Side-by-Side Duplex with
For Sale
$340,000
4251 N Melvin Ln, Bloomington, IN 47404
Two tenant-occupied residences offer updated kitchens, open living areas, private decks, and attached garages.
Property Size2,352 SF
Lot Size0.33 Acres
Price / SF$144.56
Days on Market37
Property Features for 4251 N Melvin Ln
General Information
Standard status
Active
Size
2,352 SF
Total Parking Spaces
2
Lot size
0.33 Acres
Property subtype
Residential Income
Occupancy
100%
Amenities
wood deck patio
updated kitchens with stainless steel appliances
Building Details
Year Built
1993
Buildings
1
Tenancy
Multi
Listing Agency:
F.C. Tucker Company
(317) 446-9161
Listed By:
Cory Frutiger
(317) 446-9161
Source:
Exprealty
Added: Jul 7
Changed: Jul 31
Last Checked: Aug 12 at 10:42AM
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 F.C. Tucker Company
Investment Insights
Based on property information with market context.
Built in 1993, this side-by-side duplex contains 2,352 finished square feet of living space on a 0.33-acre lot measuring 14,375 square feet. Each unit offers a 3-bedroom, 1-bathroom layout with a large open living and dining area, an attached 1-car garage, and a wood deck patio. Updated kitchens include functional stainless steel appliances, while the generous lot provides ample outdoor space.
The property is located at 4251/4253 N. Melvin Ln in Bloomington, Indiana, within the Richland-Bean Blossom School Corporation. Both units are fully tenant-occupied, providing established occupancy across the duplex.
The property is located at 4251/4253 N. Melvin Ln in Bloomington, Indiana, within the Richland-Bean Blossom School Corporation. Both units are fully tenant-occupied, providing established occupancy across the duplex.
Key Highlights
- Side‑by‑side duplex built in 1993
- 2,352 finished square feet on a 0.33‑acre (14,375 sq ft) lot
- Both units are fully tenant‑occupied
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
6.22%
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 6.22%
Second Best
Apartment 5plus
$274.2K
$240.0K – $320.0K
NOI $19,197 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$459.7K
$402.2K – $536.3K
NOI $32,177 @ 7.0% cap · market cap 9.46%
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
204
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?
Duplex - Two tenant-occupied residences offer updated kitchens, open living areas, private decks, and attached garages.
Where is this duplex located?
The property is located at 4251 N Melvin Ln Bloomington, IN.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Side‑by‑side duplex built in 1993; 2,352 finished square feet on a 0.33‑acre (14,375 sq ft) lot; Both units are fully tenant‑occupied
