Duplex with Upstairs
For Sale
$500,000
920 N Madison Street, Bloomington, IN 47404
MULTI_FAMILY - Bloomington, IN
Property Size2,145 SF
Lot Size0.20 Acres
Price / SF$233.10
Days on Market60
Property Features for 920 N Madison Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 1
Parking
2
Lot features
Corner
Elementary school
Fairview
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
Home is on corner of N Madison St and W 14th St.
Subdivision
Monroe County
Standard status
Active
APN
53-05-33-204-105.000-005
Size
2,145 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
013-18240-00 KENWOOD LOT 46
Legal Description
013-18240-00 KENWOOD LOT 46
Utilities
Cooling system
Central Air
Amenities
storage shed
Building Details
Year built
1899
Floors in Building
2
Flooring type
Vinyl
Architectural style
Other
Listing Agency:
Century 21 Scheetz - Bloomington · Century 21 Real Estate
(812) 336-2100
Listed By:
Ryne Shadday · License #RB17001264
(812) 727-7963
Added: Jun 13
Changed: Aug 3
Last Checked: Aug 11 at 7:06PM
MLS# 202625447
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 duplex investment is zoned R4 and includes onsite parking and a storage shed. The 920 N Madison Street property has a main-level bedroom, kitchen, and full bathroom, plus an upstairs loft with an additional 960 square feet, including an additional bedroom and full bathroom. Neither property is currently rented. The second address, 317 W 14th St, is being sold together with 920 N Madison St.
The property is built in 1899 and is cooled with central air. Flooring is listed as vinyl. In the R4 zone, duplex use is permitted; tri-multi-/apartment opportunities are conditionally approved and would need to appear before the BZA.
With its existing layout and additional loft space, the property offers an established configuration for rental income or redevelopment planning within the R4 zoning framework.
The property is built in 1899 and is cooled with central air. Flooring is listed as vinyl. In the R4 zone, duplex use is permitted; tri-multi-/apartment opportunities are conditionally approved and would need to appear before the BZA.
With its existing layout and additional loft space, the property offers an established configuration for rental income or redevelopment planning within the R4 zoning framework.
Key Highlights
- Zoned R4; duplex is a permitted use in this zone
- Sold together: 920 N Madison St and 317 W 14th St
- Upstairs loft adds 960 square feet with an additional bedroom and full bathroom
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
$19,277
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
3.86%
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%
$385,540
$385.5K
Cap Rate 7%
$275,386
$275.4K
Cap Rate 9%
$214,189
$214.2K
Market Conditions
NOI Build-Up for 2,145 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
$29.1K $13.56/SF
− Vacancy
−$1.5K −$0.72/SF
EGI
$27.5K $12.84/SF
− OpEx
−$8.3K −$3.85/SF
NOI
$19.3K $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%
$385,540
Cap Rate 7%
$275,386
Cap Rate 9%
$214,189
Alternative Uses
Best Use
Multifamily LT 5
$275.4K
$241.0K – $321.3K
NOI $19,277 @ 7.0% cap · market cap 3.86%
Second Best
Apartment 5plus
$250.1K
$218.8K – $291.8K
NOI $17,507 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$419.2K
$366.8K – $489.1K
NOI $29,345 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,801
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?
Duplex - Zoned R4 and sold with an additional nearby duplex, featuring a loft with extra bedroom and bathroom.
Where is this duplex located?
The property is located at 920 N Madison Street Bloomington, IN.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Zoned R4; duplex is a permitted use in this zone; Sold together: 920 N Madison St and 317 W 14th St; Upstairs loft adds 960 square feet with an additional bedroom and full bathroom
