Three-Story Multifamily
For Sale
$350,000
823 North Maple Street, Bloomington, IN 47404
R3-zoned residential property with a flexible multi-level layout and central air.
Property Size3,276 SF
Price / SF$106.84
Days on Market439
Property Features for 823 North Maple Street
General Information
Standard status
Active
Size
3,276 SF
Property subtype
Multi Family / Other
Zoning
R3
Amenities
Central Air
3
Yes
Carpet, Vinyl Tile
2
Conventional
Poured Concrete, Stone
Partial Basement
1
6
No
Brick, Vinyl
Basement
Building Details
Year Built
1950
Buildings
1
Stories
3
Listing Agency:
FC Tucker/Bloomington REALTORS
(812) 336-7300
Listed By:
Chris Cockerham · License #RB14027897
(812) 336-7300
Source:
Compass
Added: Jun 20, 2025
Changed: Aug 30
Last Checked: Aug 31 at 10:01PM
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 FC Tucker/Bloomington REALTORS
Investment Insights
Based on property information with market context.
Built in 1950, this 3,276-square-foot multifamily property has a multi-level configuration with residential space arranged across three floors. The first floor includes 2 bedrooms, while the second floor provides 4 bedrooms. The upper level offers room for up to 2 additional bedrooms. A fire staircase connects the levels, and the property also includes central air and a partial basement.
The property is located at 823 North Maple Street in Bloomington, within walking distance of the city’s new Trades District and minutes from downtown Bloomington. R3 – Residential Small Lot zoning supports residential small-lot development. The existing layout and zoning provide a factual basis for evaluating continued residential use, renovation, or redevelopment.
The property is located at 823 North Maple Street in Bloomington, within walking distance of the city’s new Trades District and minutes from downtown Bloomington. R3 – Residential Small Lot zoning supports residential small-lot development. The existing layout and zoning provide a factual basis for evaluating continued residential use, renovation, or redevelopment.
Key Highlights
- 3,276 SF multifamily property built in 1950
- R3 – Residential Small Lot zoning
- Three‑level layout with 2 bedrooms on the first floor and 4 bedrooms on the second
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
$26,738
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
7.64%
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%
$534,760
$534.8K
Cap Rate 7%
$381,971
$382.0K
Cap Rate 9%
$297,089
$297.1K
Market Conditions
NOI Build-Up for 3,276 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
$51.5K $15.72/SF
− Vacancy
−$2.9K −$0.88/SF
EGI
$48.6K $14.84/SF
− OpEx
−$21.9K −$6.68/SF
NOI
$26.7K $8.16/SF
Area
Monroe County, IN
Vacancy
5.60%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$534,760
Cap Rate 7%
$381,971
Cap Rate 9%
$297,089
Alternative Uses
Best Use
Apartment 5plus
$382.0K
$334.2K – $445.6K
NOI $26,738 @ 7.0% cap · market cap 7.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$640.3K
$560.2K – $747.0K
NOI $44,818 @ 7.0% cap · market cap 12.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,746
Businesses Nearby
Explore this area
Business Placement
Demographics for 47404, IN
23,799
Population
12,101
Households
2
Avg Household Size
33
Median Age
43%
College-Educated
95%
High-School Grad
52.6 sq mi
ZIP Area
452
Density / Sq Mi
$54,674
Median Household Income
$36,725
Median Earnings
$1,159
Median Rent
$243,500
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?
Multifamily property - R3-zoned residential property with a flexible multi-level layout and central air.
Where is this multifamily property located?
The property is located at 823 North Maple Street Bloomington, IN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 3,276 SF multifamily property built in 1950; R3 – Residential Small Lot zoning; Three‑level layout with 2 bedrooms on the first floor and 4 bedrooms on the second
