Duplex with Separate
1416 S Madison Street, Bloomington, IN 47403
For Sale
$275,000
INVESTMENT, One Story, Bloomington, IN
Property Size1,460 SF
Lot Size0.20 Acres
Price / SF$188.36
Days on Market145
Property Features for 1416 S Madison Street
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Lot features
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Description
Legal Description
Utilities
Cooling system
Amenities
hardwood floors
central air
covered front porch
washer
dryer
window a/c unit
Building Details
Year built
Floors in Building
Number of units
Flooring type
Architectural style
Buildings
Listing Agency:
RE/MAX Acclaimed Properties · RE/MAX International
(812) 332-3001
Listed By:
Ajmal Safi · License IN RB19001767
(812) 219-1598
Added: Jun 19
Changed: Oct 24
Last Checked: Nov 10 at 6:06PM
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.
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Investment Insights
Based on property information with market context.
This duplex property combines a 3-bedroom, 1-bath main house with a grandfathered 2-bedroom, 1-bath cottage on a 0.2-acre city lot. The 1,460-square-foot property includes wood and vinyl flooring, a large eat-in kitchen, central air, a washer and dryer, rear parking, and additional alley access along the north and west sides. The main residence also has a shaded yard and faces S Madison Street.
Tucked behind the primary home, the 600 SF cottage includes an open living and kitchen area, two bedrooms, a full bath, covered front porch, off-street parking, refrigerator, range, and window A/C. Both dwellings are approved for 3 unrelated adults by HAND. The property is near Switchyard Park, the B-Line Trail, and a city bus stop, with the trail connecting toward downtown and Bloomington’s south side.
Tucked behind the primary home, the 600 SF cottage includes an open living and kitchen area, two bedrooms, a full bath, covered front porch, off-street parking, refrigerator, range, and window A/C. Both dwellings are approved for 3 unrelated adults by HAND. The property is near Switchyard Park, the B-Line Trail, and a city bus stop, with the trail connecting toward downtown and Bloomington’s south side.
Key Highlights
- Two dwellings: 3 Bed, 1 Ba main house plus grandfathered 2 Bed, 1 Ba cottage
- 1,460 square feet on a 0.2‑acre city lot
- 600 SF cottage with covered front porch and off‑street parking
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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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
$222,000
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Bloomington, IN
Properties on Market for Duplexes in Bloomington
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two approved dwellings provide a three-bedroom main home and a separate cottage with off-street parking.
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: Two dwellings: 3 Bed, 1 Ba main house plus grandfathered 2 Bed, 1 Ba cottage; 1,460 square feet on a 0.2‑acre city lot; 600 SF cottage with covered front porch and off‑street parking
