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 Market60
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
Listed By:
Jeff Franklin · License #RB14023367
(812) 360-5333
Source:
Spencerchildersgroup
Added: Aug 18
Changed: Oct 12
Last Checked: Oct 7 at 1:03PM
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
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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 / Yr
$22,070
Cap Rate
3.81%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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
