Renovated Fourplex with Full
For Sale
$340,000
1010 E Spring Street, New Albany, IN 47150
Fully occupied property with renovated lower units and replaced mechanical systems.
Property Size4,370 SF
Price / SF$77.80
Days on Market704
Property Features for 1010 E Spring Street
General Information
Standard status
Active
Size
4,370 SF
Property subtype
Fourplex
Occupancy
100%
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,980
Amenities
Central Air
3
Refrigerator, Range, Oven
Window Blinds
Shingle
Vinyl
0.14000000059604645
Paved Road.
Building Details
Year Built
1850
Stories
2
Tenancy
Multi
Listing Agency:
Exit Realty Crutcher
(502) 327-9838
Listed By:
Darlene Hirth · License #212206
(502) 327-9838
Source:
Xome
Added: Sep 26, 2024
Changed: Aug 30
Last Checked: Aug 30 at 6:18AM
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 Exit Realty Crutcher
Investment Insights
Based on property information with market context.
This New Albany quadplex contains four one-bedroom, one-bath apartments, each supported by established tenancy. The lower residences have undergone recent renovation, while all structures have new shingle roofs. Furnaces and water heaters have also been replaced throughout the property.
Climate control varies by unit: the upper apartments feature central air, and the lower apartments use efficient window units. One apartment includes washer and dryer hookups. The property is located at 1010 E Spring Street in New Albany, Indiana, and has a paved-road setting.
Climate control varies by unit: the upper apartments feature central air, and the lower apartments use efficient window units. One apartment includes washer and dryer hookups. The property is located at 1010 E Spring Street in New Albany, Indiana, and has a paved-road setting.
Key Highlights
- Four 1‑BR, 1‑BA units with long‑term tenants and zero vacancies for years
- Brand new roofs installed on every structure
- All furnaces and water heaters replaced
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
$30,946
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
9.10%
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%
$618,920
$618.9K
Cap Rate 7%
$442,086
$442.1K
Cap Rate 9%
$343,844
$343.8K
Market Conditions
NOI Build-Up for 4,370 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
$60.3K $13.80/SF
− Vacancy
−$4.0K −$0.92/SF
EGI
$56.3K $12.88/SF
− OpEx
−$25.3K −$5.79/SF
NOI
$30.9K $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%
$618,920
Cap Rate 7%
$442,086
Cap Rate 9%
$343,844
Alternative Uses
Best Use
Multifamily LT 5
$491.0K
$429.6K – $572.8K
NOI $34,369 @ 7.0% cap · market cap 10.11%
Second Best
Apartment 5plus
$442.1K
$386.8K – $515.8K
NOI $30,946 @ 7.0% cap · market cap 9.10%
Theoretical Best
Specialty Retail
$3.16M
$2.76M – $3.69M
NOI $221,107 @ 7.0% cap · market cap 65.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,095
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?
Quadplex - Fully occupied property with renovated lower units and replaced mechanical systems.
Where is this quadplex located?
The property is located at 1010 E Spring Street New Albany, IN.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Four 1‑BR, 1‑BA units with long‑term tenants and zero vacancies for years; Brand new roofs installed on every structure; All furnaces and water heaters replaced
