6-Unit Apartment
For Sale
$659,900
331 S Grant St, Bloomington, IN 47401
High Density Multi-Family zoning and a 2-car garage add functional flexibility.
Property Size3,326 SF
Price / SF$198.41
Days on Market36
Property Features for 331 S Grant St
General Information
Standard status
Active
Size
3,326 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
High Density Multi-Family
Financials
Gross Income
$55,800
Opportunity Zone
Yes
Additional Details
Multifamily Units
6
Building Details
Year Built
1920
Buildings
1
Listing Agency:
RE/MAX Acclaimed Properties
(812) 325-1290
Listed By:
Andy Walker · License #RB14032117
Source:
Kmsrealestategroup
Added: Jul 28
Changed: Aug 29
Last Checked: Aug 31 at 7:45PM
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 RE/MAX Acclaimed Properties
Investment Insights
Based on property information with market context.
This 6-unit apartment building at 331 S Grant St includes 3,326 square feet, a 2-car garage, and an original construction date of 1920. The property is being sold AS IS and is currently configured for apartment use.
High Density Multi-Family zoning supports the existing residential configuration and may allow future redevelopment, subject to buyer verification. Occupancy allowances of up to 5 people per unit are stated for the property. The building is in an Opportunity Zone and sits near downtown Bloomington and Indiana University, placing daily services and campus activity close to the asset.
High Density Multi-Family zoning supports the existing residential configuration and may allow future redevelopment, subject to buyer verification. Occupancy allowances of up to 5 people per unit are stated for the property. The building is in an Opportunity Zone and sits near downtown Bloomington and Indiana University, placing daily services and campus activity close to the asset.
Key Highlights
- 6‑unit apartment building with 3,326 square feet
- High Density Multi‑Family zoning
- 2‑car garage for storage or additional utility
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
$27,146
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
4.11%
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%
$542,920
$542.9K
Cap Rate 7%
$387,800
$387.8K
Cap Rate 9%
$301,622
$301.6K
Market Conditions
NOI Build-Up for 3,326 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
$52.3K $15.72/SF
− Vacancy
−$2.9K −$0.88/SF
EGI
$49.4K $14.84/SF
− OpEx
−$22.2K −$6.68/SF
NOI
$27.1K $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%
$542,920
Cap Rate 7%
$387,800
Cap Rate 9%
$301,622
Alternative Uses
Best Use
Apartment 5plus
$387.8K
$339.3K – $452.4K
NOI $27,146 @ 7.0% cap · market cap 4.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$650.0K
$568.8K – $758.4K
NOI $45,502 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,529
Businesses Nearby
Explore this area
Business Placement
Demographics for 47401, IN
41,225
Population
21,162
Households
1.9
Avg Household Size
35
Median Age
62%
College-Educated
95%
High-School Grad
82.6 sq mi
ZIP Area
499
Density / Sq Mi
$65,643
Median Household Income
$34,279
Median Earnings
$1,181
Median Rent
$333,100
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?
Apartment building - High Density Multi-Family zoning and a 2-car garage add functional flexibility.
Where is this apartment building located?
The property is located at 331 S Grant St Bloomington, IN.
What is the asking price?
The asking price for this property is $659,900.
What are key features of this property?
This property features: 6‑unit apartment building with 3,326 square feet; High Density Multi‑Family zoning; 2‑car garage for storage or additional utility
