1201 Allen St Bloomington, IN 47403

This exceptional 40-unit apartment complex, situated on 2.66 acres in Bloomington, Indiana, presents a compelling investment opportunity. The property consists of nine single-story buildings, offering 39 one-bedroom units and one unique two-entrance unit currently configured as an office and laundry facility. Recently renovated (2021-2023), these units boast modern comforts and stylish updates, attracting tenants in a high-demand rental market. The property features 50 parking spaces and is zoned for high-density multifamily residential use. With a total square footage of 23,310, the asking price is $4,300,000, representing a price per square foot of $184.47. The current NOI is $285,562, yielding a 6.64% cap rate and a pro-forma cap rate of 8.00%. Currently operating at 95% occupancy, the property offers significant potential for increased revenue through the conversion of the existing office space into a rental unit and the optimization of utility fees. All units are individually metered for electricity, with tenants responsible for their own usage. Water and sewer are on a mass meter, but a tenant-paid utility fee is projected to fully offset these costs for the owner. The property's location offers easy access to Indiana University, IU Health Hospital, highly-rated schools, and major employers. Section 8 qualified, this property is an attractive investment with potential for future expansion. The recent capital expenditures and high occupancy rate demonstrate a strong, stable income stream.