Duplex with Attached
New
For Sale
$239,000
4501 + 4503 E Stephens Dr, Bloomington, IN 47408
Two one-bedroom units offer separate kitchens, living areas, dining spaces, bathrooms, and storage.
Property Size1,352 SF
Price / SF$176.78
Days on Market4
Property Features for 4501 + 4503 E Stephens Dr
General Information
Standard status
Active
Size
1,352 SF
Property subtype
Multi-Family
Building Details
Year Built
1962
Listing Agency:
Century 21 Scheetz - Bloomington
Listed By:
Melissa Murphy · License #RB14039392
(812) 327-6162
Source:
Callcriswell
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 4 at 8:59AM
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 Century 21 Scheetz - Bloomington
Investment Insights
Based on property information with market context.
This 1,352-square-foot duplex, built in 1962, contains two nearly 700-square-foot one-bedroom units. Each side includes a kitchen, living room, dining area, bedroom, bathroom, and storage. Unit 4501 also has an attached one-car garage. A new roof, gutters, and garage door were installed in 2025.
The property carries a HAND rental occupancy permit for six total occupants through July 10, 2029. Action Property Management currently manages the property and handles mowing and trimming. Tenants pay all utilities and manage their own snow removal. Unit 4503 is on a month-to-month lease beginning June 1, 2026, with renewal under consideration. Washer, dryer, and microwave units are tenant-owned and excluded from the sale. Both sides are occupied, and showings require at least 24 hours' notice. The duplex is located near IU Health hospital, Indiana University, sporting events, shopping, and restaurants.
The property carries a HAND rental occupancy permit for six total occupants through July 10, 2029. Action Property Management currently manages the property and handles mowing and trimming. Tenants pay all utilities and manage their own snow removal. Unit 4503 is on a month-to-month lease beginning June 1, 2026, with renewal under consideration. Washer, dryer, and microwave units are tenant-owned and excluded from the sale. Both sides are occupied, and showings require at least 24 hours' notice. The duplex is located near IU Health hospital, Indiana University, sporting events, shopping, and restaurants.
Key Highlights
- 1,352‑square‑foot duplex with two nearly 700‑square‑foot one‑bedroom units
- HAND rental occupancy permit for six total occupants through July 10, 2029
- New roof and gutters installed in 2025
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
$12,150
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
5.08%
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%
$243,000
$243.0K
Cap Rate 7%
$173,571
$173.6K
Cap Rate 9%
$135,000
$135.0K
Market Conditions
NOI Build-Up for 1,352 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
$18.3K $13.56/SF
− Vacancy
−$975 −$0.72/SF
EGI
$17.4K $12.84/SF
− OpEx
−$5.2K −$3.85/SF
NOI
$12.2K $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%
$243,000
Cap Rate 7%
$173,571
Cap Rate 9%
$135,000
Alternative Uses
Best Use
Multifamily LT 5
$173.6K
$151.9K – $202.5K
NOI $12,150 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$157.6K
$137.9K – $183.9K
NOI $11,035 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$264.2K
$231.2K – $308.3K
NOI $18,496 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
75
Businesses Nearby
Explore this area
Business Placement
Demographics for 47408, IN
22,917
Population
10,456
Households
2.2
Avg Household Size
28
Median Age
59%
College-Educated
98%
High-School Grad
64.4 sq mi
ZIP Area
356
Density / Sq Mi
$45,584
Median Household Income
$15,819
Median Earnings
$1,177
Median Rent
$304,600
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 one-bedroom units offer separate kitchens, living areas, dining spaces, bathrooms, and storage.
Where is this duplex located?
The property is located at 4501 + 4503 E Stephens Dr Bloomington, IN.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 1,352‑square‑foot duplex with two nearly 700‑square‑foot one‑bedroom units; HAND rental occupancy permit for six total occupants through July 10, 2029; New roof and gutters installed in 2025
