Duplex with New
For Sale
$230,000
3836-3838 Horne Avenue, New Albany, IN 47150
Two-bedroom units include laundry areas, separate entrances, storage sheds, and off-street parking.
Property Size1,752 SF
Price / SF$131.28
Days on Market1669
Property Features for 3836-3838 Horne Avenue
General Information
Standard status
Active
Size
1,752 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,000
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,443
Amenities
laundry closets
storage shed
Storage
Dryer, Dishwasher, Oven, Range, Refrigerator, Washer
Shingle
Porch, Covered
Residential
Vinyl, Frame
Paved Road.
Building Details
Year Built
1989
Buildings
1
Stories
1
Listing Agency:
simpler.realestate
Listed By:
Casey Churchill · License #RB18001563
(812) 923-7050
Source:
Xome
Added: Feb 9, 2022
Changed: Sep 2
Last Checked: Sep 4 at 3:56AM
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 1,752-square-foot duplex, built in 1989, contains two residential units with two bedrooms and one bathroom each. Both units include laundry closets, covered porch access, separate front and side entrances, and individual storage sheds. Interior appliances include washers, dryers, dishwashers, ovens, ranges, and refrigerators. A new shingle roof, vinyl-and-frame construction, and paved road access complete the property improvements.
The property is located in New Albany near I-265, with dining, shopping, and entertainment nearby. Louisville is approximately 15 minutes away, providing access to the broader metro area while retaining a residential setting.
The property is located in New Albany near I-265, with dining, shopping, and entertainment nearby. Louisville is approximately 15 minutes away, providing access to the broader metro area while retaining a residential setting.
Key Highlights
- 1,752 SF duplex with two 2‑bedroom, 1‑bath units
- Brand‑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
$13,779
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
5.99%
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%
$275,580
$275.6K
Cap Rate 7%
$196,843
$196.8K
Cap Rate 9%
$153,100
$153.1K
Market Conditions
NOI Build-Up for 1,752 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
$21.2K $12.12/SF
− Vacancy
−$1.6K −$0.88/SF
EGI
$19.7K $11.24/SF
− OpEx
−$5.9K −$3.37/SF
NOI
$13.8K $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%
$275,580
Cap Rate 7%
$196,843
Cap Rate 9%
$153,100
Alternative Uses
Best Use
Multifamily LT 5
$196.8K
$172.2K – $229.7K
NOI $13,779 @ 7.0% cap · market cap 5.99%
Second Best
Apartment 5plus
$177.2K
$155.1K – $206.8K
NOI $12,407 @ 7.0% cap · market cap 5.39%
Theoretical Best
Specialty Retail
$1.27M
$1.11M – $1.48M
NOI $88,645 @ 7.0% cap · market cap 38.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units include laundry areas, separate entrances, storage sheds, and off-street parking.
Where is this duplex located?
The property is located at 3836-3838 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: 1,752 SF duplex with two 2‑bedroom, 1‑bath units; Brand‑new shingle roof; Each unit has separate front and side entrances
