All-Brick
For Sale
$295,000
1823 Conservative St, New Albany, IN 47150
Two-level units feature open living areas, equipped kitchens, private rear parking, and current leases.
Property Size2,560 SF
Price / SF$115.23
Days on Market27
Property Features for 1823 Conservative St
General Information
Standard status
Active
Size
2,560 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,000
Road Access
Yes
Building Details
Year Built
2020
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Schuler Bauer Real Estate Services Era Powered
(812) 200-2838
Listed By:
Ward Realty Services
(812) 200-2838
Source:
Wardrealtyservices
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 26 at 1:00PM
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 Schuler Bauer Real Estate Services Era Powered
Investment Insights
Based on property information with market context.
Constructed in 2020, this 2,560-square-foot duplex contains two approximately 1,280-square-foot residences. Each unit includes two bedrooms, one full bath, and one half bath, with an open living area and an eat-in kitchen equipped with a refrigerator, range/oven, microwave, and dishwasher. Luxury vinyl tile is installed in the kitchens and bathrooms. The main-level half bath serves a layout with both bedrooms and the full bath upstairs.
Parking is available along the street, with an additional private pad at the rear. Both residences are currently leased, providing an operating rental property near Downtown New Albany. Restaurants, retail, entertainment, and ongoing area revitalization are located within minutes of the duplex.
Parking is available along the street, with an additional private pad at the rear. Both residences are currently leased, providing an operating rental property near Downtown New Albany. Restaurants, retail, entertainment, and ongoing area revitalization are located within minutes of the duplex.
Key Highlights
- 2020 construction with all‑brick exterior
- Two residences totaling 2,560 square feet
- Each unit offers 2 bedrooms, 1.5 baths, and approximately 1,280 square feet
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
$20,134
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
6.83%
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%
$402,680
$402.7K
Cap Rate 7%
$287,629
$287.6K
Cap Rate 9%
$223,711
$223.7K
Market Conditions
NOI Build-Up for 2,560 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
$31.0K $12.12/SF
− Vacancy
−$2.3K −$0.88/SF
EGI
$28.8K $11.24/SF
− OpEx
−$8.6K −$3.37/SF
NOI
$20.1K $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%
$402,680
Cap Rate 7%
$287,629
Cap Rate 9%
$223,711
Alternative Uses
Best Use
Multifamily LT 5
$287.6K
$251.7K – $335.6K
NOI $20,134 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$259.0K
$226.6K – $302.2K
NOI $18,129 @ 7.0% cap · market cap 6.15%
Theoretical Best
Specialty Retail
$1.85M
$1.62M – $2.16M
NOI $129,527 @ 7.0% cap · market cap 43.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
484
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-level units feature open living areas, equipped kitchens, private rear parking, and current leases.
Where is this duplex located?
The property is located at 1823 Conservative St New Albany, IN.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 2020 construction with all‑brick exterior; Two residences totaling 2,560 square feet; Each unit offers 2 bedrooms, 1.5 baths, and approximately 1,280 square feet
