Residential Land for Sale in Bloomington, Indiana

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.