Listed by The Indiana Team
$235,000
12–15 Unit Development Site-Seller Financing available
Details
Property Type Land
Sub Type Residential
Broker Co-Op Yes
Acreage 0.680
Zoning Residential Multifamily
Adjacent to the B-line trail and Switchyard Park!
Marketing description
- Development-ready 0.68-acre RM-zoned multifamily site supporting 12–15 two- and three-bedroom apartments or condominiums. Located in a Qualified Opportunity Zone steps from Bloomington’s premier 65-acre Switchyard Park and the B-Line Trail in one of the city’s fastest-growing residential corridors.
- Significant pre-development work complete: soil samples on file and site plans for multi-unit development previously prepared. Buyer saves months of planning and thousands in due diligence costs. Bloomington’s UDO supports medium-scale multifamily development in the RM district with building heights up to 3 stories.
- A completed 12–15 unit project at this location could generate $172,000–$270,000 in annual gross rental income, or $2.4M–$4.1M in total condo sales revenue. Bloomington’s rental market, driven by Indiana University, maintains among the lowest vacancy rates in the state.
- Opportunity Zone investors can defer existing capital gains, receive a basis step-up on deferred gains, and pay zero capital gains tax on project appreciation when held for 10+ years.
- Seller financing available to qualified buyers. Ideal for developers and OZ investors seeking an entitled, de-risked site in a proven rental market.
- Adjacent 5.5-acre property is also separately available, creating a potential 6+ acre combined development site for 60+ units. Site plans for the combined parcels have been previously prepared. Contact listing agent for details.
Listing Contacts
Listed by The Indiana Team
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