Historic Brick
For Sale
$489,000
504 E Main Street, New Albany, IN 47150
Four residential units in a character-rich brick property with covered porch space and convenient access to downtown amenities.
Property Size2,810 SF
Price / SF$174.02
Days on Market958
Property Features for 504 E Main Street
General Information
Standard status
Active
Size
2,810 SF
Property subtype
Fourplex
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,743
Amenities
Window Air Conditioning, Heat Pump
3
Refrigerator, Range, Oven
Brick Wall
Porch, Covered
Brick, Frame
Panoramic, River, Scenic
0.13770000636577606
Sidewalks, Landscaped. Paved Road.
Building Details
Year Built
1859
Buildings
1
Stories
2
Construction
brick
Listing Agency:
RE/MAX Advantage
(812) 923-7050
Listed By:
Teresa Moody · License #RB14045468
(812) 923-7050
Source:
Xome
Added: Jan 17, 2024
Changed: Aug 30
Last Checked: Aug 31 at 1:44PM
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 RE/MAX Advantage
Investment Insights
Based on property information with market context.
Built in 1859, this 2,810-square-foot quadplex is composed of four residential units, each with its own layout. The all-brick property includes tall ceilings, exposed brick, floor-to-ceiling windows, and a covered porch. Window air conditioning and heat pump systems are present, along with refrigerators, ranges, and ovens.
The building occupies a corner lot at 504 E Main Street in New Albany, Indiana. Sidewalks, landscaping, and a paved road serve the property, which is described as walkable to local restaurants, the greenway, and downtown amenities. Scenic, panoramic, and river views are also identified among the exterior characteristics.
The building occupies a corner lot at 504 E Main Street in New Albany, Indiana. Sidewalks, landscaping, and a paved road serve the property, which is described as walkable to local restaurants, the greenway, and downtown amenities. Scenic, panoramic, and river views are also identified among the exterior characteristics.
Key Highlights
- Four‑unit residential configuration
- 2,810 square feet of property size
- Built in 1859
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
$22,100
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
4.52%
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%
$442,000
$442.0K
Cap Rate 7%
$315,714
$315.7K
Cap Rate 9%
$245,556
$245.6K
Market Conditions
NOI Build-Up for 2,810 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
$34.1K $12.12/SF
− Vacancy
−$2.5K −$0.88/SF
EGI
$31.6K $11.24/SF
− OpEx
−$9.5K −$3.37/SF
NOI
$22.1K $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%
$442,000
Cap Rate 7%
$315,714
Cap Rate 9%
$245,556
Alternative Uses
Best Use
Multifamily LT 5
$315.7K
$276.3K – $368.3K
NOI $22,100 @ 7.0% cap · market cap 4.52%
Second Best
Apartment 5plus
$284.3K
$248.7K – $331.7K
NOI $19,899 @ 7.0% cap · market cap 4.07%
Theoretical Best
Specialty Retail
$2.03M
$1.78M – $2.37M
NOI $142,177 @ 7.0% cap · market cap 29.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,148
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 - Four residential units in a character-rich brick property with covered porch space and convenient access to downtown amenities.
Where is this quadplex located?
The property is located at 504 E Main Street New Albany, IN.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Four‑unit residential configuration; 2,810 square feet of property size; Built in 1859
