Renovated Medical Office
New
For Sale
$255,000
1600 State St, New Albany, IN 47150
Mixed-use zoning, separate entrances, and accessibility features accommodate commercial or live/work use.
Property Size1,532 SF
Price / SF$166.45
Days on Market2
Property Features for 1600 State St
General Information
Standard status
Active
Size
1,532 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
separate entrances
handicap-accessible ramp
Building Details
Year Built
1929
Buildings
1
Listing Agency:
Coldwell Banker Mcmahan
(812) 949-0202
Listed By:
Ward Realty Services
(812) 200-2838
Source:
Wardrealtyservices
Added: Sep 6
Last Checked: Sep 7 at 7:16AM
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 Coldwell Banker Mcmahan
Investment Insights
Based on property information with market context.
This 1,532-square-foot freestanding property combines a 1929 building shell with extensive renovation and updated interior finishes. Previously operated as a medical office, the space includes separate entrances, rear parking, a handicap-accessible ramp, and designated handicap parking. Mixed-use zoning permits commercial and residential applications, including the live/work arrangement identified for the property.
The building occupies the corner of State Street and Conner Avenue, two blocks south of Floyd Memorial Hospital. Downtown is minutes away, with access to I-64 and I-265 also noted. The property is offered in its current AS-IS condition and may accommodate medical, dental, wellness, insurance, legal, or similar office uses described for the space.
The building occupies the corner of State Street and Conner Avenue, two blocks south of Floyd Memorial Hospital. Downtown is minutes away, with access to I-64 and I-265 also noted. The property is offered in its current AS-IS condition and may accommodate medical, dental, wellness, insurance, legal, or similar office uses described for the space.
Key Highlights
- 1,532 SF freestanding medical office property
- Mixed‑use zoning allows commercial and residential use
- Renovated building originally constructed in 1929
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
$19,209
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
7.53%
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%
$384,180
$384.2K
Cap Rate 7%
$274,414
$274.4K
Cap Rate 9%
$213,433
$213.4K
Market Conditions
NOI Build-Up for 1,532 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
$33.1K $21.60/SF
− Vacancy
−$7.5K −$4.88/SF
EGI
$25.6K $16.72/SF
− OpEx
−$6.4K −$4.18/SF
NOI
$19.2K $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%
$384,180
Cap Rate 7%
$274,414
Cap Rate 9%
$213,433
Alternative Uses
Best Use
Healthcare Medical
$851.6K
$745.2K – $993.6K
NOI $59,613 @ 7.0% cap · market cap 23.38%
Second Best
Office B
$274.4K
$240.1K – $320.2K
NOI $19,209 @ 7.0% cap · market cap 7.53%
Theoretical Best
Specialty Retail
$1.11M
$968.9K – $1.29M
NOI $77,514 @ 7.0% cap · market cap 30.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
881
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?
Medical Office Space - Mixed-use zoning, separate entrances, and accessibility features accommodate commercial or live/work use.
Where is this medical office space located?
The property is located at 1600 State St New Albany, IN.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 1,532 SF freestanding medical office property; Mixed‑use zoning allows commercial and residential use; Renovated building originally constructed in 1929
