6-Unit Apartment Building with
For Sale
$659,900
331 S Grant Street, Bloomington, IN 47401
MULTI_FAMILY - Bloomington, IN
Property Size3,326 SF
Lot Size0.22 Acres
Price / SF$198.41
Days on Market93
Property Features for 331 S Grant Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bedroom 4, Bathroom 6, Bathroom 5, Bathroom 1, Bathroom 4, Basement, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 1
Parking
6
Basement
Block
Subdivision
Southeast Bloomington City
Lot features
City/ Town/ Suburb, Near College Campus, Irregular
Elementary school
Rogers/Binford
Middle school
Jackson Creek
High school
Bloomington South
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
From East 3rd Street downtown, South on Grant, property is on the East side of Grant.
Standard status
Active
APN
53-08-04-203-029.000-009
Size
3,326 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Orchard's Pt Lot 15
Legal Description
Orchard's Pt Lot 15
Utilities
Cooling system
Multi Units, Central Air
Building Details
Year built
1920
Floors in Building
2
Number of units
6
Flooring type
Carpet, Mixed, Laminate
Architectural style
Other
Listing Agency:
RE/MAX Acclaimed Properties · RE/MAX International
(812) 332-3001
Listed By:
Andy Walker · License #RB14032117
(812) 325-1290
Added: May 13
Changed: Aug 1
Last Checked: Aug 13 at 5:06AM
MLS# 202618079
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 6-unit apartment building sits on a 0.2233-acre lot totaling 3,326 square feet and was built in 1920. The property is zoned High Density Multi-Family and is located in an Opportunity Zone. Current configuration supports rental operations, and the current occupancy allowances of up to 5 people per unit may support a denser future redevelopment concept (buyer to verify redevelopment options).
The building includes central air and mixed flooring finishes such as carpet, mixed materials, and laminate. A spacious 2-car garage provides additional storage and flexibility for the property’s use. The property is being sold “AS IS.”
For buyers evaluating either current income potential or redevelopment feasibility, the combination of High Density Multi-Family zoning and Opportunity Zone status may be a meaningful planning consideration.
The building includes central air and mixed flooring finishes such as carpet, mixed materials, and laminate. A spacious 2-car garage provides additional storage and flexibility for the property’s use. The property is being sold “AS IS.”
For buyers evaluating either current income potential or redevelopment feasibility, the combination of High Density Multi-Family zoning and Opportunity Zone status may be a meaningful planning consideration.
Key Highlights
- 6‑unit apartment building zoned High Density Multi‑Family
- Opportunity Zone location for potential tax benefits
- 0.2233‑acre lot totaling 3,326 square feet
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 6-unit apartment building with central air and a 2-car garage in an Opportunity Zone.
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: 6‑unit apartment building zoned High Density Multi‑Family; Opportunity Zone location for potential tax benefits; 0.2233‑acre lot totaling 3,326 square feet
