Apartment Building Near IU
New
For Sale
$1,890,000
418 E 17th Street, Bloomington, IN 47408
INVESTMENT, Two Story, Bloomington, IN
Property Size7,680 SF
Lot Size0.31 Acres
Price / SF$246.09
Days on Market7
Property Features for 418 E 17th Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
16
Bathrooms
16
Full bathrooms
16
Rooms
Bathroom 12, Bedroom 15, Bathroom 8, Bathroom 6, Bedroom 12, Bedroom 14, Bedroom 11, Bathroom 1, Bedroom 4, Bedroom 6, Bedroom 16, Bathroom 11, Bathroom 14, Bathroom 4, Bedroom 5, Bathroom 2, Bedroom 13, Bedroom 10, Bathroom 15, Bathroom 5, Bathroom 16, Bedroom 3, Bedroom 1, Bedroom 7, Bedroom 8, Bedroom 9, Bathroom 9, Bathroom 10, Bathroom 7, Bathroom 13, Bathroom 3, Bedroom 2
Parking
20
Lot features
0-2.9999
Elementary school
University
Middle school
Tri-North
High school
Bloomington North
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
GPS-friendly. On the corner of 17th & Dunn, across from Memorial Stadium.
Subdivision
Monroe County
Standard status
Active
APN
53-05-33-201-033.000-005
Size
7,680 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
013-32530-00 Northview Part Lots 33 & 34
Legal Description
013-32530-00 Northview Part Lots 33 & 34
Building Details
Year built
1967
Floors in Building
2
Number of units
16
Flooring type
Carpet, Mixed
Architectural style
Other
Listing Agency:
Brawley Real Estate
(844) 254-7368
Listed By:
Kendall Elliott
(812) 698-9247
Added: Sep 9
Changed: Sep 14
Last Checked: Sep 15 at 11:06PM
MLS# 202637181
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 7,680-square-foot apartment building contains 16 one-bedroom, one-bathroom units and provides 20 on-site parking spaces. Built in 1967, the property includes carpet and mixed flooring throughout the residential improvements.
The building sits directly across from IU's Memorial Stadium and Assembly Hall at 418 E 17th Street in Bloomington. All units are leased for the 2026-2027 academic year, creating an established occupancy profile for the current leasing cycle. The property may be acquired individually or together with the adjacent property at 416 E. 17th Street, allowing for a combined acquisition of both sites.
The building sits directly across from IU's Memorial Stadium and Assembly Hall at 418 E 17th Street in Bloomington. All units are leased for the 2026-2027 academic year, creating an established occupancy profile for the current leasing cycle. The property may be acquired individually or together with the adjacent property at 416 E. 17th Street, allowing for a combined acquisition of both sites.
Key Highlights
- 16 one‑bedroom, one‑bathroom apartments
- 20 on‑site parking spaces
- 7,680 square feet on 0.31 acres
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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Current Use
Lease Details
16
Residential units
100%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Sixteen one-bedroom apartments with on-site parking and academic-year leasing support.
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; 20 on‑site parking spaces; 7,680 square feet on 0.31 acres
