Building Details

Year Built 1967

Listing Agency: Bret Rinehart, Rinehart Real Estate

Listed By: Carson and Lisa Lowry Real Estate Show Phone

Source: Carsonlowryrealestate

Added: Sep 11 Changed: Oct 13 Last Checked: Oct 12 at 7:40PM

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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 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.

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 / Yr

$62,683

Cap Rate

3.32%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

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 (±1% cap)

NOI $105,067 @ 7.0% cap · market cap 5.56%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Auto Parts Store Electrical Service Plumbing Service Furniture & Home Goods (Bike/Boat/Book/etc) Store Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

16

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

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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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