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    Five-Unit Multifamily Investment Opportunity Title is generated by Realmo AI

    1011 Vincennes Street, New Albany, IN 47150

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    Claim this Listing
    For Sale
    $600,000

    COMMERCIAL - New Albany, IN

    Property size:
    5,356 SF
    Lot size:
    0.22 Acres
    Price / SF:
    $112/SF
    Added:
    May 8, 2026
    Days on Market:
    33
    Last Refresh:
    Jun 9 at 6:06 pm

    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

    We can help!

    Listing Contact
    Matt Lincoln
    Matt Lincoln

    Listing agent Matt Lincoln License #RB14042235

    Listing office Schuler Bauer Real Estate Services ERA Powered (N 4206 Charlestown Road, # 200, New Albany, IN

    Listing date May 8, 2026

    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.

    HighLights

    • 5‑unit apartment building built in 1919
    • Unit mix: one 3BD/3BA (Unit 4), three 2BD/2BA units (Units 1–3), and one 1BD/1BA unit (Unit 5)
    • Unit 3 is the only upstairs unit and has a private deck entry
    • All units are individually climate‑controlled with efficient mini‑split systems
    • Seller notes flexible terms, including seller‑paid closing costs and renovation credit

    Overview

    This five-unit property presents an investment opportunity with immediate income and additional upside potential. Located in New Albany, Indiana, the property benefits from strong rental demand in the area, offering the potential to increase rents and improve overall returns. The property contains a variety of floor plans. Unit 4 features 3 bedrooms and 3 full baths, while Units 1, 2, and 3 each offer 2 bedrooms and 2 baths. Unit 3 is the only upstairs unit with a private deck entry. Unit 5 is a one-bedroom, one-bath unit on the first floor. All units are individually climate-controlled with efficient mini-split systems. The building is situated on a 0.22-acre lot. The property offers a rental portfolio with modern amenities already in place. It is suitable for investors seeking consistent rental income. The property contains 5,356 square feet.

    Local 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 (±1% cap)
    NOI $37,928 @ 7.0% cap · market cap 6.32%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $3.87M
    $3.39M – $4.52M (±1% cap)
    NOI $270,996 @ 7.0% cap · market cap 45.17%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Gaming Utopia Department Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Albany
    County
    Floyd
    State
    Indiana
    Longitude
    -85.8122536
    Latitude
    38.2979999

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    FAQs

    What type of property is this?
    Apartment building - Five-unit property with income and upside potential in New Albany.
    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 $600,000.
    What are key features of this property?
    This property features: 5‑unit apartment building built in 1919; Unit mix: one 3BD/3BA (Unit 4), three 2BD/2BA units (Units 1–3), and one 1BD/1BA unit (Unit 5); Unit 3 is the only upstairs unit and has a private deck entry
    (812) 948-2888
    We can help!
    Listing Contact
    Matt Lincoln
    Matt Lincoln
    Real Estate License ID: RB14042235
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