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 Market34
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:
Bret Rinehart, Rinehart Real Estate
Listed By:
Carson and Lisa Lowry Real Estate
(812) 305-4663
Source:
Carsonlowryrealestate
Added: Sep 11
Changed: Oct 13
Last Checked: Oct 12 at 7:44PM
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 Bret Rinehart, Rinehart 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 / Yr
$28,207
Cap Rate
2.85%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
