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 Market16
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:
Century 21 Bradley Realty, Inc
(574) 267-7501
Listed By:
Patton Hall · License #RB14023367
(574) 267-7501
Source:
Pattonhall
Added: Aug 17
Changed: Aug 31
Last Checked: Aug 31 at 3:18PM
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 Bradley Realty, Inc
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 = 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
$20,859
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
2.88%
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%
$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
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
$31.5K $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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
