4501 + 4503 E Stephens Drive, Bloomington, IN 47408
MULTI_FAMILY - Ranch - Bloomington, IN
- Added:
- Apr 29, 2026
- Days on Market:
- 68
- Last Refresh:
- Jul 5 at 12:06 am
Property Features for 4501 + 4503 E Stephens Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Single Family Residence
- Bedrooms
- 2
- Bathrooms
- 2
- Rooms
- Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1
- Parking
- 7
- Parking features
- Garage, Off Street
- Standard status
- Active
- APN
- 53-05-36-202-005.000-005
- Size
- 1,352 SF
- Lot size
- 0.29 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- 013-39290-00 EASTERN HEIGHTS 2ND LOT 38
Building Details
- Year built
- 1962
- Floors in Building
- 1
- Number of units
- 2
- Flooring type
- Vinyl, Carpet
- Roof type
- Asphalt
- Architectural style
- Ranch
Listing agent Melissa Murphy License #RB14039392 (812) 327-6162
Listing office Century 21 Scheetz - Bloomington 1155 S College Mall Rd Suite C, Carmel, IN (812) 336-2100
Listing date Apr 29, 2026
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.
HighLights
- Duplex with HAND (Housing And Neighborhood Development) rental occupancy permit for six total occupants, valid through July 10, 2029
- Each side offers a one‑bedroom layout of nearly 700 SF per unit with kitchen, living room, dining area, bedroom, bath, and storage
- Unit 4501 includes an attached one‑car garage
- New roof and gutters installed in 2025, plus a new garage door
- Unit 4503 is on a month‑to‑month lease beginning June 1, 2026 and would consider renewing
- Tenants handle utilities and snow removal; property is managed by Action Property Management (mowing and trimming included)
Overview
A Housing And Neighborhood Development rental occupancy permit is on file for six total occupants, and it is valid through July 10, 2029. The duplex operates with tenants in both sides, so showings require a minimum of 24 hours’ notice. Unit 4503 is on a month-to-month lease beginning June 1, 2026 and would consider renewing.
For buyers and investors, the layout supports flexible occupancy options, including living in one side while renting the other, or renting both units to long-term tenants. The property is currently managed by Action Property Management, including mowing and trimming, which may help simplify ongoing operations for an owner.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $18.3k | $13.56 |
| − Vacancy | −$975 | −$0.72 |
| EGI | $17.4k | $12.84 |
| − OpEx | −$5.2k | −$3.85 |
| NOI | $12.2k | $8.99 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Bloomington
- County
- Monroe
- State
- Indiana
- Longitude
- -86.477035
- Latitude
- 39.175668
