Live-Work Space with Beauty Salon &
For Sale
$299,900
331 Vincennes Street, New Albany, IN 47150
COMMERCIAL - New Albany, IN
Property Size1,716 SF
Lot Size0.07 Acres
Price / SF$174.77
Days on Market11
Property Features for 331 Vincennes Street
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
APN
0086870060
Size
1,716 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
4051
Tax Description
P. 19 26 1/3 L. 47-48
Tax Annual Amount
1681
Legal Description
P. 19 26 1/3 L. 47-48
Amenities
off-street parking
rear parking pad
cozy green space
Building Details
Year built
1929
Listing Agency:
Green Tree Real Estate Services
(502) 930-0727
Listed By:
Candice Ritchie · License #RB19000968
(502) 930-0727
Added: Jul 31
Changed: Aug 9
Last Checked: Aug 10 at 2:06AM
MLS# 2026010599
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 live-work property at 331 Vincennes Street is a mixed-use setup combining a commercial salon space with a private one-bedroom apartment. The commercial area is nearly 1,200 square feet and is currently laid out as a beauty salon with room for 5-7 styling stations, two shampoo stations, two half baths, and a break room. The flexible floor plan can support a range of small retail and service uses, including salon/barbershop, spa, boutique, office, retail, or professional services.
The property also includes an apartment of over 500 square feet with its own entrance, plus a rear parking pad and a green space. With off-street parking and visibility in New Albany’s Vincennes Street Up Town business district, the configuration can support owner-occupancy or separate rental use.
Built in 1929 and situated on a 0.066-acre lot, the asset totals 1,716 square feet and is positioned for continued growth in a revitalizing area of New Albany, Indiana.
The property also includes an apartment of over 500 square feet with its own entrance, plus a rear parking pad and a green space. With off-street parking and visibility in New Albany’s Vincennes Street Up Town business district, the configuration can support owner-occupancy or separate rental use.
Built in 1929 and situated on a 0.066-acre lot, the asset totals 1,716 square feet and is positioned for continued growth in a revitalizing area of New Albany, Indiana.
Key Highlights
- Commercial salon space of nearly 1,200 SF with room for 5‑7 styling stations and two shampoo stations
- Salon setup includes 2 half baths plus a break room
- Private one‑bedroom apartment of over 500 SF with its own entrance
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,517
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.17%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$430,340
$430.3K
Cap Rate 7%
$307,386
$307.4K
Cap Rate 9%
$239,078
$239.1K
Market Conditions
NOI Build-Up for 1,716 SF
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.
Gross rent
$37.1K $21.60/SF
− Vacancy
−$8.4K −$4.88/SF
EGI
$28.7K $16.72/SF
− OpEx
−$7.2K −$4.18/SF
NOI
$21.5K $12.54/SF
Area
Floyd County, IN
Vacancy
22.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$430,340
Cap Rate 7%
$307,386
Cap Rate 9%
$239,078
Alternative Uses
Best Use
Office B
$307.4K
$269.0K – $358.6K
NOI $21,517 @ 7.0% cap · market cap 7.17%
Second Best
Mixed Use
$248.2K
$217.2K – $289.6K
NOI $17,375 @ 7.0% cap · market cap 5.79%
Theoretical Best
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $86,824 @ 7.0% cap · market cap 28.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
285
Businesses Nearby
Explore this area
Business Placement
Demographics for 47150, IN
49,395
Population
22,834
Households
2.2
Avg Household Size
39
Median Age
26%
College-Educated
91%
High-School Grad
45.0 sq mi
ZIP Area
1,098
Density / Sq Mi
$62,212
Median Household Income
$40,837
Median Earnings
$984
Median Rent
$191,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Mixed-use live-work setup with a beauty salon area and a private one-bedroom apartment plus rear parking pad.
Where is this live-work space located?
The property is located at 331 Vincennes Street New Albany, IN.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Commercial salon space of nearly 1,200 SF with room for 5‑7 styling stations and two shampoo stations; Salon setup includes 2 half baths plus a break room; Private one‑bedroom apartment of over 500 SF with its own entrance
