Five-Unit Apartment
1011 Vincennes Street New Albany, IN 47150
For Sale
$575,000
COMMERCIAL - New Albany, IN
Property Size5,356 SF
Lot Size0.22 Acres
Price / SF$107.36
Days on Market78
Property Features for 1011 Vincennes Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- APN
- 0086260140
- Size
- 5,356 SF
- Lot size
- 0.22 Acres
Taxes and HOA fees
- Tax Year
- 4051
- Tax Description
- P 63 S 1/2 L 9 & N 45' L 7
- Tax Annual Amount
- 2404
Building Details
- Year built
- 1919
- Number of units
- 1
Listing Agency:
Schuler Bauer Real Estate Services ERA Powered (N
(812) 948-2888
Listed By:
Matt Lincoln · License #RB14042235
(812) 948-2888
Added: May 8
Changed: Jul 19
Last Checked: Jul 24 at 12:06PM
MLS# 202608003
Copyright © 2026 Southern Indiana REALTORS Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This five-unit apartment building includes a mix of unit types and layouts. Units 1, 2, and 3 each offer 2 bedrooms and 2 bathrooms. Unit 4 features 3 bedrooms and 3 full bathrooms, and it includes a private deck entry for the upstairs configuration. Unit 5 provides 1 bedroom and 1 bathroom on the first floor. Each unit is individually climate-controlled with efficient mini-split systems.
The property is located at 1011 Vincennes Street in New Albany, Indiana 47150. It sits on a 0.22-acre lot and totals 5,356 square feet of building area.
The unit mix supports a tenant-facing leasing strategy that can accommodate different household sizes, from 1-bedroom needs through larger 2- and 3-bedroom configurations. With individual mini-split heating and cooling already in place for every unit, the building is designed for independent comfort across the rental portfolio. This makes it a straightforward fit for buyers seeking a small multifamily asset with defined, repeatable residential layouts.
The property is located at 1011 Vincennes Street in New Albany, Indiana 47150. It sits on a 0.22-acre lot and totals 5,356 square feet of building area.
The unit mix supports a tenant-facing leasing strategy that can accommodate different household sizes, from 1-bedroom needs through larger 2- and 3-bedroom configurations. With individual mini-split heating and cooling already in place for every unit, the building is designed for independent comfort across the rental portfolio. This makes it a straightforward fit for buyers seeking a small multifamily asset with defined, repeatable residential layouts.
Key Highlights
- 1919‑built 5‑unit apartment building with individually climate‑controlled units
- Unit mix: one 3BR/3BA (Unit 4), three 2BR/2BA units (Units 1–3), and one 1BR/1BA (Unit 5)
- Unit 3 is the only upstairs unit and has a private deck entry
Financial Insights For Apartment 5plus
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 | $73.9k | $13.80 |
| − Vacancy | −$5.0k | −$0.92 |
| EGI | $69.0k | $12.88 |
| − OpEx | −$31.0k | −$5.79 |
| NOI | $37.9k | $7.08 |
5,356 SF · lease $13.80/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$541.8K
$474.1K – $632.1K
NOI $37,928 @ 7.0% cap · market cap 6.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.87M
$3.39M – $4.52M
NOI $270,996 @ 7.0% cap · market cap 47.13%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Gaming Utopia
Department Store
FAQs
What type of property is this?
Apartment building - Five individually climate-controlled units with varied floor plans make this property suitable for residential rental operations.
Where is this apartment building located?
The property is located at 1011 Vincennes Street New Albany, IN.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 1919‑built 5‑unit apartment building with individually climate‑controlled units; Unit mix: one 3BR/3BA (Unit 4), three 2BR/2BA units (Units 1–3), and one 1BR/1BA (Unit 5); Unit 3 is the only upstairs unit and has a private deck entry
