Anyone know about the market at Bloomington, IN?

Question

Hi, I am currently looking at a multifamily property on S. Curry Pike on the southwest side of Bloomington, Indiana. Can anyone share with me your knowledge on this area? Thank you!

Ben Fraser · Answer

Hi Bee-Bee,

Depending on how far south that is, S. Curry Pike can get quite rural. On the other hand, the closer to 3rd St. you are the closer to the Walmart and Sam's Club you get. And, personally, that is not a plus in my book. Basically, we are talking about the west side and this is where most of the commercial development in Bloomington has occurred in the last 10-20 years.

However, despite all the development, the west side elementary and middle school districts in that area still aren't that great. Bloomington High School South is the better of the two high schools (and I say that reluctantly having gone to Bloomington High School North myself) because a lot of SE neighborhoods (where you aren't looking at buying) are quite expensive.

So, my advice is to try and buy closer to the IU campus, the SE especially. That way you can appeal to both parents and college students. There are still some deals to be had in Garden Acres (which isn't really SE...) for instance, and that particular neighborhood is within walking distance of the College Mall and the new Whole Foods grocery.

In any case, good luck!

Ben

Marc Kelwaski · Answer

I think I know the property you are referring to.  The southwest side of town is generally a lower income area.  Also, you should be aware that the properties on Curry Pike are currently in the county, but Bloomington plans to annex this area January 1st 2020 (still being finalized, but the mayor announced this last month).  Being annexed into the city will cause a property tax increase, which should be factored when looking at NOI and Cap Rates.

Harjeet Bhatti · Answer

I can share realtor name if that's help.

Anyone know about the market at Bloomington, IN?

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