Duplex Income Property with 5-Acre
For Sale
$375,000
3022 N Smith Pike Street, Bloomington, IN 47404
MULTI_FAMILY - Bloomington, IN
Property Size2,310 SF
Lot Size5.00 Acres
Price / SF$162.34
Days on Market528
Property Features for 3022 N Smith Pike Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 4, Bedroom 5, Bathroom 1, Bathroom 4, Basement, Bathroom 3, Bedroom 6, Bathroom 2, Bedroom 2, Bedroom 1
Parking
4
Lot features
Level
Elementary school
Edgewood
Middle school
Edgewood
High school
Edgewood
Elementary school district
Richland-Bean Blossom Community
Middle school district
Richland-Bean Blossom Community
High school district
Richland-Bean Blossom Community
Directions
Google Maps south of W Merry Way Lane north of W Nelson Lane east of N Andy Way and West of Hwy 45/46. From Hwy 46 west to Smith Pike going south on left side of street across convenience story on the right of subject.
Subdivision
Monroe County
Standard status
Active
APN
53-04-24-101-036.000-011
Size
2,310 SF
Lot size
5.00 Acres
Taxes and HOA fees
Tax Year
2003
Tax Description
King and Stanger Baby Farms Lot 24
Legal Description
King and Stanger Baby Farms Lot 24
Utilities
Cooling system
Central Air
Building Details
Year built
1950
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Wood
Architectural style
Other
Listing Agency:
Hayes Realty, Inc
(812) 876-4461
Listed By:
Curt Hayes · License #RB14013053
(812) 325-2175
Added: Mar 10, 2025
Changed: Aug 2
Last Checked: Aug 19 at 7:06PM
MLS# 202507526
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.
This residential income property is listed as a duplex/multifamily asset, offering a 2-unit configuration within a total building size of 2,310 square feet. The property is situated on 5 acres of land, providing a self-contained parcel appropriate for buyers looking for an income-oriented residential asset.
Located at 3022 N Smith Pike Street in Bloomington, Indiana 47404, the offering is in Monroe County. The address provides straightforward identification for buyers and brokers, and the acreage gives the property scale beyond a standard small-lot setup.
As a duplex-style residential income property, it may fit buyers seeking a smaller, manageable investment compared with larger multifamily holdings. Its 2,310-square-foot size and 5-acre parcel can also appeal to owner-operators or investors looking for a straightforward residential income strategy anchored by a defined building footprint and onsite land area. For prospective purchasers, confirming unit count, layout details, and any current or historical tenancy specifics would be an important next step during due diligence.
Located at 3022 N Smith Pike Street in Bloomington, Indiana 47404, the offering is in Monroe County. The address provides straightforward identification for buyers and brokers, and the acreage gives the property scale beyond a standard small-lot setup.
As a duplex-style residential income property, it may fit buyers seeking a smaller, manageable investment compared with larger multifamily holdings. Its 2,310-square-foot size and 5-acre parcel can also appeal to owner-operators or investors looking for a straightforward residential income strategy anchored by a defined building footprint and onsite land area. For prospective purchasers, confirming unit count, layout details, and any current or historical tenancy specifics would be an important next step during due diligence.
Key Highlights
- Year built: 1950
- Central air cooling
- Flooring includes vinyl and wood
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
$20,760
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
5.54%
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%
$415,200
$415.2K
Cap Rate 7%
$296,571
$296.6K
Cap Rate 9%
$230,667
$230.7K
Market Conditions
NOI Build-Up for 2,310 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
$31.3K $13.56/SF
− Vacancy
−$1.7K −$0.72/SF
EGI
$29.7K $12.84/SF
− OpEx
−$8.9K −$3.85/SF
NOI
$20.8K $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%
$415,200
Cap Rate 7%
$296,571
Cap Rate 9%
$230,667
Alternative Uses
Best Use
Multifamily LT 5
$296.6K
$259.5K – $346.0K
NOI $20,760 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$269.3K
$235.7K – $314.2K
NOI $18,854 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$451.5K
$395.0K – $526.7K
NOI $31,602 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
119
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
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 - Residential income property on a 5-acre lot in Bloomington, Indiana.
Where is this duplex located?
The property is located at 3022 N Smith Pike Street Bloomington, IN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Year built: 1950; Central air cooling; Flooring includes vinyl and wood
