Furnished Apartment
For Sale
$2,790,000
604 N Smith Rd, Bloomington, IN 47408
Fully leased property with resident parking, in-unit laundry, and included water, sewer, trash, and internet.
Property Size18,863 SF
Price / SF$147.91
Days on Market85
Property Features for 604 N Smith Rd
General Information
Standard status
Active
Size
18,863 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
17 x flat, 4 x loft
Multifamily Units
21
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$54,221
Amenities
in-unit washer/dryer
security system
Listing Agency:
RE/MAX Acclaimed Properties
(812) 325-9093
Listed By:
Janet Jin · License #RB17001414
(812) 325-9093
Source:
Exprealty
Added: May 20
Changed: Aug 11
Last Checked: Aug 11 at 6:24AM
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 RE/MAX Acclaimed Properties
Investment Insights
Based on property information with market context.
This 18,863-square-foot apartment building contains 21 furnished units, including 17 flats and 4 loft layouts. Each residence features modern finishes, large picture windows, laminate and carpet flooring, a stackable washer and dryer, and a security system. On-site parking is provided for residents. Water, sewer, trash, and internet are included in monthly rent, while tenants pay electric service.
The property is located at 604 N Smith Rd in Bloomington, between E. 10th and E. 3rd Streets. It offers access to Indiana University's Kelly School of Business, along with nearby dining, shopping, and nightlife. All units are fully leased.
The property is located at 604 N Smith Rd in Bloomington, between E. 10th and E. 3rd Streets. It offers access to Indiana University's Kelly School of Business, along with nearby dining, shopping, and nightlife. All units are fully leased.
Key Highlights
- 21 total units: 17 flats and 4 loft floor plans
- 18,863 SF apartment building at 604 N Smith Rd, Bloomington, IN
- All units are furnished and fully leased
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
$153,956
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
5.52%
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%
$3,079,120
$3.1M
Cap Rate 7%
$2,199,371
$2.2M
Cap Rate 9%
$1,710,622
$1.7M
Market Conditions
NOI Build-Up for 18,863 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
$296.5K $15.72/SF
− Vacancy
−$16.6K −$0.88/SF
EGI
$279.9K $14.84/SF
− OpEx
−$126.0K −$6.68/SF
NOI
$154.0K $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%
$3,079,120
Cap Rate 7%
$2,199,371
Cap Rate 9%
$1,710,622
Alternative Uses
Best Use
Apartment 5plus
$2.20M
$1.92M – $2.57M
NOI $153,956 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.69M
$3.23M – $4.30M
NOI $258,057 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
416
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased property with resident parking, in-unit laundry, and included water, sewer, trash, and internet.
Where is this apartment building located?
The property is located at 604 N Smith Rd Bloomington, IN.
What is the asking price?
The asking price for this property is $2,790,000.
What are key features of this property?
This property features: 21 total units: 17 flats and 4 loft floor plans; 18,863 SF apartment building at 604 N Smith Rd, Bloomington, IN; All units are furnished and fully leased
