Three-Unit Residential
For Sale
$395,000
311-321 S Muller Pkwy, Bloomington, IN 47403
Three detached residences share one parcel, including a four-bedroom home and two two-bedroom homes.
Property Size2,664 SF
Price / SF$148.27
Days on Market33
Property Features for 311-321 S Muller Pkwy
General Information
Standard status
Active
Size
2,664 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/2BA, 2 x 2BR/1BA
Multifamily Units
3
Building Details
Year Built
1952
Buildings
3
Listing Agency:
FC Tucker/Bloomington REALTORS
(812) 320-2394
Listed By:
Brian Thompson · License #RB14030854
Source:
Barberryrealty
Added: Jul 30
Changed: Aug 30
Last Checked: Aug 30 at 4:09PM
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 FC Tucker/Bloomington REALTORS
Investment Insights
Based on property information with market context.
This triplex consists of three single-family residences on one lot, totaling 2,664 square feet. The unit mix includes a four-bedroom, two-bath home at 311 S Muller Pkwy and two two-bedroom, one-bath homes at 317 and 321 S Muller Pkwy. The property was built in 1952.
The residences at 311 and 321 S Muller Pkwy have been renovated. The home at 317 S Muller Pkwy is currently vacant, while the other two residences provide the remaining unit configuration. The property is located in Bloomington, Indiana, within the 47403 ZIP code.
The residences at 311 and 321 S Muller Pkwy have been renovated. The home at 317 S Muller Pkwy is currently vacant, while the other two residences provide the remaining unit configuration. The property is located in Bloomington, Indiana, within the 47403 ZIP code.
Key Highlights
- Three single‑family homes situated on one lot
- 2,664 square feet across the three residences
- Unit mix includes one 4‑bedroom, 2‑bath home and two 2‑bedroom, 1‑bath homes
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
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
729
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 detached residences share one parcel, including a four-bedroom home and two two-bedroom homes.
Where is this triplex located?
The property is located at 311-321 S Muller Pkwy 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 situated on one lot; 2,664 square feet across the three residences; Unit mix includes one 4‑bedroom, 2‑bath home and two 2‑bedroom, 1‑bath homes
