Ranch Duplex with
For Sale
$239,000
4501 + 4503 E Stephens Drive, Bloomington, IN 47408
INVESTMENT, One Story, Bloomington, IN
Property Size1,352 SF
Lot Size0.29 Acres
Price / SF$176.78
Days on Market116
Property Features for 4501 + 4503 E Stephens Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1
Parking
7
Parking features
Garage, Off Street
Subdivision
Eastern Heights
Lot features
City/ Town/ Suburb, Level, 0-2.9999
Elementary school
University
Middle school
Tri-North
High school
Bloomington North
Elementary school district
Monroe County Community School C
Middle school district
Monroe County Community School C
High school district
Monroe County Community School C
Directions
GPS Friendly
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
Legal Description
013-39290-00 EASTERN HEIGHTS 2ND LOT 38
Building Details
Year built
1962
Floors in Building
1
Number of units
2
Flooring type
Carpet, Vinyl
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
Century 21 Scheetz - Bloomington · Century 21 Real Estate
(812) 336-2100
Listed By:
Melissa Murphy · License #RB14039392
(812) 327-6162
Added: Apr 29
Changed: Aug 20
Last Checked: Aug 22 at 6:06PM
MLS# 202615469
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 single-story ranch duplex contains 1,352 square feet with two one-bedroom units, each offering a kitchen, living room, dining area, bedroom, bathroom, and storage. Unit 4501 includes an attached one-car garage, while additional off-street parking is available. The property was built in 1962 and features carpet and vinyl flooring, along with an asphalt roof.
A HAND rental occupancy permit allows six total occupants and remains valid through July 10, 2029. The duplex sits on a 0.29-acre lot in Bloomington, Indiana. Both sides are currently tenant-occupied, and showings require at least 24 hours' notice. Unit 4503 is on a month-to-month lease beginning June 1, 2026.
A HAND rental occupancy permit allows six total occupants and remains valid through July 10, 2029. The duplex sits on a 0.29-acre lot in Bloomington, Indiana. Both sides are currently tenant-occupied, and showings require at least 24 hours' notice. Unit 4503 is on a month-to-month lease beginning June 1, 2026.
Key Highlights
- 1,352‑square‑foot duplex with two one‑bedroom units
- HAND rental occupancy permit for six total occupants through July 10, 2029
- Unit 4501 includes an attached one‑car garage
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
Lease Details
2
Residential units
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom units offer separate living, dining, kitchen, bath, and storage areas in a tenant-occupied residential property.
Where is this duplex located?
The property is located at 4501 + 4503 E Stephens Drive 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 one‑bedroom units; HAND rental occupancy permit for six total occupants through July 10, 2029; Unit 4501 includes an attached one‑car garage
