All-Brick Fourplex with
For Sale
$499,900
775 - 777 N Smith Rd, Bloomington, IN 47408
Four-unit rental property with recent building-system improvements, furnished interiors, and leases extending through 2027.
Property Size3,430 SF
Price / SF$145.74
Days on Market35
Property Features for 775 - 777 N Smith Rd
General Information
Standard status
Active
Size
3,430 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
4
Building Details
Year Built
1960
Construction
all-brick
Tenancy
Multi
Listing Agency:
RE/MAX Acclaimed Properties
(812) 325-9093
Listed By:
Janet Jin · License #RB17001414
Source:
Kmsrealestategroup
Added: Jul 27
Changed: Aug 28
Last Checked: Aug 29 at 11:59AM
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 3,430-square-foot all-brick fourplex was built in 1960 and has received several recent improvements. The HVAC system was replaced in 2020, stone landscaping was added in 2023, and Unit 2 was fully remodeled and furnished that year. Units 2, 3, and 4 also have new sliding doors. Interior and exterior sewer systems were completely updated in 2025, with a 5-year Nuflow Plumbing Company warranty extending through 2030.
The property is located at 775 - 777 N Smith Rd in Bloomington, near East 10th Street. A campus bus stop is across the street, and an elementary school is located east of the Smith and 10th Street corner. The rental permit is secured through 9/19/2028. Units 1 and 2 are leased through 7/31/2027, while Units 3 and 4 are leased through 7/31/2026. The landlord currently covers water, sewer, trash, electricity, and gas.
The property is located at 775 - 777 N Smith Rd in Bloomington, near East 10th Street. A campus bus stop is across the street, and an elementary school is located east of the Smith and 10th Street corner. The rental permit is secured through 9/19/2028. Units 1 and 2 are leased through 7/31/2027, while Units 3 and 4 are leased through 7/31/2026. The landlord currently covers water, sewer, trash, electricity, and gas.
Key Highlights
- 3,430‑square‑foot all‑brick fourplex built in 1960
- HVAC replaced in 2020; stone landscaping and fully remodeled, furnished Unit 2 completed in 2023
- Interior and exterior sewer systems updated in 2025
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
$30,825
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
6.17%
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%
$616,500
$616.5K
Cap Rate 7%
$440,357
$440.4K
Cap Rate 9%
$342,500
$342.5K
Market Conditions
NOI Build-Up for 3,430 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
$46.5K $13.56/SF
− Vacancy
−$2.5K −$0.72/SF
EGI
$44.0K $12.84/SF
− OpEx
−$13.2K −$3.85/SF
NOI
$30.8K $8.99/SF
Area
Monroe County, IN
Vacancy
5.32%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$616,500
Cap Rate 7%
$440,357
Cap Rate 9%
$342,500
Alternative Uses
Best Use
Multifamily LT 5
$440.4K
$385.3K – $513.8K
NOI $30,825 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$399.9K
$349.9K – $466.6K
NOI $27,995 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$670.3K
$586.6K – $782.1K
NOI $46,924 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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?
Quadplex - Four-unit rental property with recent building-system improvements, furnished interiors, and leases extending through 2027.
Where is this quadplex located?
The property is located at 775 - 777 N Smith Rd Bloomington, IN.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 3,430‑square‑foot all‑brick fourplex built in 1960; HVAC replaced in 2020; stone landscaping and fully remodeled, furnished Unit 2 completed in 2023; Interior and exterior sewer systems updated in 2025
