Updated-Kitchen
For Sale
$325,000
4251 N Melvin Lane, Bloomington, IN 47404
INVESTMENT, Townhouse, Bloomington, IN
Property Size2,352 SF
Lot Size0.33 Acres
Price / SF$138.18
Days on Market55
Property Features for 4251 N Melvin Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 6, Bathroom 1
Parking
4
Subdivision
Northwest Monroe County
Lot features
Level
Elementary school
Edgewood
Middle school
Edgewood
High school
Edgewood
Elementary school district
Richland-Bean Blossom Community
Middle school district
Richland-Bean Blossom Community
High school district
Richland-Bean Blossom Community
Directions
gps friendly
Standard status
Active
APN
53-00-92-938-003.000-013
Size
2,352 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
PT NW SW 13-9-2W .33A PLAT 148 (LOT 3)
Legal Description
PT NW SW 13-9-2W .33A PLAT 148 (LOT 3)
Utilities
Cooling system
Central Air
Building Details
Year built
1993
Number of units
2
Flooring type
Carpet, Vinyl
Roof type
Shingle
Architectural style
Other
Buildings
1
Listing Agency:
FC Tucker/Bloomington REALTORS
(812) 336-7300
Listed By:
Amanda Richardson · License #RB14031408
(812) 345-3042
Added: Sep 11
Changed: Oct 24
Last Checked: Nov 4 at 1:06AM
MLS# 202637932
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.
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Investment Insights
Based on property information with market context.
This duplex, built in 1993, contains 2,352 square feet across two residences. Each side is configured with 3 bedrooms, 1 bathroom, and a 1-car garage. The kitchens have been updated with stainless steel appliances, while vinyl and carpet flooring are used throughout the property. Central air provides cooling, and the building has a shingle roof.
The property occupies 0.33 acres in Bloomington, Indiana. Outdoor features include a wood deck and yard space, adding usable exterior area to the residential configuration. The two-unit layout, six total bedrooms, two bathrooms, and two garage spaces provide a straightforward multifamily format.
The property occupies 0.33 acres in Bloomington, Indiana. Outdoor features include a wood deck and yard space, adding usable exterior area to the residential configuration. The two-unit layout, six total bedrooms, two bathrooms, and two garage spaces provide a straightforward multifamily format.
Key Highlights
- 2,352‑square‑foot duplex built in 1993
- Each side includes 3 bedrooms, 1 bathroom, and a 1‑car garage
- Updated kitchens with stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,137
Cap Rate
6.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$422,740
$422.7K
Cap Rate 7%
$301,957
$302.0K
Cap Rate 9%
$234,856
$234.9K
Market Conditions
NOI Build-Up for 2,352 SF
Gross rent
$31.9K $13.56/SF
− Vacancy
−$1.7K −$0.72/SF
EGI
$30.2K $12.84/SF
− OpEx
−$9.1K −$3.85/SF
NOI
$21.1K $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 Rate 5%
$422,740
Cap Rate 7%
$301,957
Cap Rate 9%
$234,856
Alternative Uses
Best Use
Multifamily LT 5
$302.0K
$264.2K – $352.3K
NOI $21,137 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$274.2K
$240.0K – $320.0K
NOI $19,197 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$459.7K
$402.2K – $536.3K
NOI $32,177 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer garage parking, central air, and outdoor space in Bloomington.
Where is this duplex located?
The property is located at 4251 N Melvin Lane Bloomington, IN.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 2,352‑square‑foot duplex built in 1993; Each side includes 3 bedrooms, 1 bathroom, and a 1‑car garage; Updated kitchens with stainless steel appliances
