Duplex with One-Car Attached
For Sale
Under Contract
$415,000
3429 & 3431 S Kennedy Drive, Bloomington, IN 47401
MULTI_FAMILY - Bloomington, IN
Property Size2,592 SF
Lot Size0.22 Acres
Price / SF$160.11
Days on Market94
Property Features for 3429 & 3431 S Kennedy Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential Multifamily
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 2, Bedroom 5, Bedroom 4, Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 6, Bedroom 1, Bathroom 4
Parking
6
Parking features
Garage
Subdivision
Walnut Creek
Lot features
City/ Town/ Suburb, Level
Elementary school
Templeton
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 S. Walnut St Pike, turn west onto Burk Dr, then turn left onto Kennedy Dr. The duplex is on the left.
Standard status
Active Under Contract
APN
53-08-16-301-010.000-009
Size
2,592 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
4051
Tax Description
WALNUT SPRINGS PH I L 22 State ID #53-08-16-301-010.000-009
Tax Annual Amount
1422
Legal Description
WALNUT SPRINGS PH I L 22 State ID #53-08-16-301-010.000-009
Utilities
Cooling system
Central Air
Building Details
Year built
1994
Floors in Building
2
Number of units
2
Flooring type
Tile, Vinyl
Roof type
Shingle
Architectural style
Other
Listing Agency:
Realty Professionals · RE/MAX International
(812) 650-3600
Listed By:
Ron Plecher · License #RB14033205
(812) 320-2142
Added: May 11
Changed: Aug 2
Last Checked: Aug 12 at 11:06AM
MLS# 202617642
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 duplex includes two separate units, each with a main level featuring a living room, a fully equipped kitchen with a pantry and laundry closet, a dining room, and a full bath. The upper level of each unit has three bedrooms and a full bath with a tub/shower combination. Property improvements and finishes include tile and vinyl flooring, central air conditioning, and shingle roofing. Each unit also offers a spacious back deck, a nice-sized yard, and a one-car attached garage.
Built in 1994 on a 0.22-acre lot, the property includes 2,592 square feet of living space. The tenants pay all utilities. Lease details include 3429 leased through 7/26/27 and 3431 leased through 12/20/2026.
Recent updates for 3429 include a new furnace in 2026 and luxury vinyl plank flooring replacing carpeting.
Built in 1994 on a 0.22-acre lot, the property includes 2,592 square feet of living space. The tenants pay all utilities. Lease details include 3429 leased through 7/26/27 and 3431 leased through 12/20/2026.
Recent updates for 3429 include a new furnace in 2026 and luxury vinyl plank flooring replacing carpeting.
Key Highlights
- Two‑unit duplex configuration with private back decks
- 0.22‑acre lot and 2,592 SF total living area
- Central air and shingle roof
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
$23,294
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
5.61%
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%
$465,880
$465.9K
Cap Rate 7%
$332,771
$332.8K
Cap Rate 9%
$258,822
$258.8K
Market Conditions
NOI Build-Up for 2,592 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
$35.1K $13.56/SF
− Vacancy
−$1.9K −$0.72/SF
EGI
$33.3K $12.84/SF
− OpEx
−$10.0K −$3.85/SF
NOI
$23.3K $8.99/SF
Area
Monroe County, IN
Vacancy
5.32%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$465,880
Cap Rate 7%
$332,771
Cap Rate 9%
$258,822
Alternative Uses
Best Use
Multifamily LT 5
$332.8K
$291.2K – $388.2K
NOI $23,294 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$302.2K
$264.4K – $352.6K
NOI $21,155 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$506.6K
$443.3K – $591.0K
NOI $35,460 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
223
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?
Duplex - Well-maintained Bloomington duplex with central air, each unit with a one-car attached garage and private back deck.
Where is this duplex located?
The property is located at 3429 & 3431 S Kennedy Drive Bloomington, IN.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Two‑unit duplex configuration with private back decks; 0.22‑acre lot and 2,592 SF total living area; Central air and shingle roof
