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 Market68
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
Listed By:
John Rendeiro · License #266380
(502) 384-4991
Source:
Kcrea.resimplifi
Added: Aug 11
Changed: Oct 15
Last Checked: Oct 16 at 5:54AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$194,896
Cap Rate
7.09%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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
