Automotive Property With
For Sale
$199,900
1123 Vincennes Street, New Albany, IN 47150
Established automotive site with dedicated office and garage areas in a downtown commercial setting.
Property Size720 SF
Lot Size0.14 Acres
Price / SF$277.64
Days on Market2984
Property Features for 1123 Vincennes Street
General Information
Standard status
Active
Size
720 SF
Lot size
0.14 Acres
Property subtype
General Commercial
Additional Details
Outdoor Storage
Yes
Taxes and HOA fees
Annual Taxes
$1,675
Amenities
3
43x140
Building Details
Year Built
2018
Listing Agency:
Schuler Bauer Real Estate Services ERA Powered (N
(502) 643-3062
Listed By:
Stephannie Wilson · License #RB14039714
(502) 643-3062
Source:
Xome
Added: Jun 30, 2018
Changed: Aug 30
Last Checked: Aug 30 at 1:29PM
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 (N
Investment Insights
Based on property information with market context.
Built in 2018, this automotive property includes an approximately 360-square-foot office and a separate garage area of approximately 360 square feet. The site has operated as a car lot since construction, providing a compact configuration for automotive-related operations.
The property occupies a 6,011-square-foot lot at 1123 Vincennes Street in New Albany, Indiana. It is positioned across from New Albany High School in the downtown area, adding an identifiable surrounding landmark to the site context.
The property occupies a 6,011-square-foot lot at 1123 Vincennes Street in New Albany, Indiana. It is positioned across from New Albany High School in the downtown area, adding an identifiable surrounding landmark to the site context.
Key Highlights
- 2018 construction
- Approximately 360 SF office space
- Approximately 360 SF garage space
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
$6,895
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
3.45%
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%
$137,900
$137.9K
Cap Rate 7%
$98,500
$98.5K
Cap Rate 9%
$76,611
$76.6K
Market Conditions
NOI Build-Up for 720 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
$10.4K $14.40/SF
− Vacancy
−$518 −$0.72/SF
EGI
$9.8K $13.68/SF
− OpEx
−$3.0K −$4.10/SF
NOI
$6.9K $9.58/SF
Area
Floyd County, IN
Vacancy
5.00%
Lease Rate
$14.40 /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%
$137,900
Cap Rate 7%
$98,500
Cap Rate 9%
$76,611
Alternative Uses
Best Use
Retail
$98.5K
$86.2K – $114.9K
NOI $6,895 @ 7.0% cap · market cap 3.45%
Second Best
Industrial
$42.6K
$37.3K – $49.7K
NOI $2,980 @ 7.0% cap · market cap 1.49%
Theoretical Best
Specialty Retail
$520.4K
$455.4K – $607.2K
NOI $36,430 @ 7.0% cap · market cap 18.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
400
Businesses Nearby
Under-served
Demand for This Use
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- U-Haul Neighborhood Dealer — 1505 Grant Line Rd, New Albany, IN 47150
Frequently Asked Questions
What type of property is this?
Automotive property - Established automotive site with dedicated office and garage areas in a downtown commercial setting.
Where is this automotive property located?
The property is located at 1123 Vincennes Street New Albany, IN.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 2018 construction; Approximately 360 SF office space; Approximately 360 SF garage space
