Updated-Kitchen
New
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 Market4
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 3, Bedroom 4, Bedroom 1, Bathroom 1, Bedroom 6, Bathroom 2, Bedroom 5, Bedroom 2
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
Amenities
stainless steel appliances
wood deck
yard space
Building Details
Year built
1993
Number of units
2
Flooring type
Carpet, Vinyl
Roof type
Shingle
Architectural style
Other
Listing Agency:
FC Tucker/Bloomington REALTORS
(812) 336-7300
Listed By:
Amanda Richardson · License #RB14031408
(812) 345-3042
Added: Sep 11
Changed: Sep 14
Last Checked: Sep 14 at 11:06PM
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.
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 = 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
$21,137
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
6.50%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
205
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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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
