Brick Duplex with Two
For Sale
$250,000
3003 Jason Drive, New Albany, IN 47150
All-brick duplex built in 1989 offers two 3-bedroom units with washer/dryer hookups.
Property Size2,096 SF
Price / SF$119.27
Days on Market2043
Property Features for 3003 Jason Drive
General Information
Standard status
Active
Size
2,096 SF
Property subtype
Duplex
Occupancy
50%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,837
Amenities
washer/dryer hookups
storage shed
3
Dishwasher, Oven, Range, Refrigerator
Residential
Brick, Frame
Paved Road.
Building Details
Year Built
1989
Stories
1
Construction
brick
Tenancy
Multi
Listing Agency:
simpler.realestate
Listed By:
Karsten Nelson · License #RB22000284
(812) 923-7050
Source:
Xome
Added: Jan 31, 2021
Changed: Sep 2
Last Checked: Sep 4 at 4:01AM
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 simpler.realestate
Investment Insights
Based on property information with market context.
This all-brick duplex, built in 1989, includes two separate apartment units. Each unit features three bedrooms and 1.5 bathrooms, along with washer and dryer hookup connections. Apartment A is currently vacant, while Apartment B is occupied and leased on a month-to-month basis.
The property is located at 3003 Jason Drive in New Albany on a dead-end street and is described as being near shopping and dining options. A storage shed for both units is located in the back yard. Apartment B is currently leased for $600 per month, offering an income-producing component for an investor or an owner-occupant plan.
The property is located at 3003 Jason Drive in New Albany on a dead-end street and is described as being near shopping and dining options. A storage shed for both units is located in the back yard. Apartment B is currently leased for $600 per month, offering an income-producing component for an investor or an owner-occupant plan.
Key Highlights
- All‑brick duplex built in 1989 with two units
- Two 3‑bedroom units, each with washer/dryer hookups
- Apartment B is currently leased month to month for $600 per month
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
$16,484
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%
$329,680
$329.7K
Cap Rate 7%
$235,486
$235.5K
Cap Rate 9%
$183,156
$183.2K
Market Conditions
NOI Build-Up for 2,096 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
$25.4K $12.12/SF
− Vacancy
−$1.9K −$0.88/SF
EGI
$23.5K $11.24/SF
− OpEx
−$7.1K −$3.37/SF
NOI
$16.5K $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%
$329,680
Cap Rate 7%
$235,486
Cap Rate 9%
$183,156
Alternative Uses
Best Use
Multifamily LT 5
$235.5K
$206.1K – $274.7K
NOI $16,484 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$212.0K
$185.5K – $247.4K
NOI $14,843 @ 7.0% cap · market cap 5.94%
Theoretical Best
Specialty Retail
$1.52M
$1.33M – $1.77M
NOI $106,051 @ 7.0% cap · market cap 42.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
462
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 - All-brick duplex built in 1989 offers two 3-bedroom units with washer/dryer hookups.
Where is this duplex located?
The property is located at 3003 Jason Drive New Albany, IN.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: All‑brick duplex built in 1989 with two units; Two 3‑bedroom units, each with washer/dryer hookups; Apartment B is currently leased month to month for $600 per month
