Leased
New
For Sale
$229,000
1913 Center St, New Albany, IN 47150
Three occupied apartments provide established tenancy in a corner-lot residential income property.
Property Size1,726 SF
Price / SF$132.68
Days on Market3
Property Features for 1913 Center St
General Information
Standard status
Active
Size
1,726 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
3
Building Details
Year Built
1929
Buildings
1
Tenancy
Multi
Listing Agency:
Pmr Real Estate Brokerage
(502) 412-0010
Listed By:
Southern Homes Realty
(502) 822-6018
Source:
Sohosold
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 11:26AM
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 Pmr Real Estate Brokerage
Investment Insights
Based on property information with market context.
Built in 1929, this triplex contains three residential units and approximately 1,726 finished square feet. The corner-lot property is fully leased, with all three apartments occupied and tenancy in place at closing.
At 1913 Center Street in New Albany, the property is minutes from downtown restaurants, shops, parks, and entertainment, with quick access to Louisville.
At 1913 Center Street in New Albany, the property is minutes from downtown restaurants, shops, parks, and entertainment, with quick access to Louisville.
Key Highlights
- Three‑unit multifamily property with all apartments leased
- Approximately 1,726 finished square feet
- Built in 1929 on a corner lot
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
$13,574
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
5.93%
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%
$271,480
$271.5K
Cap Rate 7%
$193,914
$193.9K
Cap Rate 9%
$150,822
$150.8K
Market Conditions
NOI Build-Up for 1,726 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
$20.9K $12.12/SF
− Vacancy
−$1.5K −$0.88/SF
EGI
$19.4K $11.24/SF
− OpEx
−$5.8K −$3.37/SF
NOI
$13.6K $7.86/SF
Area
Floyd County, IN
Vacancy
7.30%
Lease Rate
$12.12 /SF/Yr
Expense Ratio
30.00%
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%
$271,480
Cap Rate 7%
$193,914
Cap Rate 9%
$150,822
Alternative Uses
Best Use
Multifamily LT 5
$193.9K
$169.7K – $226.2K
NOI $13,574 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$174.6K
$152.8K – $203.7K
NOI $12,223 @ 7.0% cap · market cap 5.34%
Theoretical Best
Specialty Retail
$1.25M
$1.09M – $1.46M
NOI $87,330 @ 7.0% cap · market cap 38.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
492
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Three occupied apartments provide established tenancy in a corner-lot residential income property.
Where is this triplex located?
The property is located at 1913 Center St New Albany, IN.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Three‑unit multifamily property with all apartments leased; Approximately 1,726 finished square feet; Built in 1929 on a corner lot
