16-Unit Apartment
For Sale
$1,890,000
418 E 17th Street, Bloomington, IN 47408
Fully leased for the 2026–2027 academic year with on-site parking.
Property Size7,680 SF
Price / SF$246.09
Days on Market10
Property Features for 418 E 17th Street
General Information
Standard status
Active
Size
7,680 SF
Total Parking Spaces
20
Property subtype
Multi-Family
Units
Unit Mix
16 x 1BR/1BA
Multifamily Units
16
Building Details
Year Built
1967
Listing Agency:
Catherine Peterson, Steffen Group
Listed By:
Carson and Lisa Lowry Real Estate
(812) 305-4663
Source:
Carsonlowryrealestate
Added: Sep 11
Changed: Sep 19
Last Checked: Sep 19 at 9:18AM
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 Catherine Peterson, Steffen Group
Investment Insights
Based on property information with market context.
This 7,680-square-foot apartment building, constructed in 1967, contains 16 one-bedroom, one-bathroom units and 20 on-site parking spaces. The property is fully leased for the 2026–2027 academic year, providing an established occupancy profile for the next academic cycle.
The site is directly across from Indiana University's Memorial Stadium and Assembly Hall. The property may be acquired individually or combined with the adjacent property at 416 E 17th Street, allowing for a larger assembled acquisition. Rent rolls and lease information are available upon request.
The site is directly across from Indiana University's Memorial Stadium and Assembly Hall. The property may be acquired individually or combined with the adjacent property at 416 E 17th Street, allowing for a larger assembled acquisition. Rent rolls and lease information are available upon request.
Key Highlights
- 16 one‑bedroom, one‑bathroom apartments
- Fully leased for the 2026–2027 academic year
- 20 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
$62,683
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
3.32%
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%
$1,253,660
$1.3M
Cap Rate 7%
$895,471
$895.5K
Cap Rate 9%
$696,478
$696.5K
Market Conditions
NOI Build-Up for 7,680 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
$120.7K $15.72/SF
− Vacancy
−$6.8K −$0.88/SF
EGI
$114.0K $14.84/SF
− OpEx
−$51.3K −$6.68/SF
NOI
$62.7K $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%
$1,253,660
Cap Rate 7%
$895,471
Cap Rate 9%
$696,478
Alternative Uses
Best Use
Apartment 5plus
$895.5K
$783.5K – $1.04M
NOI $62,683 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $105,067 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
854
Businesses Nearby
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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 - Fully leased for the 2026–2027 academic year with on-site parking.
Where is this apartment building located?
The property is located at 418 E 17th Street Bloomington, IN.
What is the asking price?
The asking price for this property is $1,890,000.
What are key features of this property?
This property features: 16 one‑bedroom, one‑bathroom apartments; Fully leased for the 2026–2027 academic year; 20 on‑site parking spaces
