Duplex with New
For Sale
$230,000
3832-3834 Horne Avenue, New Albany, IN 47150
Two leased residential units offer separate entrances, laundry areas, storage, and off-street parking.
Property Size1,716 SF
Price / SF$134.03
Days on Market1618
Property Features for 3832-3834 Horne Avenue
General Information
Standard status
Active
Size
1,716 SF
Property subtype
Duplex
Additional Details
Average Monthly Rent
$1,000
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,221
Amenities
laundry closets
storage shed
Storage
Dryer, Dishwasher, Oven, Range, Refrigerator, Washer
Shingle
Porch, Covered
Residential
Vinyl, Frame
Paved Road.
Building Details
Year Built
1991
Buildings
1
Stories
1
Listing Agency:
simpler.realestate
(812) 923-7050
Listed By:
Casey Churchill · License #RB18001563
(812) 923-7050
Source:
Xome
Added: Mar 27, 2022
Changed: Aug 30
Last Checked: Aug 30 at 2:32PM
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 1,716-square-foot duplex, built in 1991, includes two residential units with two bedrooms and one bathroom apiece. Each unit has its own front and side entrance, a laundry closet, a storage shed, and access to ample off-street parking. The property also includes a covered porch, vinyl-and-frame construction, and a new shingle roof. Appliances include washers, dryers, dishwashers, ovens, ranges, and refrigerators.
Both units are leased through Jan. 1, 2025. The property is located on Horne Avenue in New Albany, near I-265 and within approximately 15 minutes of Louisville. Dining, shopping, and entertainment are also nearby.
Both units are leased through Jan. 1, 2025. The property is located on Horne Avenue in New Albany, near I-265 and within approximately 15 minutes of Louisville. Dining, shopping, and entertainment are also nearby.
Key Highlights
- 1,716‑square‑foot duplex with two 2‑bedroom, 1‑bath units
- New shingle roof
- Each unit has separate front and side entrances
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
$13,496
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
5.87%
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%
$269,920
$269.9K
Cap Rate 7%
$192,800
$192.8K
Cap Rate 9%
$149,956
$150.0K
Market Conditions
NOI Build-Up for 1,716 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
$20.8K $12.12/SF
− Vacancy
−$1.5K −$0.88/SF
EGI
$19.3K $11.24/SF
− OpEx
−$5.8K −$3.37/SF
NOI
$13.5K $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%
$269,920
Cap Rate 7%
$192,800
Cap Rate 9%
$149,956
Alternative Uses
Best Use
Multifamily LT 5
$192.8K
$168.7K – $224.9K
NOI $13,496 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$173.6K
$151.9K – $202.5K
NOI $12,152 @ 7.0% cap · market cap 5.28%
Theoretical Best
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $86,824 @ 7.0% cap · market cap 37.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
395
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased residential units offer separate entrances, laundry areas, storage, and off-street parking.
Where is this duplex located?
The property is located at 3832-3834 Horne Avenue New Albany, IN.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: 1,716‑square‑foot duplex with two 2‑bedroom, 1‑bath units; New shingle roof; Each unit has separate front and side entrances
