Multifamily Property with Duplex
For Sale
$500,000
317 W 14th St, Bloomington, IN 47404
Double-lot property with existing residential structures, onsite parking, and a storage shed.
Property Size2,760 SF
Lot Size0.33 Acres
Price / SF$181.16
Days on Market44
Property Features for 317 W 14th St
General Information
Standard status
Active
Size
2,760 SF
Lot size
0.33 Acres
Property subtype
Multi-Family
Zoning
R4
Amenities
onsite parking
storage shed
Building Details
Year Built
1930
Listing Agency:
Century 21 Scheetz - Bloomington
(812) 727-7963
Listed By:
Ryne Shadday · License #RB17001264
Source:
Barberryrealty
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 30 at 8:59PM
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 Century 21 Scheetz - Bloomington
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.
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 = 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
$22,527
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
4.51%
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%
$450,540
$450.5K
Cap Rate 7%
$321,814
$321.8K
Cap Rate 9%
$250,300
$250.3K
Market Conditions
NOI Build-Up for 2,760 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
$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 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%
$450,540
Cap Rate 7%
$321,814
Cap Rate 9%
$250,300
Alternative Uses
Best Use
Apartment 5plus
$321.8K
$281.6K – $375.5K
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
NOI $37,758 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
