Renovated Freestanding Medical
For Sale
$900,000
1604 State St, New Albany, IN 47150
Flexible commercial property with furnished bedrooms, kitchen, laundry, and shared gathering space.
Property Size3,950 SF
Price / SF$227.85
Days on Market389
Property Features for 1604 State St
General Information
Standard status
Active
Size
3,950 SF
Total Parking Spaces
18
Property subtype
Healthcare
Zoning
C-N Neighborhood Commercial Zone
Additional Details
Furnished
Yes
Amenities
game room
salon space
dining hall
full kitchen
laundry facilities
Power
Water
Sewer
Natural Gas
18 Parking Spaces
Building Details
Year Built
1972
Buildings
1
Listing Agency:
Semonin Realtors
(502) 224-3301
Listed By:
Carter Martin Jr.
(502) 224-3301
Source:
Kcrea.resimplifi
Added: Aug 6, 2025
Changed: Aug 28
Last Checked: Aug 28 at 9:11AM
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 Semonin Realtors
Investment Insights
Based on property information with market context.
This freestanding building at 1604 State St in New Albany, Indiana, offers 3,950 square feet of renovated space configured for short- or long-term patient housing. The interior includes 6-7 bedrooms, 3 full bathrooms, a full kitchen, laundry facilities, dining hall, game room, and salon area. Furnishings are included, with furniture negotiable as part of the sale. The layout can also accommodate office, medical, or other commercial functions described for the property.
The property is zoned C-N Neighborhood Commercial Zone and is located within a TIF district. Saint Edwards Hospital is 0.4 miles away, while Floyd Memorial Hospital, also known as Baptist Health Floyd, is 1.2 miles away. Target, Home Depot, Chipotle, and Panera are nearby, providing established retail and restaurant amenities in the surrounding commercial area.
The property is zoned C-N Neighborhood Commercial Zone and is located within a TIF district. Saint Edwards Hospital is 0.4 miles away, while Floyd Memorial Hospital, also known as Baptist Health Floyd, is 1.2 miles away. Target, Home Depot, Chipotle, and Panera are nearby, providing established retail and restaurant amenities in the surrounding commercial area.
Key Highlights
- 3,950‑square‑foot freestanding building at 1604 State St, New Albany, IN 47150
- Renovated interior with 6‑7 bedrooms and 3 full bathrooms
- Full kitchen, laundry facilities, dining hall, game room, and salon space
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
$49,528
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
5.50%
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%
$990,560
$990.6K
Cap Rate 7%
$707,543
$707.5K
Cap Rate 9%
$550,311
$550.3K
Market Conditions
NOI Build-Up for 3,950 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
$85.3K $21.60/SF
− Vacancy
−$19.3K −$4.88/SF
EGI
$66.0K $16.72/SF
− OpEx
−$16.5K −$4.18/SF
NOI
$49.5K $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%
$990,560
Cap Rate 7%
$707,543
Cap Rate 9%
$550,311
Alternative Uses
Best Use
Healthcare Medical
$2.20M
$1.92M – $2.56M
NOI $153,701 @ 7.0% cap · market cap 17.08%
Second Best
Office B
$707.5K
$619.1K – $825.5K
NOI $49,528 @ 7.0% cap · market cap 5.50%
Theoretical Best
Specialty Retail
$2.86M
$2.50M – $3.33M
NOI $199,857 @ 7.0% cap · market cap 22.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Flexible commercial property with furnished bedrooms, kitchen, laundry, and shared gathering space.
Where is this medical office space located?
The property is located at 1604 State St New Albany, IN.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 3,950‑square‑foot freestanding building at 1604 State St, New Albany, IN 47150; Renovated interior with 6‑7 bedrooms and 3 full bathrooms; Full kitchen, laundry facilities, dining hall, game room, and salon space
