Duplex with Grandfathered ADU
For Sale
$275,000
1416 S Madison Street, Bloomington, IN 47403
MULTI_FAMILY - Ranch, Cottage - Bloomington, IN
Property Size1,460 SF
Lot Size0.20 Acres
Price / SF$188.36
Days on Market55
Property Features for 1416 S Madison Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 3
Parking
4
Lot features
City/ Town/ Suburb, Level
Elementary school
Templeton
Middle school
Jackson Creek
High school
Bloomington South
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
South on Rogers, Left on Wilson St, then Right on Madison, to home on the Right.
Subdivision
Monroe County
Standard status
Active
APN
53-08-05-406-025.000-009
Size
1,460 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
4258
Tax Description
015-44810-00 Dodds Lot 37
Legal Description
015-44810-00 Dodds Lot 37
Utilities
Cooling system
Wall Unit(s), Central Air
Building Details
Year built
1960
Floors in Building
1
Number of units
1
Flooring type
Wood, Vinyl
Architectural style
Cottage, Ranch
Listing Agency:
RE/MAX Acclaimed Properties · RE/MAX International
(812) 332-3001
Listed By:
Ajmal Safi · License #RB19001767
(812) 219-1598
Added: Jun 19
Changed: Aug 1
Last Checked: Aug 12 at 8:06AM
MLS# 202624325
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.
Duplex with two dwellings on a 0.2-acre city lot: a 3-bedroom, 1-bath main house and a “grandfathered” 2-bedroom, 1-bath cottage (about 600 SF) behind the main house. Both units are approved for 3 unrelated adults by HAND.
The main house faces Madison and includes parking in the back, plus additional alley access on the north and west sides of the property. Interior features include hardwood floors, a large eat-in kitchen, and central air. The cottage at 1416 1/2 S Madison includes off-street parking, a covered front porch, an open living room and kitchen, two bedrooms, and a large full bath. The cottage comes with a refrigerator, range, and a window A/C unit.
The property is a 1960 build with cottage and ranch architectural style, and it totals about 1,460 SF across both dwellings.
The main house faces Madison and includes parking in the back, plus additional alley access on the north and west sides of the property. Interior features include hardwood floors, a large eat-in kitchen, and central air. The cottage at 1416 1/2 S Madison includes off-street parking, a covered front porch, an open living room and kitchen, two bedrooms, and a large full bath. The cottage comes with a refrigerator, range, and a window A/C unit.
The property is a 1960 build with cottage and ranch architectural style, and it totals about 1,460 SF across both dwellings.
Key Highlights
- 0.2‑acre lot with two dwellings: 3‑bed/1‑bath main house plus a 2‑bed/1‑bath grandfathered cottage
- Grandfathered cottage is about 600 SF at 1416 1/2 S Madison
- Both dwellings are approved for 3 unrelated adults by HAND
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
$13,121
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
4.77%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,471
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
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 - Ranch-style duplex with a grandfathered 2-bedroom cottage on a city lot, both approved for unrelated adults.
Where is this duplex located?
The property is located at 1416 S Madison Street 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: 0.2‑acre lot with two dwellings: 3‑bed/1‑bath main house plus a 2‑bed/1‑bath grandfathered cottage; Grandfathered cottage is about 600 SF at 1416 1/2 S Madison; Both dwellings are approved for 3 unrelated adults by HAND
