Flex Space with Office
For Sale
$495,000
1423 E Oak St, New Albany, IN 47150
Adaptable commercial layout combines expansive rooms, enclosed offices, and commercial restroom facilities.
Property Size6,960 SF
Price / SF$71.12
Days on Market181
Property Features for 1423 E Oak St
General Information
Standard status
Active
Size
6,960 SF
Property subtype
Other
Zoning
TR
Listing Agency:
Sperry Commercial - Venture Realty
(502) 797-8828
Listed By:
Wesley Odle · License #201952
(502) 797-8828
Source:
Kcrea.resimplifi
Added: Mar 3
Changed: Aug 30
Last Checked: Aug 30 at 8:33PM
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 Sperry Commercial - Venture Realty
Investment Insights
Based on property information with market context.
Located at 1423 E Oak St in New Albany, Indiana, this 6,960-square-foot flex space provides a combination of broad interior rooms and private office areas. Commercial restroom facilities are also included.
The configuration can support professional office operations, meetings, studio activities, or a former church use, subject to applicable requirements. The property is identified with TR zoning.
The configuration can support professional office operations, meetings, studio activities, or a former church use, subject to applicable requirements. The property is identified with TR zoning.
Key Highlights
- 6,960‑square‑foot flex space
- Large open interior rooms paired with private offices
- Commercial restroom facilities
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
$28,811
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
5.82%
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%
$576,220
$576.2K
Cap Rate 7%
$411,586
$411.6K
Cap Rate 9%
$320,122
$320.1K
Market Conditions
NOI Build-Up for 6,960 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
$42.9K $6.16/SF
− Vacancy
−$1.7K −$0.25/SF
EGI
$41.2K $5.91/SF
− OpEx
−$12.3K −$1.77/SF
NOI
$28.8K $4.14/SF
Area
Floyd County, IN
Vacancy
4.00%
Lease Rate
$6.16 /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%
$576,220
Cap Rate 7%
$411,586
Cap Rate 9%
$320,122
Alternative Uses
Best Use
Flex RnD
$3.58M
$3.13M – $4.18M
NOI $250,721 @ 7.0% cap · market cap 50.65%
Second Best
Office B
$1.25M
$1.09M – $1.45M
NOI $87,270 @ 7.0% cap · market cap 17.63%
Theoretical Best
Specialty Retail
$5.03M
$4.40M – $5.87M
NOI $352,153 @ 7.0% cap · market cap 71.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
726
Businesses Nearby
Under-served
Demand for This Use
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?
Flex space - Adaptable commercial layout combines expansive rooms, enclosed offices, and commercial restroom facilities.
Where is this flex space located?
The property is located at 1423 E Oak St New Albany, IN.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 6,960‑square‑foot flex space; Large open interior rooms paired with private offices; Commercial restroom facilities
