Renovated Medical Office
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 Market49
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:
F.C. Tucker/Scott Lynch Group
(812) 265-3122
Listed By:
Ward Realty Services
(812) 200-2838
Source:
Wardrealtyservices
Added: Sep 6
Changed: Oct 23
Last Checked: Oct 23 at 6:58AM
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 F.C. Tucker/Scott Lynch Group
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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 / Yr
$19,209
Cap Rate
7.53%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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
