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    Bloomington Sixplex in Opportunity Zone Title is generated by Realmo AI

    331 S Grant Street, Bloomington, IN 47401

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    For Sale
    $659,900

    Sixplex - Bloomington, IN

    Property size:
    3,326 SF
    Lot size:
    0.22 Acres
    Price / SF:
    $198/SF
    Added:
    May 13, 2026
    Days on Market:
    1
    Last Refresh:
    May 13 at 11:06 pm

    Property Features for 331 S Grant Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    6
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Patio and Porch features
    Porch, Deck
    Exterior features
    Basement, Off Street Parking, Deck Covered, Porch Covered, Outbuilding
    Basement Y/N
    1
    Appliances
    Dryer, Range
    Standard status
    Active
    APN
    53-08-04-203-029.000-009
    Size
    3,326 SF
    Lot size
    0.22 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air, Multi Units

    Building Details

    Floors in Building
    2
    Number of units
    6
    Flooring type
    Carpet, Laminate
    Architectural style
    Other
    Additional Structures
    Outbuilding

    We can help!

    Listing Contact
    Andy Walker
    Andy Walker

    Listing agent Andy Walker License #RB14032117

    Listing office RE/MAX Acclaimed Properties 3695 S Sare Rd., Bloomington, IN

    Listing date May 13, 2026

    MLS# 202618079 Listing URL

    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.

    HighLights

    • A+ Location: Steps from downtown Bloomington and Indiana University.
    • High Density Multi‑Family Zoning: Presents redevelopment possibilities.
    • Opportunity Zone: Potential for significant tax advantages.
    • Solid Rental History: Currently generates $4,650 in total monthly rents.
    • Spacious 2‑Car Garage: Provides additional storage.
    • Multiple Units: Six‑unit apartment building.

    Overview

    Located in an Opportunity Zone, this 6-unit apartment building offers investment potential in an A+ location near downtown Bloomington and Indiana University. The property, zoned High Density Multi-Family, presents redevelopment possibilities, with occupancy allowances of up to 5 people per unit. The property performs well in its current configuration, with rental history and total monthly rents of $4,650. A 2-car garage provides storage or potential added utility. The property is situated on a lot of 0.2233 acres. The building has 3326 square feet of space. The property is being sold "AS IS".
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bloomington
    County
    Monroe
    State
    Indiana
    Longitude
    -86.5295546
    Latitude
    39.1635343

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    FAQs

    What type of property is this?
    Apartment building - Six-unit apartment building in prime location near downtown and IU.
    Where is this apartment building located?
    The property is located at 331 S Grant Street 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: A+ Location: Steps from downtown Bloomington and Indiana University.; High Density Multi‑Family Zoning: Presents redevelopment possibilities.; Opportunity Zone: Potential for significant tax advantages.
    (812) 325-1290
    We can help!
    Listing Contact
    Andy Walker
    Andy Walker
    Real Estate License ID: RB14032117
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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