Bloomington Apartment Building Near
604 N Smith Road, Bloomington, IN 47408
New
Apartment Building, Contemporary - Bloomington, IN
Property size:
18,863 SFLot size:
0.75 AcresPrice / SF:
$147/SF- Added:
- May 19, 2026
- Days on Market:
- 4
- Last Refresh:
- May 22 at 6:06 am
Property Features for 604 N Smith Road
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 21
- Bathrooms
- 21
- Rooms
- Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
- Parking features
- Off Street
- Exterior features
- Off Street Parking, Breakfast Bar, Ceilings-vaulted, Countertops-solid Surf, Water Heater Electric, None
- Appliances
- Dishwasher, Dryer, Garbage Disposer, Microwave, Range, Washer
- Standard status
- Active
- APN
- 53-05-36-300-005.000-005
- Size
- 18,863 SF
- Lot size
- 0.75 Acres
Utilities
- Heating system
- Heat Pump (Heating)
- Cooling system
- Central Air, Multi Units
Building Details
- Floors in Building
- 4
- Number of units
- 21
- Flooring type
- Carpet, Laminate
- Building materials
- Brick, Stucco
- Roof type
- Flat
- Architectural style
- Contemporary
Listing agent Janet Jin License #RB17001414 (812) 325-9093
Listing office RE/MAX Acclaimed Properties 3695 S Sare Rd., Bloomington, IN (812) 332-3001
Listing date May 19, 2026
MLS# 202619114
Listing URL
Copyright © 2026 Indiana Uplands Realtor® Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Prime location near IU's Kelly School of Business, dining, shopping, and nightlife.
- Fully furnished units with modern finishes and large picture windows.
- All units are currently fully leased, offering immediate rental income.
- Free on‑site parking for all residents.
- Water, sewer, trash, and internet included in monthly rent.
- Each unit includes a stackable washer and dryer and a security system.
Overview
Located on N. Smith Road between E. 10th & E. 3rd Streets, this apartment building is situated minutes from Indiana University's Kelly School of Business, dining, shopping, and nightlife. The property features a total of 21 units, including 17 flats and 4 loft floor plans. Each unit comes furnished and includes modern finishes, large picture windows, laminate and carpet flooring, a stackable washer and dryer, and a security system. On-site parking is available for all residents. Water, sewer, trash, and internet are included in the monthly rent, with tenants responsible for electricity. The property, situated on a 0.7516-acre lot, contains 18,863 square feet of living space. All units are fully leased.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$1.71M
NOI $153,956 @ 9.00% cap · cautious / downside scenario
Moderate
$2.20M
NOI $153,956 @ 7.00% cap · market / base-case scenario
Aggressive
$3.08M
NOI $153,956 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $296.5k | $15.72 |
| − Vacancy | −$16.6k | −$0.88 |
| EGI | $279.9k | $14.84 |
| − OpEx | −$126.0k | −$6.68 |
| NOI | $154.0k | $8.16 |
18,863 SF · lease $15.72/SF/yr · vacancy 5.60% · expense 45.00%
Alternative Use Scenarios
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 local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Bloomington
- County
- Monroe
- State
- Indiana
- Longitude
- -86.4810875
- Latitude
- 39.1699848
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Modern, fully leased apartment building near Indiana University.
Where is this apartment building located?
The property is located at 604 N Smith Road 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: Prime location near IU's Kelly School of Business, dining, shopping, and nightlife.; Fully furnished units with modern finishes and large picture windows.; All units are currently fully leased, offering immediate rental income.
