Building Details

Year Built 1930

Listing Agency: Century 21 Scheetz - Bloomington

Listed By: Ryne Shadday · License #RB17001264 Show Phone

Source: Kmsrealestategroup

Added: Jul 20 Changed: Oct 11 Last Checked: Oct 16 at 2:49PM

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Investment Insights

Based on property information with market context.

This multifamily property includes 920 N Madison St and 317 W 14th St, which are being offered together on a 1/3-acre double lot. The improvements total 2,760 square feet and date to 1930. At 920 N Madison, the main level contains a bedroom, kitchen, and full bathroom, while the 960-square-foot upper loft adds another bedroom and full bathroom. Onsite parking and a storage shed are also included.

The property is near downtown Bloomington and campus. It is zoned R4, where duplex use is permitted. Tri-, multi-, and apartment opportunities may be conditionally approved in the zone through the BZA process. Neither property is currently rented, allowing the existing structures to be evaluated for rental use or future development.

Key Highlights

• 1/3‑acre double lot includes 920 N Madison St and 317 W 14th St
• 2,760 square feet of improvements built in 1930
• 920 N Madison includes a 960‑square‑foot upper loft

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,527

Cap Rate

4.51%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$450,540 $450.5K

Cap Rate 7%

$321,814 $321.8K

Cap Rate 9%

$250,300 $250.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,760 SF

Gross rent

$43.4K $15.72/SF

− Vacancy

−$2.4K −$0.88/SF

EGI

$41.0K $14.84/SF

− OpEx

−$18.4K −$6.68/SF

NOI

$22.5K $8.16/SF

Area

Monroe County, IN

Vacancy

5.60%

Lease Rate

$15.72 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$450,540

Cap Rate 7%

$321,814

Cap Rate 9%

$250,300

Alternative Uses

Best Use

Apartment 5plus

$321.8K

$281.6K – $375.5K (±1% cap)

NOI $22,527 @ 7.0% cap · market cap 4.51%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$539.4K

$472.0K – $629.3K (±1% cap)

NOI $37,758 @ 7.0% cap · market cap 7.55%

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

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick Auto Parts Store Veterinary Clinic (Bike/Boat/Book/etc) Store Locksmith Electrical Service Carpet & Flooring Store

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

Location Intelligence

Trade Area within ½ mile

1,923

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Double-lot property with existing residential structures, onsite parking, and a storage shed.

Where is this multifamily property located?

The property is located at 317 W 14th St Bloomington, IN.

What is the asking price?

The asking price for this property is $500,000.

What are key features of this property?

This property features: 1/3‑acre double lot includes 920 N Madison St and 317 W 14th St; 2,760 square feet of improvements built in 1930; 920 N Madison includes a 960‑square‑foot upper loft