Elevator Apartment
For Sale
$2,750,000
1737 Culbertson Ave, New Albany, IN 47150
Multifamily property with renovated units, on-site laundry, dedicated parking, and individually metered gas and electric.
Property Size27,522 SF
Price / SF$99.92
Days on Market22
Property Features for 1737 Culbertson Ave
General Information
Standard status
Active
Size
27,522 SF
Total Parking Spaces
12
Elevators
Yes
Property subtype
Multifamily
Zoning
TR
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
37 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
38
Amenities
coin-operated laundry room
off-street parking
storage area
elevator
key-fob access
Power
Water
Sewer
Natural Gas
12 Parking Spaces
Building Details
Year Built
1935
Listing Agency:
Encore Realty Group
(502) 384-4991
Listed By:
John Rendeiro · License #266380
(502) 384-4991
Source:
Kcrea.resimplifi
Added: Aug 11
Changed: Aug 31
Last Checked: Sep 1 at 2:29PM
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 Encore Realty Group
Investment Insights
Based on property information with market context.
This multifamily property includes 37 one-bedroom, one-bathroom apartments and a separate three-bedroom, one-bathroom single-family home. The 27,522-square-foot property was built in 1935 and includes an elevator, three stairwells, a coin-operated laundry room, off-street parking, green space, and storage. A portion of the storage area may be convertible to an additional apartment, subject to applicable approvals.
Recent work includes 23 new HVAC systems with 10 year warranties, a key-fob entry system, new stoves and appliances in approximately 15 units, interior painting, flooring updates, and remodeling across multiple apartments. Individual units have separate furnaces and central air-conditioning systems. Gas and electric service is individually metered and paid directly by tenants, while water and trash are billed back through an additional monthly lease charge.
Located in New Albany, the property is minutes from the Clarksville shopping and dining corridor, I-64, I-65, and the bridges to Louisville. Zoning is TR.
Recent work includes 23 new HVAC systems with 10 year warranties, a key-fob entry system, new stoves and appliances in approximately 15 units, interior painting, flooring updates, and remodeling across multiple apartments. Individual units have separate furnaces and central air-conditioning systems. Gas and electric service is individually metered and paid directly by tenants, while water and trash are billed back through an additional monthly lease charge.
Located in New Albany, the property is minutes from the Clarksville shopping and dining corridor, I-64, I-65, and the bridges to Louisville. Zoning is TR.
Key Highlights
- 37 one‑bedroom, one‑bathroom apartments plus one three‑bedroom, one‑bathroom single‑family home
- 23 new HVAC systems installed with 10 year warranties
- 27,522‑square‑foot property built in 1935
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
$194,896
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
7.09%
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%
$3,897,920
$3.9M
Cap Rate 7%
$2,784,229
$2.8M
Cap Rate 9%
$2,165,511
$2.2M
Market Conditions
NOI Build-Up for 27,522 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
$379.8K $13.80/SF
− Vacancy
−$25.4K −$0.92/SF
EGI
$354.4K $12.88/SF
− OpEx
−$159.5K −$5.79/SF
NOI
$194.9K $7.08/SF
Area
Floyd County, IN
Vacancy
6.70%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
45.00%
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%
$3,897,920
Cap Rate 7%
$2,784,229
Cap Rate 9%
$2,165,511
Alternative Uses
Best Use
Apartment 5plus
$2.78M
$2.44M – $3.25M
NOI $194,896 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$19.89M
$17.41M – $23.21M
NOI $1,392,521 @ 7.0% cap · market cap 50.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
38
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
515
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?
Apartment building - Multifamily property with renovated units, on-site laundry, dedicated parking, and individually metered gas and electric.
Where is this apartment building located?
The property is located at 1737 Culbertson Ave New Albany, IN.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 37 one‑bedroom, one‑bathroom apartments plus one three‑bedroom, one‑bathroom single‑family home; 23 new HVAC systems installed with 10 year warranties; 27,522‑square‑foot property built in 1935
