Zoned R4 Duplex
920 North Madison Street Bloomington, IN 47404
920 North Madison Street, Bloomington, IN, 47404
$500,000
For Sale
$500,000
Two income properties on a combined double lot with onsite parking and a storage shed, both currently unrented.
Property Size2,145 SF
Lot Size0.33 Acres
Price / SF$233.10
Days on Market52
Property Features for 920 North Madison Street
General Information
- Standard status
- Active
- Size
- 2,145 SF
- Lot size
- 0.33 Acres
- Property subtype
- Multi Family / Other
Building Details
- Year Built
- 1899
Listing agency
Century 21 Scheetz - Bloomington
(812) 336-2100
Listed by
Ryne Shadday · License #RB17001264
(812) 336-2100
Source
Compass
Added: Jun 1 Updated: Jul 21 at 7:29PM Checked: Jul 22 at 10:07AM
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 Century 21 Scheetz - Bloomington
Investment Insights
Based on property information with market context.
This sale includes two properties being sold together: 920 N Madison St and 317 W 14th St, on an approximately 1/3-acre double lot. The 920 N Madison property includes a main-level bedroom, kitchen, and full bathroom, along with an upstairs loft featuring additional living space with another bedroom and full bathroom. The property also has onsite parking and a storage shed. Neither property is currently rented.
The properties are located close to downtown Bloomington and minutes from campus. The site is zoned R4, with duplex use identified as permitted in this zoning district. Tri-multi/apartment opportunities are described as conditionally approved, subject to approval before the BZA.
The properties are located close to downtown Bloomington and minutes from campus. The site is zoned R4, with duplex use identified as permitted in this zoning district. Tri-multi/apartment opportunities are described as conditionally approved, subject to approval before the BZA.
Key Highlights
- Sold together: 920 N Madison St and 317 W 14th St on a combined 1/3‑acre double lot
- Two income properties, both currently unrented (zip to rental conversion or new development)
- 920 N Madison St offers main‑level bedroom, kitchen, and full bath plus an upstairs loft with additional 960 SF, bedroom, and full bath
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.1k | $13.56 |
| − Vacancy | −$1.5k | −$0.72 |
| EGI | $27.5k | $12.84 |
| − OpEx | −$8.3k | −$3.85 |
| NOI | $19.3k | $8.99 |
2,145 SF · lease $13.56/SF/yr · vacancy 5.32% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two income properties on a combined double lot with onsite parking and a storage shed, both currently unrented.
Where is this duplex located?
The property is located at 920 North 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: Sold together: 920 N Madison St and 317 W 14th St on a combined 1/3‑acre double lot; Two income properties, both currently unrented (zip to rental conversion or new development); 920 N Madison St offers main‑level bedroom, kitchen, and full bath plus an upstairs loft with additional 960 SF, bedroom, and full bath
