Newly Renovated Duplex with Separate
For Sale
$338,900
1309 Locust Street, New Albany, IN 47150
Renovated duplex with brand-new HVAC, plumbing, finishes, and separate meters for the house and apartment.
Property Size2,722 SF
Price / SF$124.50
Days on Market2104
Property Features for 1309 Locust Street
General Information
Standard status
Active
Size
2,722 SF
Property subtype
Duplex
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$421
Amenities
Ceiling Fan(s)
3
Dishwasher, Microwave, Oven, Range, Refrigerator
Kitchen Island
Metal
Porch, Covered
Residential
Corner Lot.
1 Garage Spaces.
Wood, Frame
Corner, Paved Road.
Building Details
Year Built
1890
Stories
2
Listing Agency:
REI Realty, LLC
Listed By:
Jeff Simmons · License #RB14045893
(812) 989-9100
Source:
Xome
Added: Nov 30, 2020
Changed: Sep 2
Last Checked: Sep 4 at 2:40AM
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 REI Realty, LLC
Investment Insights
Based on property information with market context.
This newly renovated duplex includes substantial interior and mechanical upgrades across both units. The property features new HVAC systems, hot water heaters, ductwork, electrical work, and new plumbing. The house and apartment both have custom upgrades, including updated bathrooms and a custom shower in the apartment, new interior doors and trim, refinished wooden floors in the home, and luxury vinyl tile in the apartment. Kitchens in both units include custom cabinetry with soft-close drawers, granite countertops, an island, and new appliances. An additional room provides extra flexibility and can be used as a sitting room, office, or playroom.
The duplex also has separate meters for the house and apartment, supporting independent utility management. The property is described as close to downtown as well as schools, shopping, and restaurants.
With a layout that supports separate use, the apartment can be used as-is or reconfigured by the next owner to create more combined living space, depending on preference.
The duplex also has separate meters for the house and apartment, supporting independent utility management. The property is described as close to downtown as well as schools, shopping, and restaurants.
With a layout that supports separate use, the apartment can be used as-is or reconfigured by the next owner to create more combined living space, depending on preference.
Key Highlights
- Renovated duplex with brand‑new HVAC, plumbing, and updated finishes throughout
- Separate meters for the house and the apartment/AIRBNB unit
- Apartment features custom shower and new plumbing plus luxury vinyl tile flooring
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
$21,408
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
6.32%
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%
$428,160
$428.2K
Cap Rate 7%
$305,829
$305.8K
Cap Rate 9%
$237,867
$237.9K
Market Conditions
NOI Build-Up for 2,722 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
$33.0K $12.12/SF
− Vacancy
−$2.4K −$0.88/SF
EGI
$30.6K $11.24/SF
− OpEx
−$9.2K −$3.37/SF
NOI
$21.4K $7.86/SF
Area
Floyd County, IN
Vacancy
7.30%
Lease Rate
$12.12 /SF/Yr
Expense Ratio
30.00%
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%
$428,160
Cap Rate 7%
$305,829
Cap Rate 9%
$237,867
Alternative Uses
Best Use
Multifamily LT 5
$305.8K
$267.6K – $356.8K
NOI $21,408 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$275.4K
$241.0K – $321.3K
NOI $19,276 @ 7.0% cap · market cap 5.69%
Theoretical Best
Specialty Retail
$1.97M
$1.72M – $2.30M
NOI $137,724 @ 7.0% cap · market cap 40.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated duplex with brand-new HVAC, plumbing, finishes, and separate meters for the house and apartment.
Where is this duplex located?
The property is located at 1309 Locust Street New Albany, IN.
What is the asking price?
The asking price for this property is $338,900.
What are key features of this property?
This property features: Renovated duplex with brand‑new HVAC, plumbing, and updated finishes throughout; Separate meters for the house and the apartment/AIRBNB unit; Apartment features custom shower and new plumbing plus luxury vinyl tile flooring
