND for 3 unrelated adults
