One-Story Duplex with New
New
For Sale
$215,000
1612 N Willis Drive, Bloomington, IN 47404
INVESTMENT, One Story, Bloomington, IN
Property Size1,674 SF
Lot Size0.30 Acres
Price / SF$128.43
Days on Market4
Property Features for 1612 N Willis Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 3
Parking
2
Lot features
City/ Town/ Suburb, Partially Wooded, 0-2.9999
Elementary school
Arlington Heights
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
From the EB lane of SR 46, turn south (right) on N Monroe Street. Take N Monroe Street until you reach W Arlington Valley Drive and turn East (left). Proceed on Arlington Valley Drive until you reach N Willis Drive. Turn north (left), house on right
Subdivision
Monroe County
Standard status
Active
APN
53-05-29-400-035.000-005
Size
1,674 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
013-17235-00 PT NW SE 29-9-1W .30A PLAT 350 ANNEXED 3-1-02 FROM 012-17235-00
Legal Description
013-17235-00 PT NW SE 29-9-1W .30A PLAT 350 ANNEXED 3-1-02 FROM 012-17235-00
Amenities
laundry hookups
Building Details
Year built
1964
Floors in Building
1
Number of units
2
Flooring type
Carpet, Laminate
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Lawton Link
(317) 438-1003
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 19 at 7:06PM
MLS# 202638398
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.
Located at 1612 N Willis Drive in Bloomington, this 1,674-square-foot duplex offers a one-story ranch layout with two residential units. Each unit includes two bedrooms and one bathroom, with separate entrances that provide direct access for occupants. Flooring includes laminate and carpet, and laundry hookups are available for both units. The property sits on a 0.3-acre lot and was built in 1964.
The duplex is partially occupied and positioned close to the IU Bloomington campus. Its asphalt roof is less than one year old, adding a recent improvement to the property’s physical condition.
The duplex is partially occupied and positioned close to the IU Bloomington campus. Its asphalt roof is less than one year old, adding a recent improvement to the property’s physical condition.
Key Highlights
- Two‑unit duplex with 1,674 SF of building area
- Each unit includes 2 bedrooms and 1 bathroom
- 0.3‑acre lot at 1612 N Willis Drive, Bloomington, IN 47404
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
$15,044
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
7.00%
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%
$300,880
$300.9K
Cap Rate 7%
$214,914
$214.9K
Cap Rate 9%
$167,156
$167.2K
Market Conditions
NOI Build-Up for 1,674 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
$22.7K $13.56/SF
− Vacancy
−$1.2K −$0.72/SF
EGI
$21.5K $12.84/SF
− OpEx
−$6.4K −$3.85/SF
NOI
$15.0K $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%
$300,880
Cap Rate 7%
$214,914
Cap Rate 9%
$167,156
Alternative Uses
Best Use
Multifamily LT 5
$214.9K
$188.1K – $250.7K
NOI $15,044 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$195.2K
$170.8K – $227.7K
NOI $13,663 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$327.2K
$286.3K – $381.7K
NOI $22,901 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
485
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Partially occupied Bloomington duplex near the IU Bloomington campus with separate entrances and laundry hookups for both units.
Where is this duplex located?
The property is located at 1612 N Willis Drive Bloomington, IN.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,674 SF of building area; Each unit includes 2 bedrooms and 1 bathroom; 0.3‑acre lot at 1612 N Willis Drive, Bloomington, IN 47404
