Restored 8-Unit Apartment
For Sale
$950,000
612 E Main St, New Albany, IN 47150
Historic character, modern apartment interiors, hardwood floors, and off-street parking support residential income use.
Property Size4,212 SF
Days on Market17
Property Features for 612 E Main St
General Information
Standard status
Active
Size
4,212 SF
Class
C
Property subtype
Multi-Family
Building Details
Building Size
4,212 SF
Year Built
1929
Units
8
Listing Agency:
Hoagland Commercial Realtors
Listed By:
Christopher O'Rear
(502) 550-7658
Source:
Commercialcafe
Added: Sep 21
Changed: Oct 7
Last Checked: Oct 7 at 9:36AM
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 Hoagland Commercial Realtors
Investment Insights
Based on property information with market context.
Built in 1929, this restored Second Empire-style apartment property contains eight units: seven one-bedroom apartments and one studio. Interior features include hardwood flooring and distinctive architectural elements, while off-street parking serves the building. Occupancy is reported at 100 percent.
The property is located at 612 E Main St in New Albany, near Downtown New Albany and within walking distance of restaurants, shops, entertainment, the Ohio River Greenway, and riverfront amenities. Nearby interstate access and bridges provide connectivity to Louisville, while the Ohio River is only minutes away.
The rear portion of the lot includes room for potential development of a duplex or additional single-family rentals, as stated in the property information. The asset combines an established multifamily configuration with a historic building profile and a downtown-adjacent setting.
The property is located at 612 E Main St in New Albany, near Downtown New Albany and within walking distance of restaurants, shops, entertainment, the Ohio River Greenway, and riverfront amenities. Nearby interstate access and bridges provide connectivity to Louisville, while the Ohio River is only minutes away.
The rear portion of the lot includes room for potential development of a duplex or additional single-family rentals, as stated in the property information. The asset combines an established multifamily configuration with a historic building profile and a downtown-adjacent setting.
Key Highlights
- 8‑unit apartment property with seven 1‑bedroom units and one studio
- Restored Second Empire‑style building constructed in 1929
- 100% occupancy reported
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,827
Cap Rate
3.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$596,540
$596.5K
Cap Rate 7%
$426,100
$426.1K
Cap Rate 9%
$331,411
$331.4K
Market Conditions
NOI Build-Up for 4,212 SF
Gross rent
$58.1K $13.80/SF
− Vacancy
−$3.9K −$0.92/SF
EGI
$54.2K $12.88/SF
− OpEx
−$24.4K −$5.79/SF
NOI
$29.8K $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 Rate 5%
$596,540
Cap Rate 7%
$426,100
Cap Rate 9%
$331,411
Alternative Uses
Best Use
Apartment 5plus
$426.1K
$372.8K – $497.1K
NOI $29,827 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.04M
$2.66M – $3.55M
NOI $213,113 @ 7.0% cap · market cap 22.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
865
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic character, modern apartment interiors, hardwood floors, and off-street parking support residential income use.
Where is this apartment building located?
The property is located at 612 E Main St New Albany, IN.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 8‑unit apartment property with seven 1‑bedroom units and one studio; Restored Second Empire‑style building constructed in 1929; 100% occupancy reported
