Renovated Triplex with
For Sale
$395,000
311-321 S Muller Parkway, Bloomington, IN 47403
MULTI_FAMILY - Ranch - Bloomington, IN
Property Size2,664 SF
Lot Size0.26 Acres
Price / SF$148.27
Days on Market149
Property Features for 311-321 S Muller Parkway
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 3, Bedroom 8, Bedroom 6, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 5, Bedroom 7
Parking
6
Parking features
Off Street
Fireplace
1
Basement
Block
Lot features
City/ Town/ Suburb, Level, 0-2.9999
Elementary school
Fairview
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
3rd St to Muller Parkway, south on Muller, property is on the left.
Subdivision
Monroe County
Standard status
Active
APN
53-08-06-100-051.000-009
Size
2,664 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
5462
Tax Description
015-65330-00 Seminary PT LOT 182 .24A & .02A
Tax Annual Amount
3097
Legal Description
015-65330-00 Seminary PT LOT 182 .24A & .02A
Utilities
Cooling system
Central Air
Building Details
Year built
1952
Floors in Building
1
Number of units
3
Flooring type
Carpet, Laminate
Architectural style
Ranch
Listing Agency:
FC Tucker/Bloomington REALTORS
(812) 336-7300
Listed By:
Brian Thompson · License #RB14030854
(812) 320-2394
Added: Mar 17
Changed: Aug 1
Last Checked: Aug 12 at 8:06AM
MLS# 202608698
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 triplex features three single-family homes on one lot. Unit 311 is a four-bedroom, two-bath configuration, and Units 317 and 321 are each two-bedroom, one-bath. Unit 311 and Unit 321 have been renovated, and the current online photos reflect those renovated units. Until May of 2026, all units were rented; Unit 317 is currently vacant.
The property was built in 1952 and is styled as a ranch. Interiors include carpet and laminate flooring, central air cooling, and a fireplace. Off-street parking is available. The lot size is 0.26 acres with 2,664 square feet of property size.
Situated at 311-321 S Muller Parkway in Bloomington, IN 47403, this setup offers three separate residential units under one ownership footprint.
The property was built in 1952 and is styled as a ranch. Interiors include carpet and laminate flooring, central air cooling, and a fireplace. Off-street parking is available. The lot size is 0.26 acres with 2,664 square feet of property size.
Situated at 311-321 S Muller Parkway in Bloomington, IN 47403, this setup offers three separate residential units under one ownership footprint.
Key Highlights
- Three single‑family homes on one lot
- Unit 311: four bedrooms and two full baths
- Units 317 and 321: two bedrooms and one full bath each
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
$23,941
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
6.06%
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%
$478,820
$478.8K
Cap Rate 7%
$342,014
$342.0K
Cap Rate 9%
$266,011
$266.0K
Market Conditions
NOI Build-Up for 2,664 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
$36.1K $13.56/SF
− Vacancy
−$1.9K −$0.72/SF
EGI
$34.2K $12.84/SF
− OpEx
−$10.3K −$3.85/SF
NOI
$23.9K $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%
$478,820
Cap Rate 7%
$342,014
Cap Rate 9%
$266,011
Alternative Uses
Best Use
Multifamily LT 5
$342.0K
$299.3K – $399.0K
NOI $23,941 @ 7.0% cap · market cap 6.06%
Second Best
Apartment 5plus
$310.6K
$271.8K – $362.4K
NOI $21,743 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$520.6K
$455.6K – $607.4K
NOI $36,445 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
494
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three ranch-style units on one lot with off-street parking; two renovated units and one currently vacant.
Where is this triplex located?
The property is located at 311-321 S Muller Parkway Bloomington, IN.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Three single‑family homes on one lot; Unit 311: four bedrooms and two full baths; Units 317 and 321: two bedrooms and one full bath each
