Quadplex with Bonus Commercial
For Sale
$1,099,000
425 N Walnut Street, Bloomington, IN 47404
INVESTMENT, Two Story, Bloomington, IN
Property Size3,614 SF
Lot Size0.10 Acres
Price / SF$304.10
Days on Market680
Property Features for 425 N Walnut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 1, Bedroom 4, Bathroom 4, Basement, Bedroom 7, Bathroom 2, Bedroom 2
Basement
Block
Subdivision
Northeast Bloomington City
Lot features
Level
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
On N Walnut just before 9th Street
Standard status
Active
APN
53-05-33-300-058.000-005
Size
3,614 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
ORIGINAL PLAT PT OUTLOT35
Tax Annual Amount
2675
Legal Description
ORIGINAL PLAT PT OUTLOT35
Utilities
Cooling system
Central Air
Building Details
Year built
1969
Floors in Building
2
Number of units
4
Flooring type
Wood
Architectural style
Other
Listing Agency:
Brawley Real Estate
(844) 254-7368
Listed By:
Jeff Brawley · License #RB14041028
(812) 327-5331
Added: Oct 9, 2024
Changed: Aug 19
Last Checked: Aug 19 at 9:06PM
MLS# 202439246
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.
425 N Walnut Street is a four-unit quadplex with a bonus commercial space. The property totals 7 bedrooms and 4 bathrooms, and it is fully leased through July 2026. Flooring is wood and the units are served by central air.
Set on a 0.1-acre lot, the building contains 3,614 square feet and was built in 1969. It is located near downtown Bloomington and Indiana University.
This configuration supports both residential living and additional commercial use within the same building, with the current lease schedule providing occupancy visibility through July 2026.
Set on a 0.1-acre lot, the building contains 3,614 square feet and was built in 1969. It is located near downtown Bloomington and Indiana University.
This configuration supports both residential living and additional commercial use within the same building, with the current lease schedule providing occupancy visibility through July 2026.
Key Highlights
- Four units with 7 bedrooms and 4 bathrooms
- Bonus commercial space included
- Fully leased through July 2026
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
Apartment 5plus
$421.4K
$368.7K – $491.6K
NOI $29,497 @ 7.0% cap · market cap 2.68%
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
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,562
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit quadplex with central air and wood flooring, fully leased through July 2026.
Where is this quadplex located?
The property is located at 425 N Walnut Street 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 with 7 bedrooms and 4 bathrooms; Bonus commercial space included; Fully leased through July 2026
