Residential Income Property with Central
For Sale
$205,000
3230 E John Hinkle Place, Bloomington, IN 47408
INVESTMENT, Condo, Bloomington, IN
Property Size1,075 SF
Price / SF$190.70
Days on Market150
Property Features for 3230 E John Hinkle Place
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3
Parking
3
Subdivision
Crescent Park
Lot features
City/ Town/ Suburb, Irregular
Elementary school
University
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
Left on John Hinkle Place, Condo is the first floor to the left.
Standard status
Active
APN
53-05-35-303-002.000-005
Size
1,075 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
013-08570-45 CRESCENT PARK PH 3 UNIT D1
Tax Annual Amount
425
HOA Fee
$200 Monthly
Legal Description
013-08570-45 CRESCENT PARK PH 3 UNIT D1
Utilities
Cooling system
Central Air
Building Details
Year built
1993
Number of units
1
Flooring type
Carpet, Tile
Architectural style
Other
Listing Agency:
Partners Realty Group
(812) 606-6939
Listed By:
Tiffany Walls · License #RB24000466
(812) 606-6442
Added: Apr 8
Changed: Sep 2
Last Checked: Sep 4 at 10:06PM
MLS# 202611997
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 residential income property is a 1,075-square-foot condominium with three bedrooms, two full bathrooms, and an open connection between the living and dining areas. The kitchen provides cabinetry and counter space, while carpet and tile flooring and central air support everyday occupancy. The building exterior was updated in 2024, and the property was built in 1993.
The residence is located at 3230 E John Hinkle Place in Bloomington, near College Mall and approximately 5 minutes from Indiana University's campus. Downtown Bloomington is a short drive away, with public transportation, parks, and grocery stores also nearby. The combination of bedroom count, two-bathroom configuration, and access to surrounding amenities gives the condominium a straightforward residential layout.
The residence is located at 3230 E John Hinkle Place in Bloomington, near College Mall and approximately 5 minutes from Indiana University's campus. Downtown Bloomington is a short drive away, with public transportation, parks, and grocery stores also nearby. The combination of bedroom count, two-bathroom configuration, and access to surrounding amenities gives the condominium a straightforward residential layout.
Key Highlights
- 1,075 SF condominium with 3 bedrooms and 2 full bathrooms
- Building exterior updated in 2024
- Open living and dining layout with kitchen cabinetry and counter space
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
$8,774
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
4.28%
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%
$175,480
$175.5K
Cap Rate 7%
$125,343
$125.3K
Cap Rate 9%
$97,489
$97.5K
Market Conditions
NOI Build-Up for 1,075 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
$16.9K $15.72/SF
− Vacancy
−$946 −$0.88/SF
EGI
$16.0K $14.84/SF
− OpEx
−$7.2K −$6.68/SF
NOI
$8.8K $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%
$175,480
Cap Rate 7%
$125,343
Cap Rate 9%
$97,489
Alternative Uses
Best Use
Apartment 5plus
$125.3K
$109.7K – $146.2K
NOI $8,774 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$210.1K
$183.8K – $245.1K
NOI $14,707 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
842
Businesses Nearby
Explore this area
Business Placement
Demographics for 47408, IN
22,917
Population
10,456
Households
2.2
Avg Household Size
28
Median Age
59%
College-Educated
98%
High-School Grad
64.4 sq mi
ZIP Area
356
Density / Sq Mi
$45,584
Median Household Income
$15,819
Median Earnings
$1,177
Median Rent
$304,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condo residence with a practical floor plan, updated building exterior, and convenient access to Bloomington amenities.
Where is this residential income property located?
The property is located at 3230 E John Hinkle Place Bloomington, IN.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: 1,075 SF condominium with 3 bedrooms and 2 full bathrooms; Building exterior updated in 2024; Open living and dining layout with kitchen cabinetry and counter space
