Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1121 State St New Albany, IN

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Turnkey scuba dive business with real estate for sale.

    Type:RETAIL
    Lot size:
    0.12 Acres
    Added:
    Nov 25, 2025
    Days on Market:
    156
    Last Refresh:
    Apr 5 at 8:45 pm

    Property Features for 1121 State St

    General Information

    Standard status
    Active
    Lot size
    0.12 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Brian T Haeseley

    Listing agent Brian T Haeseley License #RB14040159

    Listing office Keller Williams Realty Consultants

    Listing date Nov 25, 2025

    Source Moodyscre

    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 Consultants

    Overview

    Established Scuba Dive Store

    This established scuba dive store, operating for over 40 years, presents an opportunity for a new owner. The sale includes the real estate located at 1121, 1119 State St and 1124 Hildreth St, along with inventory, equipment, a MACO 5000 PSI compressor, rental equipment, and an above-ground heated pool. The business has established goodwill over its many years of operation. Financial information is available under a Non-Disclosure Agreement.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Seaweed Diver, Inc (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    New Albany
    County
    Floyd
    State
    Indiana
    Longitude
    -85.8293
    Latitude
    38.2939

    Nearby Similar for Lease

    • $6 SF/Yr

      Well-Maintained Industrial-Office Building For Sale

      28,000+ SF industrial-office building built in 2016/2017.
      4302 Security Pkwy, New Albany, IN
      View Details
    • Contact for pricing

      Retail Space Near Walmart

      Retail space available in shadow-anchored center near I-265.
      1929 McDonald Lane , New Albany, IN 47150
      View Details
    • Contact for pricing

      Prime Office/Retail End-Cap Space

      Well-maintained 1,150 SF office/retail space with excellent visibility.
      2855 Charlestown Rd, New Albany, IN 47150
      View Details
    • $19 SF/Yr

      State Street Office Space Available

      Office space with high visibility and versatile layout.
      2113 State Street, New Albany, IN
      View Details
    • Contact for pricing

      Furnished Medical Office Space Available

      Furnished medical office space for sublease in Purdue Research Park.
      4101 Technology Avenue, New Albany, IN, 47150
      View Details
    • $700/Mo

      Office Space Available For Rent

      700 square feet office space for rent in New Albany.
      1931 E Spring St, New Albany, IN
      View Details
    • Contact for pricing

      Restaurant Property with Drive-Up Window

      Commercial property with drive-up, parking, and restaurant equipment.
      514 Vincennes St, New Albany, IN
      View Details
    • $16 SF/Yr

      Office Space in New Albany

      Office space available for lease in New Albany, Indiana.
      825 University Woods Dr, New Albany, IN
      View Details
    • Contact for pricing

      Retail Space Near I-265

      17,000 SF retail property with ample parking and signage.
      3417 Grant Line Rd, New Albany, IN 47150
      View Details
    • Contact for pricing

      Historic Queen Anne Office Space

      Professional office space in a historic Queen Anne building.
      1931 E Spring St, New Albany, IN 47150
      View Details
    • Contact for pricing

      Class A Office Space Available

      Highly visible office space in Southern Indiana's premier building.
      4106 Charlestown Rd, New Albany, IN
      View Details
    • Contact for pricing

      Prominent Office Building for Lease

      First-class office building in Southern Indiana with high visibility.
      4106 Charlestown Rd, New Albany, IN 47150
      View Details

    FAQs

    What type of property is this?
    Retail space - Turnkey scuba dive business with real estate for sale.
    Where is this retail space located?
    The property is located at 1121 State St New Albany, IN.
    What are key features of this property?
    This property features: Established Scuba Dive Store (40+ years) with Real Estate Included; Sale Includes Inventory and Equipment, featuring a MACO 5000 PSI compressor; Includes Rental Equipment and Above Ground Heated Pool
    (812) 944-7024 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Brian T Haeseley
    Real Estate License ID: RB14040159
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!