All-Brick
For Sale
$499,900
775 - 777 N Smith Road, Bloomington, IN 47408
INVESTMENT, One Story, Bloomington, IN
Property Size3,430 SF
Lot Size0.40 Acres
Price / SF$145.74
Days on Market191
Property Features for 775 - 777 N Smith Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bathroom 3, Bedroom 3, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 2, Bedroom 7, Bathroom 1, Bedroom 4, Bathroom 4, Bedroom 1
Parking
8
Parking features
Off Street
Fireplace
1
Basement
Block
Subdivision
Northeast Bloomington City
Lot features
City/ Town/ Suburb, Near College Campus, Partially Wooded, Slope
Elementary school
University
Middle school
Tri-North
High school
Bloomington North
Elementary school district
Monroe County Community School C
Middle school district
Monroe County Community School C
High school district
Monroe County Community School C
Directions
From St Rd 46 East, turn North on Smith Road, go through 4 way stop, property is on the Left before you reach St Rd 45.
Standard status
Active
APN
53-05-35-400-007.000-005
Size
3,430 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
013-01280-10 Pt NE SE 35-9-1W (0.40 Acre) Plat 60
Tax Annual Amount
1708
Legal Description
013-01280-10 Pt NE SE 35-9-1W (0.40 Acre) Plat 60
Utilities
Cooling system
Central Air
Building Details
Year built
1960
Floors in Building
1
Number of units
4
Flooring type
Wood, Vinyl, Laminate, Mixed, Carpet
Architectural style
Other
Listing Agency:
RE/MAX Acclaimed Properties · RE/MAX International
(812) 332-3001
Listed By:
Janet Jin · License #RB17001414
(812) 325-9093
Added: Feb 12
Changed: Aug 20
Last Checked: Aug 22 at 6:06PM
MLS# 202604477
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.
Investment Insights
Based on property information with market context.
This four-unit residential income property occupies 0.4 acres and contains 3430 square feet. Built in 1960, the all-brick building includes wood, vinyl, laminate, mixed, and carpet flooring, central air, off-street parking, fireplaces, and basement space. Unit 2 was remodeled and furnished in 2023, while Units 2, 3, and 4 received new sliding doors. Stone landscaping was added in 2023, and the HVAC system was replaced in 2020.
The property is located at 775 - 777 N Smith Road in Bloomington, near a campus bus stop and an elementary school. IU Kelley Business School is approximately 6 minutes away, and the IU Academic Medical Research Center and new IU Regional Hospital are approximately 5 minutes away. The rental permit runs through 9/19/2028. Units 1 and 2 are leased through 7/31/2027; Units 3 and 4 are leased through 7/31/2026. The landlord currently pays water, sewer, trash, electricity, and gas.
The property is located at 775 - 777 N Smith Road in Bloomington, near a campus bus stop and an elementary school. IU Kelley Business School is approximately 6 minutes away, and the IU Academic Medical Research Center and new IU Regional Hospital are approximately 5 minutes away. The rental permit runs through 9/19/2028. Units 1 and 2 are leased through 7/31/2027; Units 3 and 4 are leased through 7/31/2026. The landlord currently pays water, sewer, trash, electricity, and gas.
Key Highlights
- Four‑unit property on 0.4 acres with 3430 square feet
- All‑brick construction dating to 1960 with central air and off‑street parking
- HVAC replaced in 2020; stone landscaping and Unit 2 renovation completed in 2023
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
Yes
Paved road access
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with recent building-system upgrades and established leases across all units.
Where is this quadplex located?
The property is located at 775 - 777 N Smith Road 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: Four‑unit property on 0.4 acres with 3430 square feet; All‑brick construction dating to 1960 with central air and off‑street parking; HVAC replaced in 2020; stone landscaping and Unit 2 renovation completed in 2023
