Duplex with Detached
For Sale
$135,000
1517 Ekin Avenue, New Albany, IN 47150
Two occupied units offer distinct living areas, laundry hookups, covered outdoor space, and a fenced rear yard.
Property Size1,732 SF
Price / SF$77.94
Days on Market2011
Property Features for 1517 Ekin Avenue
General Information
Standard status
Active
Size
1,732 SF
Total Parking Spaces
2
Property subtype
Duplex
Financials
Gross Income
$16,200
Average Monthly Rent
$675
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,683
Amenities
covered front porch
covered deck
fenced yard
washer/dryer hookups
3
Oven, Range, Refrigerator, Other
Deck, Porch, Covered
Deck.
2 Garage Spaces.
Vinyl
Sidewalks. Paved Road.
Building Details
Year Built
1929
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Lenihan Sotheby's International Realty
Listed By:
Brad Noe
(502) 899-2129
Source:
Xome
Added: Mar 4, 2021
Changed: Sep 2
Last Checked: Sep 4 at 4:00AM
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 Lenihan Sotheby's International Realty
Investment Insights
Based on property information with market context.
Built in 1929, this 1,732-square-foot duplex contains two separate units, each with a living room, kitchen, and washer/dryer hookups. The front residence includes two bedrooms, one bathroom, and a covered porch. The rear unit places its primary bedroom on the second floor, with two additional connected rooms and access to a covered deck and fenced yard.
A detached two-car garage is included and is currently used for storage. The property also features vinyl siding, sidewalks, and a paved roadway. Two long-term tenants occupy the units on month-to-month leases, providing an existing operating arrangement for a new owner.
A detached two-car garage is included and is currently used for storage. The property also features vinyl siding, sidewalks, and a paved roadway. Two long-term tenants occupy the units on month-to-month leases, providing an existing operating arrangement for a new owner.
Key Highlights
- 1,732‑square‑foot duplex built in 1929
- Two long‑term tenants in place on month‑to‑month leases
- Front unit includes 2 beds, 1 bath, and a covered front porch
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
$12,265
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
9.09%
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%
$245,300
$245.3K
Cap Rate 7%
$175,214
$175.2K
Cap Rate 9%
$136,278
$136.3K
Market Conditions
NOI Build-Up for 1,732 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
$23.9K $13.80/SF
− Vacancy
−$1.6K −$0.92/SF
EGI
$22.3K $12.88/SF
− OpEx
−$10.0K −$5.79/SF
NOI
$12.3K $7.08/SF
Area
Floyd County, IN
Vacancy
6.70%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
45.00%
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%
$245,300
Cap Rate 7%
$175,214
Cap Rate 9%
$136,278
Alternative Uses
Best Use
Multifamily LT 5
$194.6K
$170.3K – $227.0K
NOI $13,622 @ 7.0% cap · market cap 10.09%
Second Best
Apartment 5plus
$175.2K
$153.3K – $204.4K
NOI $12,265 @ 7.0% cap · market cap 9.09%
Theoretical Best
Specialty Retail
$1.25M
$1.10M – $1.46M
NOI $87,633 @ 7.0% cap · market cap 64.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
677
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 occupied units offer distinct living areas, laundry hookups, covered outdoor space, and a fenced rear yard.
Where is this duplex located?
The property is located at 1517 Ekin Avenue New Albany, IN.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: 1,732‑square‑foot duplex built in 1929; Two long‑term tenants in place on month‑to‑month leases; Front unit includes 2 beds, 1 bath, and a covered front porch
