Five-Unit Apartment
For Sale
$575,000
1011 Vincennes Street, New Albany, IN 47150
Commercial, New Albany, IN
Property Size5,356 SF
Lot Size0.22 Acres
Price / SF$107.36
Days on Market113
Property Features for 1011 Vincennes Street
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Spring St to Vincennes - Across from New Albany HS.
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
Legal Description
P 63 S 1/2 L 9 & N 45' L 7
Amenities
individual climate control
Building Details
Year built
1919
Number of units
1
Listing Agency:
Schuler Bauer Real Estate Services ERA Powered (N · ERA Real Estate
(812) 948-2888
Listed By:
Matt Lincoln · License #RB14042235
(812) 948-2888
Added: May 8
Changed: Aug 23
Last Checked: Aug 28 at 8:06AM
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 5,356-square-foot apartment building contains five units with varied residential layouts. Unit 4 includes 3 bedrooms and 3 full baths. Units 1, 2, and 3 each provide 2 bedrooms and 2 baths, while Unit 5 is a 1-bedroom, 1-bath residence. Unit 3 is the only upstairs apartment and includes private deck access.
Individual mini-split systems provide climate control for each unit. The property occupies 0.22 acres and was built in 1919. It is located at 1011 Vincennes Street in New Albany, Indiana, within ZIP Code 47150.
Individual mini-split systems provide climate control for each unit. The property occupies 0.22 acres and was built in 1919. It is located at 1011 Vincennes Street in New Albany, Indiana, within ZIP Code 47150.
Key Highlights
- Five‑unit apartment building totaling 5,356 square feet
- Unit mix includes one 3‑bedroom/3‑bath, three 2‑bedroom/2‑bath, and one 1‑bedroom/1‑bath residence
- Unit 3 is the only upstairs apartment and has private deck entry
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
$37,928
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
6.60%
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%
$758,560
$758.6K
Cap Rate 7%
$541,829
$541.8K
Cap Rate 9%
$421,422
$421.4K
Market Conditions
NOI Build-Up for 5,356 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
$73.9K $13.80/SF
− Vacancy
−$5.0K −$0.92/SF
EGI
$69.0K $12.88/SF
− OpEx
−$31.0K −$5.79/SF
NOI
$37.9K $7.08/SF
Area
Floyd County, IN
Vacancy
6.70%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
45.00%
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%
$758,560
Cap Rate 7%
$541,829
Cap Rate 9%
$421,422
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
472
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 Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Each residence has individual climate control through an efficient mini-split system.
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: Five‑unit apartment building totaling 5,356 square feet; Unit mix includes one 3‑bedroom/3‑bath, three 2‑bedroom/2‑bath, and one 1‑bedroom/1‑bath residence; Unit 3 is the only upstairs apartment and has private deck entry
