8-Unit Apartment
For Sale
$990,000
416 E 17th Street, Bloomington, IN 47408
Eight apartments across from IU’s Memorial Stadium and Assembly Hall, with leases in place for the 2026–2027 academic year.
Property Size3,456 SF
Price / SF$286.46
Days on Market10
Property Features for 416 E 17th Street
General Information
Standard status
Active
Size
3,456 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Building Details
Year Built
1965
Listing Agency:
Kaden Khayyata, Loy Real Estate
Listed By:
Carson and Lisa Lowry Real Estate
(812) 305-4663
Source:
Carsonlowryrealestate
Added: Sep 11
Changed: Sep 18
Last Checked: Sep 19 at 9:44AM
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 Kaden Khayyata, Loy Real Estate
Investment Insights
Based on property information with market context.
This 3,456-square-foot apartment building, constructed in 1965, contains eight one-bedroom, one-bathroom units. The property includes eight on-site parking spaces and is fully leased for the 2026–2027 academic year.
The building is located directly across from IU’s Memorial Stadium and Assembly Hall in Bloomington. The property may be acquired individually or together with the adjacent property at 418 E 17th Street, offering an option for a larger assembled holding.
The building is located directly across from IU’s Memorial Stadium and Assembly Hall in Bloomington. The property may be acquired individually or together with the adjacent property at 418 E 17th Street, offering an option for a larger assembled holding.
Key Highlights
- Eight one‑bedroom, one‑bathroom apartments
- 3,456 square feet; built in 1965
- Eight on‑site parking spaces
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
$28,207
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
2.85%
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%
$564,140
$564.1K
Cap Rate 7%
$402,957
$403.0K
Cap Rate 9%
$313,411
$313.4K
Market Conditions
NOI Build-Up for 3,456 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
$54.3K $15.72/SF
− Vacancy
−$3.0K −$0.88/SF
EGI
$51.3K $14.84/SF
− OpEx
−$23.1K −$6.68/SF
NOI
$28.2K $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%
$564,140
Cap Rate 7%
$402,957
Cap Rate 9%
$313,411
Alternative Uses
Best Use
Apartment 5plus
$403.0K
$352.6K – $470.1K
NOI $28,207 @ 7.0% cap · market cap 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$675.4K
$591.0K – $788.0K
NOI $47,280 @ 7.0% cap · market cap 4.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
854
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight apartments across from IU’s Memorial Stadium and Assembly Hall, with leases in place for the 2026–2027 academic year.
Where is this apartment building located?
The property is located at 416 E 17th Street Bloomington, IN.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Eight one‑bedroom, one‑bathroom apartments; 3,456 square feet; built in 1965; Eight on‑site parking spaces
