Limestone Multifamily
For Sale
$579,000
516 S Mitchell St, Bloomington, IN 47401
Limestone residence with flexible bedroom capacity, a large backyard, and a side-entry garage near Indiana University.
Property Size2,704 SF
Price / SF$214.13
Days on Market15
Property Features for 516 S Mitchell St
General Information
Standard status
Active
Size
2,704 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Building Details
Year Built
1948
Construction
limestone
Listing Agency:
FC Tucker/Bloomington REALTORS
(812) 360-5333
Listed By:
Jeff Franklin · License #RB14023367
Source:
Spencerchildersgroup
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 31 at 7:02PM
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 FC Tucker/Bloomington REALTORS
Investment Insights
Based on property information with market context.
Built in 1948, this 2,704-square-foot limestone multifamily property includes seven bedrooms and three baths arranged across two levels. The main floor has two bedrooms, while five additional bedrooms are located upstairs. Interior features include an expansive kitchen suited to group entertaining, and the home is complemented by a large backyard and a two-car side-load garage.
The property is located at 516 S Mitchell St in Bloomington, approximately one and a half blocks from the Indiana University campus and related activities. A rental permit is on file for three.
The property is located at 516 S Mitchell St in Bloomington, approximately one and a half blocks from the Indiana University campus and related activities. A rental permit is on file for three.
Key Highlights
- 2,704‑square‑foot limestone property built in 1948
- Seven bedrooms and three baths across two levels
- Rental permit on file for three
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
$22,070
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
3.81%
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%
$441,400
$441.4K
Cap Rate 7%
$315,286
$315.3K
Cap Rate 9%
$245,222
$245.2K
Market Conditions
NOI Build-Up for 2,704 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
$42.5K $15.72/SF
− Vacancy
−$2.4K −$0.88/SF
EGI
$40.1K $14.84/SF
− OpEx
−$18.1K −$6.68/SF
NOI
$22.1K $8.16/SF
Area
Monroe County, IN
Vacancy
5.60%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$441,400
Cap Rate 7%
$315,286
Cap Rate 9%
$245,222
Alternative Uses
Best Use
Apartment 5plus
$315.3K
$275.9K – $367.8K
NOI $22,070 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$528.5K
$462.4K – $616.5K
NOI $36,992 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
717
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Limestone residence with flexible bedroom capacity, a large backyard, and a side-entry garage near Indiana University.
Where is this multifamily property located?
The property is located at 516 S Mitchell St Bloomington, IN.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: 2,704‑square‑foot limestone property built in 1948; Seven bedrooms and three baths across two levels; Rental permit on file for three
