Four-Unit Property with Commercial
For Sale
$1,099,000
425 N Walnut St, Bloomington, IN 47404
Fully leased residential income property with an additional commercial area near downtown and Indiana University.
Property Size3,614 SF
Price / SF$304.10
Days on Market668
Property Features for 425 N Walnut St
General Information
Standard status
Active
Size
3,614 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Gross Income
$102,000
Taxes and HOA fees
Annual Taxes
$21,906
Listing Agency:
Brawley Real Estate
(812) 327-5331
Listed By:
Jeff Brawley · License #RB14041028
(812) 327-5331
Source:
Exprealty
Added: Oct 9, 2024
Changed: Aug 2
Last Checked: Aug 7 at 11:55AM
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 Brawley Real Estate
Investment Insights
Based on property information with market context.
This four-unit property at 425 N Walnut St combines 3,614 square feet with seven bedrooms, four bathrooms, and an additional commercial space. The layout offers both residential units and a separate area designated for commercial use.
The property is fully leased through July 2026. Its Bloomington setting places it near downtown and Indiana University, two established sources of local rental activity. The combination of four residential units, a commercial component, and an existing lease term creates a clearly defined income-property configuration.
The property is fully leased through July 2026. Its Bloomington setting places it near downtown and Indiana University, two established sources of local rental activity. The combination of four residential units, a commercial component, and an existing lease term creates a clearly defined income-property configuration.
Key Highlights
- Four units totaling 3,614 square feet
- Seven bedrooms and four bathrooms
- Additional commercial space included
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
$32,479
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
2.96%
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%
$649,580
$649.6K
Cap Rate 7%
$463,986
$464.0K
Cap Rate 9%
$360,878
$360.9K
Market Conditions
NOI Build-Up for 3,614 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
$49.0K $13.56/SF
− Vacancy
−$2.6K −$0.72/SF
EGI
$46.4K $12.84/SF
− OpEx
−$13.9K −$3.85/SF
NOI
$32.5K $8.99/SF
Area
Monroe County, IN
Vacancy
5.32%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$649,580
Cap Rate 7%
$463,986
Cap Rate 9%
$360,878
Alternative Uses
Best Use
Multifamily LT 5
$464.0K
$406.0K – $541.3K
NOI $32,479 @ 7.0% cap · market cap 2.96%
Second Best
Mixed Use
$443.0K
$387.6K – $516.8K
NOI $31,008 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$706.3K
$618.0K – $824.0K
NOI $49,442 @ 7.0% cap · market cap 4.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
622
Businesses Nearby
Explore this area
Business Placement
Demographics for 47404, IN
23,799
Population
12,101
Households
2
Avg Household Size
33
Median Age
43%
College-Educated
95%
High-School Grad
52.6 sq mi
ZIP Area
452
Density / Sq Mi
$54,674
Median Household Income
$36,725
Median Earnings
$1,159
Median Rent
$243,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased residential income property with an additional commercial area near downtown and Indiana University.
Where is this quadplex located?
The property is located at 425 N Walnut St Bloomington, IN.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Four units totaling 3,614 square feet; Seven bedrooms and four bathrooms; Additional commercial space included
