Building Details

Year Built 1952

Buildings 3

Listing Agency: FC Tucker/Bloomington REALTORS

Listed By: Brian Thompson · License #RB14030854 Show Phone

Source: Barberryrealty

Added: Jul 30 Changed: Oct 5 Last Checked: Oct 16 at 1:57PM

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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

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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.

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 / Yr

$23,941

Cap Rate

6.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$478,820 $478.8K

Cap Rate 7%

$342,014 $342.0K

Cap Rate 9%

$266,011 $266.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,664 SF

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 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 (±1% cap)

NOI $23,941 @ 7.0% cap · market cap 6.06%

Second Best

Apartment 5plus

$310.6K

$271.8K – $362.4K (±1% cap)

NOI $21,743 @ 7.0% cap · market cap 5.50%

Theoretical Best

Office A

$520.6K

$455.6K – $607.4K (±1% cap)

NOI $36,445 @ 7.0% cap · market cap 9.23%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Triplexes

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Grocery & Convenience Store Garden Center Bakery Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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