Corner-Lot Duplex with
For Sale
$125,000
1311 Market Street, New Albany, IN 47150
Two-unit residential property with one vacant side and one tenant-occupied side, plus an unfinished basement.
Property Size1,201 SF
Price / SF$104.08
Days on Market2400
Property Features for 1311 Market Street
General Information
Standard status
Active
Size
1,201 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,417
Amenities
Window/Wall Unit
Unfinished Basement
Oven, Range, Refrigerator, Other
Residential
Corner Lot.
1 Garage Spaces.
Aluminum
33x110
Corner.
Building Details
Year Built
1909
Stories
1
Listing Agency:
Berkshire Hathaway HomeServices Parks & Weisberg R
Listed By:
Luke Castleman · License #RB18001736
(812) 282-0426
Source:
Xome
Added: Feb 9, 2020
Changed: Sep 2
Last Checked: Sep 4 at 3:33AM
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 Berkshire Hathaway HomeServices Parks & Weisberg R
Investment Insights
Based on property information with market context.
Built in 1909, this duplex contains 1,201 square feet and offers a two-unit configuration with different occupancy positions: one side is vacant while the other is occupied by tenants. Interior features include window or wall units, an unfinished basement, and an appliance package with an oven, range, refrigerator, and other listed equipment.
The property occupies a corner lot at 1311 E Market Street in New Albany, Indiana. Exterior details include aluminum siding, one garage space, and a 33x110 lot. The residential property provides an existing duplex layout with one unit available for use and the second currently tenant-occupied.
The property occupies a corner lot at 1311 E Market Street in New Albany, Indiana. Exterior details include aluminum siding, one garage space, and a 33x110 lot. The residential property provides an existing duplex layout with one unit available for use and the second currently tenant-occupied.
Key Highlights
- Duplex with one vacant side and one tenant‑occupied side
- 1,201 square feet of property size
- Built in 1909
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
$9,445
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
7.56%
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%
$188,900
$188.9K
Cap Rate 7%
$134,929
$134.9K
Cap Rate 9%
$104,944
$104.9K
Market Conditions
NOI Build-Up for 1,201 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
$14.6K $12.12/SF
− Vacancy
−$1.1K −$0.88/SF
EGI
$13.5K $11.24/SF
− OpEx
−$4.0K −$3.37/SF
NOI
$9.4K $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%
$188,900
Cap Rate 7%
$134,929
Cap Rate 9%
$104,944
Alternative Uses
Best Use
Multifamily LT 5
$134.9K
$118.1K – $157.4K
NOI $9,445 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$121.5K
$106.3K – $141.8K
NOI $8,505 @ 7.0% cap · market cap 6.80%
Theoretical Best
Specialty Retail
$868.1K
$759.6K – $1.01M
NOI $60,767 @ 7.0% cap · market cap 48.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
712
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 - Two-unit residential property with one vacant side and one tenant-occupied side, plus an unfinished basement.
Where is this duplex located?
The property is located at 1311 Market Street New Albany, IN.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Duplex with one vacant side and one tenant‑occupied side; 1,201 square feet of property size; Built in 1909
