Renovated Mixed-Use
For Sale
$2,395,000
145 E Main St, New Albany, IN 47150
Historic downtown asset combining residential apartments with a fully equipped commercial kitchen and ground-floor business space.
Property Size7,776 SF
Price / SF$307
Days on Market38
Property Features for 145 E Main St
General Information
Standard status
Active
Size
7,776 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Road Access
Yes
Multifamily Units
10
Building Details
Year Built
1936
Year Renovated
2023
Listing Agency:
Schuler Bauer Real Estate Services Era Powered
(812) 200-2838
Listed By:
Ward Realty Services
(812) 200-2838
Source:
Wardrealtyservices
Added: Jul 23
Changed: Aug 28
Last Checked: Aug 28 at 9:17AM
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 Schuler Bauer Real Estate Services Era Powered
Investment Insights
Based on property information with market context.
Located at 145 E Main St in New Albany, this mixed-use property combines 10 residential apartments with a 5,800-square-foot commercial area at street level. The commercial component includes a fully equipped kitchen, creating a distinct operational feature within the building. Originally completed in 1936, the property received a comprehensive renovation in 2023.
The asset sits along New Albany’s Main Street corridor in the historic downtown district, where the surrounding area includes urban housing, cultural venues, dining, and entertainment. The property is 100% leased and benefits from a central downtown setting near Louisville. Its combination of renovated residential space and commercial functionality offers a clearly defined mixed-use configuration.
The asset sits along New Albany’s Main Street corridor in the historic downtown district, where the surrounding area includes urban housing, cultural venues, dining, and entertainment. The property is 100% leased and benefits from a central downtown setting near Louisville. Its combination of renovated residential space and commercial functionality offers a clearly defined mixed-use configuration.
Key Highlights
- 10 high‑end residential apartments
- 5,800 SF ground‑floor commercial space
- Fully equipped commercial kitchen
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
$78,732
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
3.29%
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%
$1,574,640
$1.6M
Cap Rate 7%
$1,124,743
$1.1M
Cap Rate 9%
$874,800
$874.8K
Market Conditions
NOI Build-Up for 7,776 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
$140.0K $18.00/SF
− Vacancy
−$14.0K −$1.80/SF
EGI
$126.0K $16.20/SF
− OpEx
−$47.2K −$6.07/SF
NOI
$78.7K $10.13/SF
Area
Floyd County, IN
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,574,640
Cap Rate 7%
$1,124,743
Cap Rate 9%
$874,800
Alternative Uses
Best Use
Specialty Retail
$5.62M
$4.92M – $6.56M
NOI $393,440 @ 7.0% cap · market cap 16.43%
Second Best
Mixed Use
$1.12M
$984.2K – $1.31M
NOI $78,732 @ 7.0% cap · market cap 3.29%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,093
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?
Mixed-use property - Historic downtown asset combining residential apartments with a fully equipped commercial kitchen and ground-floor business space.
Where is this mixed-use property located?
The property is located at 145 E Main St New Albany, IN.
What is the asking price?
The asking price for this property is $2,395,000.
What are key features of this property?
This property features: 10 high‑end residential apartments; 5,800 SF ground‑floor commercial space; Fully equipped commercial kitchen
