All-Brick Fourplex with Updated
775-777 North Smith Road Bloomington, IN 47408
For Sale
$515,000
Well-maintained all-brick fourplex with recent HVAC, exterior updates, and multiple unit improvements.
Property Size3,430 SF
Price / SF$150.15
Days on Market164
Property Features for 775-777 North Smith Road
General Information
- Standard status
- Active
- Size
- 3,430 SF
- Property subtype
- Multi Family / Fourplex
Building Details
- Year Built
- 1960
Listing Agency:
RE/MAX Acclaimed Properties
(812) 332-3001
Listed By:
Janet Jin · License #RB17001414
(812) 332-3001
Source:
Compass
Added: Feb 9
Changed: Jul 23
Last Checked: Jul 23 at 8:36AM
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 solid all-brick fourplex is maintained with a focus on long-term reliability. Recent improvements include a new HVAC system installed in 2020, new stone landscaping added in 2023, and a fully remodeled and furnished Unit 2 in 2023. Units 2, 3, and 4 also feature new sliding doors. In 2025, both the interior and exterior sewer systems were completely updated, and Nuflow Plumbing Company provides a 5-year warranty extending to 2030. The property also has a rental permit secured through 9/19/2028.
The property is located on the east side off 10th St, with a campus bus stop directly across the street and an elementary school just east of the corner of Smith & 10th Street. It is about 6 minutes from IU Kelley Business School and about 5 minutes from the IU Academic Medical Research Center and the new IU Regional Hospital.
Current leases provide strong occupancy, with Units 1 and 2 leased through 7/31/2027 and Units 3 and 4 leased through 7/31/2026. The landlord currently covers water, sewer, trash, electricity, and gas.
The property is located on the east side off 10th St, with a campus bus stop directly across the street and an elementary school just east of the corner of Smith & 10th Street. It is about 6 minutes from IU Kelley Business School and about 5 minutes from the IU Academic Medical Research Center and the new IU Regional Hospital.
Current leases provide strong occupancy, with Units 1 and 2 leased through 7/31/2027 and Units 3 and 4 leased through 7/31/2026. The landlord currently covers water, sewer, trash, electricity, and gas.
Key Highlights
- All‑brick fourplex built in 1960 with 4 total full baths and 7 total bedrooms across 4 units.
- Recent systems and exterior updates: new HVAC (2020), new stone landscaping (2023), and interior/exterior sewer systems updated in 2025.
- Unit improvements include a fully remodeled and furnished Unit 2 (2023) and new sliding doors for Units 2, 3, and 4.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $46.5k | $13.56 |
| − Vacancy | −$2.5k | −$0.72 |
| EGI | $44.0k | $12.84 |
| − OpEx | −$13.2k | −$3.85 |
| NOI | $30.8k | $8.99 |
3,430 SF · lease $13.56/SF/yr · vacancy 5.32% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$440.4K
$385.3K – $513.8K
NOI $30,825 @ 7.0% cap · market cap 5.99%
Second Best
Apartment 5plus
$399.9K
$349.9K – $466.6K
NOI $27,995 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$670.3K
$586.6K – $782.1K
NOI $46,924 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Well-maintained all-brick fourplex with recent HVAC, exterior updates, and multiple unit improvements.
Where is this quadplex located?
The property is located at 775-777 North Smith Road Bloomington, IN.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: All‑brick fourplex built in 1960 with 4 total full baths and 7 total bedrooms across 4 units.; Recent systems and exterior updates: new HVAC (2020), new stone landscaping (2023), and interior/exterior sewer systems updated in 2025.; Unit improvements include a fully remodeled and furnished Unit 2 (2023) and new sliding doors for Units 2, 3, and 4.
