Newly Renovated Duplex with Separate
1309 Locust Street New Albany, IN 47150
1309 Locust Street, New Albany, IN, 47150
$338,900
For Sale
$338,900
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 Market2013
Property Features for 1309 Locust Street
General Information
- Standard status
- Active
- Size
- 2,722 SF
- Property subtype
- Duplex
Building Details
- Year Built
- 1890
Listing agency
REI Realty, LLC
(812) 989-9100
Listed by
Jeff Simmons
(812) 989-9100
Source
Xome
Added: Jan 15, 2021 Updated: Jul 20 at 11:31PM Checked: Jul 21 at 3:08AM
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
Local Financial Insights For Multifamily LT 5
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 | $33.0k | $12.12 |
| − Vacancy | −$2.4k | −$0.88 |
| EGI | $30.6k | $11.24 |
| − OpEx | −$9.2k | −$3.37 |
| NOI | $21.4k | $7.86 |
2,722 SF · lease $12.12/SF/yr · vacancy 7.30% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
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
