Eight-Bedroom Duplex Near
For Sale
$725,000
501 S Highland Avenue, Bloomington, IN 47401
Corner-lot duplex with two apartments, hardwood floors, and established rental history.
Property Size2,321 SF
Price / SF$312.37
Days on Market61
Property Features for 501 S Highland Avenue
General Information
Standard status
Active
Size
2,321 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 6BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1925
Buildings
1
Listing Agency:
Era Crossroads
(260) 348-4629
Listed By:
Patton Hall
(574) 267-7501
Source:
Pattonhall
Added: Aug 17
Changed: Oct 16
Last Checked: Oct 16 at 9:00AM
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 Era Crossroads
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This two-unit duplex, built in 1925, includes an upper-level residence with six bedrooms and two full bathrooms, plus a lower apartment with two bedrooms and one bathroom. Hardwood flooring and a well-appointed kitchen are among the described interior features, and the property has an established rental history. The upper unit is described as having a permit for eight.
Positioned south of the Indiana University campus, the property occupies a corner lot near restaurants, coffee shops, the bookstore, and university activities. The lower apartment has its own entrance on the north side, providing distinct access within the building.
Positioned south of the Indiana University campus, the property occupies a corner lot near restaurants, coffee shops, the bookstore, and university activities. The lower apartment has its own entrance on the north side, providing distinct access within the building.
Key Highlights
- Two‑unit duplex with six‑bedroom upper residence and two‑bedroom lower apartment
- Upper unit includes two full bathrooms; lower apartment has one bathroom
- Permit for eight associated with the upper‑level unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,859
Cap Rate
2.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$417,180
$417.2K
Cap Rate 7%
$297,986
$298.0K
Cap Rate 9%
$231,767
$231.8K
Market Conditions
NOI Build-Up for 2,321 SF
Gross rent
$31.5K $13.56/SF
− Vacancy
−$1.7K −$0.72/SF
EGI
$29.8K $12.84/SF
− OpEx
−$8.9K −$3.85/SF
NOI
$20.9K $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 Rate 5%
$417,180
Cap Rate 7%
$297,986
Cap Rate 9%
$231,767
Alternative Uses
Best Use
Multifamily LT 5
$298.0K
$260.7K – $347.7K
NOI $20,859 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$270.6K
$236.8K – $315.7K
NOI $18,944 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$453.6K
$396.9K – $529.2K
NOI $31,753 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
986
Businesses Nearby
Explore this area
Business Placement
Demographics for 47401, IN
41,225
Population
21,162
Households
1.9
Avg Household Size
35
Median Age
62%
College-Educated
95%
High-School Grad
82.6 sq mi
ZIP Area
499
Density / Sq Mi
$65,643
Median Household Income
$34,279
Median Earnings
$1,181
Median Rent
$333,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Corner-lot duplex with two apartments, hardwood floors, and established rental history.
Where is this duplex located?
The property is located at 501 S Highland Avenue Bloomington, IN.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Two‑unit duplex with six‑bedroom upper residence and two‑bedroom lower apartment; Upper unit includes two full bathrooms; lower apartment has one bathroom; Permit for eight associated with the upper‑level unit
