Two-Unit Duplex with Private
For Sale
$279,900
851 S Park Square Drive, Bloomington, IN 47403
MULTI_FAMILY - Other - Bloomington, IN
Property Size2,600 SF
Lot Size0.20 Acres
Price / SF$107.65
Days on Market34
Property Features for 851 S Park Square Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 3, Bedroom 6, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 5
Parking
2
Fencing
Chain Link
Subdivision
Highland Village
Lot features
City/ Town/ Suburb, 0-2.9999
Elementary school
Highland Park
Middle school
Batchelor
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
West on 3rd Street, Left on Park Square Drive, unit is on left just before Highland park Elementary
Standard status
Active
APN
53-09-01-204-001.000-016
Size
2,600 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
HIGHLAND VILLAGE 12A L515
Legal Description
HIGHLAND VILLAGE 12A L515
Utilities
Cooling system
Central Air
Building Details
Year built
1976
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX Acclaimed Properties · RE/MAX International
(812) 332-3001
Listed By:
Andy Walker · License #RB14032117
(812) 325-1290
Added: Jul 10
Changed: Aug 1
Last Checked: Aug 12 at 11:06AM
MLS# 202627614
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 two-unit duplex at 851 S Park Square Drive, Bloomington, IN (47403-1753) offers a practical layout for both investors and owner-occupants. The property sits on a 0.2-acre lot and includes approximately 2,600 square feet total, with two spacious units. Each unit features three bedrooms and 1.5 bathrooms, generous living areas, private entrances, and separate driveways.
One unit is currently rented while the second unit is vacant, giving you flexibility to increase income or occupy one side while the other helps offset expenses. Built in 1976, the home includes central air cooling, carpet and vinyl flooring, a shingle roof, and chain-link fencing.
The location provides convenient access to Indiana University, downtown Bloomington, shopping, restaurants, parks, and I-69, supporting tenant appeal and everyday convenience.
One unit is currently rented while the second unit is vacant, giving you flexibility to increase income or occupy one side while the other helps offset expenses. Built in 1976, the home includes central air cooling, carpet and vinyl flooring, a shingle roof, and chain-link fencing.
The location provides convenient access to Indiana University, downtown Bloomington, shopping, restaurants, parks, and I-69, supporting tenant appeal and everyday convenience.
Key Highlights
- 0.2‑acre duplex with approximately 2,600 SF total living space
- Two spacious units, each with about 1,300 SF, three bedrooms, and 1.5 bathrooms
- Private entrances and separate driveways for each unit
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
$23,366
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
8.35%
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%
$467,320
$467.3K
Cap Rate 7%
$333,800
$333.8K
Cap Rate 9%
$259,622
$259.6K
Market Conditions
NOI Build-Up for 2,600 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
$35.3K $13.56/SF
− Vacancy
−$1.9K −$0.72/SF
EGI
$33.4K $12.84/SF
− OpEx
−$10.0K −$3.85/SF
NOI
$23.4K $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%
$467,320
Cap Rate 7%
$333,800
Cap Rate 9%
$259,622
Alternative Uses
Best Use
Multifamily LT 5
$333.8K
$292.1K – $389.4K
NOI $23,366 @ 7.0% cap · market cap 8.35%
Second Best
Apartment 5plus
$303.2K
$265.3K – $353.7K
NOI $21,221 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$508.1K
$444.6K – $592.8K
NOI $35,569 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
Explore this area
Business Placement
Demographics for 47403, IN
33,066
Population
16,271
Households
2
Avg Household Size
35
Median Age
39%
College-Educated
93%
High-School Grad
85.0 sq mi
ZIP Area
389
Density / Sq Mi
$68,703
Median Household Income
$40,391
Median Earnings
$1,114
Median Rent
$222,000
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?
Duplex - 1976-built two-unit duplex with central air and chain-link fencing, each unit accessed via private entrances.
Where is this duplex located?
The property is located at 851 S Park Square Drive Bloomington, IN.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: 0.2‑acre duplex with approximately 2,600 SF total living space; Two spacious units, each with about 1,300 SF, three bedrooms, and 1.5 bathrooms; Private entrances and separate driveways for each unit
