Updated Five-Unit Multifamily
For Sale
$245,000
1110 Chartres St, New Albany, IN 47150
Two-story five-unit property with three currently occupied and recent updates including paint, flooring, and appliances.
Property Size2,280 SF
Price / SF$107.46
Days on Market152
Property Features for 1110 Chartres St
General Information
Standard status
Active
Size
2,280 SF
Property subtype
Multifamily
Zoning
TR
Occupancy
60%
Additional Details
Multifamily Units
5
Amenities
Power
Water
Sewer
Natural Gas
Building Details
Year Built
1929
Stories
2
Listing Agency:
Keller Williams Realty
Listed By:
Brian Haeseley · License #RB14040159
(502) 552-4048
Source:
Kcrea.resimplifi
Added: Apr 13
Changed: Sep 9
Last Checked: Sep 11 at 4:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty
Investment Insights
Based on property information with market context.
This two-story five-unit multifamily property is positioned as an income-producing house with current occupancy in three units. One additional unit is described as rent-ready, and another is being prepped for rent. Updates completed this year include fresh paint, flooring, appliance replacements, and water/sewer line upgrades. The property is being sold AS-IS.
The seller reports gross rent approaching $5,000 per month. The listing encourages scheduled showings for investors seeking a turnkey unit mix with ongoing rent-up underway.
Income approach aside, the practical configuration is straightforward: five separate units within a single house structure, with occupancy spanning three units plus two units transitioning to rent readiness.
The seller reports gross rent approaching $5,000 per month. The listing encourages scheduled showings for investors seeking a turnkey unit mix with ongoing rent-up underway.
Income approach aside, the practical configuration is straightforward: five separate units within a single house structure, with occupancy spanning three units plus two units transitioning to rent readiness.
Key Highlights
- Five‑unit, two‑story income property built in 1929 in New Albany
- Income close to $5,000 gross rent per month, with three units currently occupied
- One additional unit is ready for rent, and one unit is being prepped for rent
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
$16,146
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
6.59%
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%
$322,920
$322.9K
Cap Rate 7%
$230,657
$230.7K
Cap Rate 9%
$179,400
$179.4K
Market Conditions
NOI Build-Up for 2,280 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
$31.5K $13.80/SF
− Vacancy
−$2.1K −$0.92/SF
EGI
$29.4K $12.88/SF
− OpEx
−$13.2K −$5.79/SF
NOI
$16.1K $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%
$322,920
Cap Rate 7%
$230,657
Cap Rate 9%
$179,400
Alternative Uses
Best Use
Apartment 5plus
$230.7K
$201.8K – $269.1K
NOI $16,146 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.65M
$1.44M – $1.92M
NOI $115,360 @ 7.0% cap · market cap 47.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
60%
Occupancy
Location Intelligence
Trade Area within ½ mile
694
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story five-unit property with three currently occupied and recent updates including paint, flooring, and appliances.
Where is this apartment building located?
The property is located at 1110 Chartres St New Albany, IN.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Five‑unit, two‑story income property built in 1929 in New Albany; Income close to $5,000 gross rent per month, with three units currently occupied; One additional unit is ready for rent, and one unit is being prepped for rent
