Brick Bank Building with
For Sale
$799,000
2675 Charlestown Road, New Albany, IN 47150
1994-built commercial facility with private offices, a vault, customer amenities, and on-site parking.
Property Size3,400 SF
Price / SF$235
Days on Market1879
Property Features for 2675 Charlestown Road
General Information
Standard status
Active
Size
3,400 SF
Property subtype
Office
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$15,969
Amenities
Canopy Covered Drive Through
Large Private offices
Break room
2 bathrooms
Vault
3
Building Details
Year Built
1994
Buildings
1
Construction
brick
Listing Agency:
(812) 498-4087
Listed By:
Lopp Real Estate Brokers
(812) 498-4087
Source:
Xome
Added: Jul 11, 2021
Changed: Aug 31
Last Checked: Aug 31 at 3:33PM
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 Lopp Real Estate Brokers
Investment Insights
Based on property information with market context.
This 3,400+ SF brick bank building was constructed in 1994 and retains a functional commercial layout. Interior features include multiple private offices, a break room, two bathrooms, and a vault. A covered drive-through canopy remains part of the property, with ample parking available on site.
The building fronts Charlestown Road at a signalized intersection in New Albany, Indiana. Its established bank-oriented improvements and combination of office, service, and secured areas provide a well-defined existing configuration for commercial occupancy.
The building fronts Charlestown Road at a signalized intersection in New Albany, Indiana. Its established bank-oriented improvements and combination of office, service, and secured areas provide a well-defined existing configuration for commercial occupancy.
Key Highlights
- 3,400+ SF brick building constructed in 1994
- Covered drive‑through canopy
- Frontage on Charlestown Road at a stop light intersection
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
$42,632
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
5.34%
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%
$852,640
$852.6K
Cap Rate 7%
$609,029
$609.0K
Cap Rate 9%
$473,689
$473.7K
Market Conditions
NOI Build-Up for 3,400 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
$73.4K $21.60/SF
− Vacancy
−$16.6K −$4.88/SF
EGI
$56.8K $16.72/SF
− OpEx
−$14.2K −$4.18/SF
NOI
$42.6K $12.54/SF
Area
Floyd County, IN
Vacancy
22.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$852,640
Cap Rate 7%
$609,029
Cap Rate 9%
$473,689
Alternative Uses
Best Use
Specialty Retail
$2.46M
$2.15M – $2.87M
NOI $172,029 @ 7.0% cap · market cap 21.53%
Second Best
Office B
$609.0K
$532.9K – $710.5K
NOI $42,632 @ 7.0% cap · market cap 5.34%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
265
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 Office 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?
Bank - 1994-built commercial facility with private offices, a vault, customer amenities, and on-site parking.
Where is this bank located?
The property is located at 2675 Charlestown Road New Albany, IN.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 3,400+ SF brick building constructed in 1994; Covered drive‑through canopy; Frontage on Charlestown Road at a stop light intersection
