Updated Duplex with Detached
For Sale
$218,900
1405 VanCe Avenue, New Albany, IN 47150
Two-unit property with refreshed interiors, separate living arrangements, and covered porch space.
Property Size1,758 SF
Price / SF$124.52
Days on Market2467
Property Features for 1405 VanCe Avenue
General Information
Standard status
Active
Size
1,758 SF
Total Parking Spaces
1
Property subtype
Duplex
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,738
Amenities
3
Porch, Covered
1 Garage Spaces.
Vinyl
Building Details
Year Built
1919
Stories
2
Listing Agency:
Mentor Listing Realty, Inc.
Listed By:
Brian Waters
(866) 269-1006
Source:
Xome
Added: Dec 4, 2019
Changed: Sep 2
Last Checked: Sep 4 at 3:48AM
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 Mentor Listing Realty, Inc.
Investment Insights
Based on property information with market context.
This duplex offers 1,758 square feet across two residential units. The lower unit contains three bedrooms and one bathroom, while the rear unit provides one bedroom and one bathroom. Recent improvements include a new roof, HVAC system, flooring, granite countertops, fresh interior and exterior paint, and a marble tub surround. A covered porch and one-car detached garage add practical exterior features.
Built in 1919, the property is located at 1405 VanCe Avenue in New Albany, Indiana, near multiple restaurants and stores. The unit configuration supports separate residential occupancy within one building, with a larger front residence and a smaller rear unit.
Built in 1919, the property is located at 1405 VanCe Avenue in New Albany, Indiana, near multiple restaurants and stores. The unit configuration supports separate residential occupancy within one building, with a larger front residence and a smaller rear unit.
Key Highlights
- Duplex with 1,758 square feet
- Lower unit includes 3 bedrooms and 1 bathroom
- Rear unit offers 1 bedroom and 1 bathroom
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
$13,826
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
6.32%
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%
$276,520
$276.5K
Cap Rate 7%
$197,514
$197.5K
Cap Rate 9%
$153,622
$153.6K
Market Conditions
NOI Build-Up for 1,758 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
$21.3K $12.12/SF
− Vacancy
−$1.6K −$0.88/SF
EGI
$19.8K $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%
$276,520
Cap Rate 7%
$197,514
Cap Rate 9%
$153,622
Alternative Uses
Best Use
Multifamily LT 5
$197.5K
$172.8K – $230.4K
NOI $13,826 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$177.8K
$155.6K – $207.5K
NOI $12,449 @ 7.0% cap · market cap 5.69%
Theoretical Best
Specialty Retail
$1.27M
$1.11M – $1.48M
NOI $88,949 @ 7.0% cap · market cap 40.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
269
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-unit property with refreshed interiors, separate living arrangements, and covered porch space.
Where is this duplex located?
The property is located at 1405 VanCe Avenue New Albany, IN.
What is the asking price?
The asking price for this property is $218,900.
What are key features of this property?
This property features: Duplex with 1,758 square feet; Lower unit includes 3 bedrooms and 1 bathroom; Rear unit offers 1 bedroom and 1 bathroom
