All-Brick Fourplex with
For Sale
$469,000
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$136.73
Days on Market83
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
Listed By:
Janet Jin · License #RB17001414
(812) 325-9093
Source:
Kmsrealestategroup
Added: Jul 27
Changed: Oct 10
Last Checked: Oct 16 at 11:56AM
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
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Investment Insights
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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 / Yr
$30,825
Cap Rate
6.57%
Suggested Prices Based on Cap Rates
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
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 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 6.57%
Second Best
Apartment 5plus
$399.9K
$349.9K – $466.6K
NOI $27,995 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$670.3K
$586.6K – $782.1K
NOI $46,924 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
416
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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 $469,000.
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
