Two-Unit Brick
New
For Sale
$295,000
208 N Smith Road, Bloomington, IN 47408
Separate residences offer off-street parking, private outdoor space, and flexible living arrangements.
Property Size2,424 SF
Price / SF$121.70
Days on Market2
Property Features for 208 N Smith Road
General Information
Standard status
Active
Size
2,424 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1968
Buildings
1
Construction
brick and limestone
Listing Agency:
Jim Owen, Century 21 Bradley Realty, Inc
Listed By:
Carson and Lisa Lowry Real Estate
(812) 305-4663
Source:
Carsonlowryrealestate
Added: Sep 4
Last Checked: Sep 4 at 3:19PM
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 Jim Owen, Century 21 Bradley Realty, Inc
Investment Insights
Based on property information with market context.
This 1968 duplex contains 2424 square feet and is constructed with brick and limestone. The property includes two separate two-bedroom residences. Unit A has one full bathroom and a carport. Unit B includes one full bathroom, one half bath, a partial basement, and a one-car garage positioned at the basement level.
The backyard provides additional outdoor space, while the property’s Bloomington location offers access to shopping, dining, local amenities, bus service, and Indiana University. Located at 208 N Smith Road, the duplex combines distinct unit layouts with multiple on-site parking features.
The backyard provides additional outdoor space, while the property’s Bloomington location offers access to shopping, dining, local amenities, bus service, and Indiana University. Located at 208 N Smith Road, the duplex combines distinct unit layouts with multiple on-site parking features.
Key Highlights
- Two‑bedroom duplex with separate living spaces
- 2424 square feet, built in 1968
- Unit A includes 2 bedrooms, 1 full bathroom, and a carport
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
$21,785
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
7.38%
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%
$435,700
$435.7K
Cap Rate 7%
$311,214
$311.2K
Cap Rate 9%
$242,056
$242.1K
Market Conditions
NOI Build-Up for 2,424 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
$32.9K $13.56/SF
− Vacancy
−$1.7K −$0.72/SF
EGI
$31.1K $12.84/SF
− OpEx
−$9.3K −$3.85/SF
NOI
$21.8K $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%
$435,700
Cap Rate 7%
$311,214
Cap Rate 9%
$242,056
Alternative Uses
Best Use
Multifamily LT 5
$311.2K
$272.3K – $363.1K
NOI $21,785 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$282.6K
$247.3K – $329.7K
NOI $19,784 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$473.7K
$414.5K – $552.7K
NOI $33,162 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Explore this area
Business Placement
Demographics for 47408, IN
22,917
Population
10,456
Households
2.2
Avg Household Size
28
Median Age
59%
College-Educated
98%
High-School Grad
64.4 sq mi
ZIP Area
356
Density / Sq Mi
$45,584
Median Household Income
$15,819
Median Earnings
$1,177
Median Rent
$304,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Separate residences offer off-street parking, private outdoor space, and flexible living arrangements.
Where is this duplex located?
The property is located at 208 N Smith Road Bloomington, IN.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two‑bedroom duplex with separate living spaces; 2424 square feet, built in 1968; Unit A includes 2 bedrooms, 1 full bathroom, and a carport
