Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1945 Indiana Ave New Albany, IN

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Corner lot property with storefront and bonus efficiency apartment.

    Type:RETAIL
    Property size:
    3,816 SF
    Lot size:
    0.09 Acres
    Added:
    Jun 17, 2025
    Days on Market:
    290
    Last Refresh:
    Mar 30 at 8:54 pm

    Property Features for 1945 Indiana Ave

    General Information

    Standard status
    Active
    Size
    3,816 SF
    Lot size
    0.09 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Stephannie Wilson
    Stephannie Wilson

    Listing agent Stephannie Wilson License #RB14039714

    Listing office NextHome Wilson Real Estate

    Listing date Jun 17, 2025

    Source Moodyscre

    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 NextHome Wilson Real Estate

    Overview

    Versatile Commercial Property with Apartment

    This commercial property is located in downtown New Albany on a corner lot. Previously used as a used clothing and home goods storefront, the building features a spacious open floor plan with ample lighting. It includes a large, handicapped-accessible bathroom and a kitchen area equipped with a large island and commercial sinks. The property provides four dedicated parking spaces. A bonus efficiency apartment is located at the rear of the building, featuring 1 bedroom, 1 full bath, a kitchen, and a living room. This space presents an opportunity for rental income or live/work use. Apartment parking is also available. The property offers high visibility and flexible space suitable for a variety of uses. The building size is approximately 3,816 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    B Rodewig & Associates Clothing & Fashion Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Aebersold Florist — 1217 Silver St, New Albany, IN 47150

    Location Insight

    • Map
    • Local Demand
    City
    New Albany
    County
    Floyd
    State
    Indiana
    Longitude
    -85.8133
    Latitude
    38.3094

    Nearby Similar for Sale

    • $495,000
      2,836 SF

      Former Fast Food Restaurant Available

      2,836 SF restaurant on 1.02 acres for sale.
      2601 Charlestown Rd, New Albany, IN
      View Details
    • $650,000
      2,782 SF

      Super Wash Car Wash Opportunity

      Car wash on 0.8159 acres, potential for retail/commercial redevelopment.
      3108 Blackiston Mill Rd, New Albany, IN
      View Details
    • $795,000
      4,712 SF

      Downtown New Albany Office Building

      Updated office building in revitalized downtown area with parking.
      320 E Elm St, New Albany, IN
      View Details
    • $1,450,000
      10,702 SF

      Office Building in New Albany

      Office building for sale in New Albany, Indiana.
      301 E Elm St, New Albany, IN
      View Details
    • $975,000
      41,728 SF

      New Albany Manufacturing/Warehouse Opportunity

      Multi-story building near upcoming mixed-use development.
      601 E 4th St, New Albany, IN
      View Details
    • $1,300,000
      17,460 SF

      Industrial Property in New Albany

      Industrial property with 17,460 square feet available for sale.
      402 E Market St, New Albany, IN
      View Details
    • $450,000
      960 SF

      Established Landscaping Business For Sale

      Profitable landscaping business serving Indiana and Kentucky with loyal clientele.
      910 Industrial Blvd, New Albany, IN
      View Details
    • $795,000
      3,374 SF

      Downtown New Albany Opportunity

      Purchase or lease opportunity in vibrant downtown New Albany.
      141 E Main St, New Albany, IN
      View Details
    • $499,900
      4,424 SF

      Updated Brick Home with Pool

      Well-maintained 7BR home with pool in desirable location.
      1300 Chapel Creek Court, New Albany, IN 47150
      View Details
    • $450,000
      960 SF

      Established Landscaping Business For Sale

      Profitable landscaping business serving Indiana and Kentucky for over 40 years.
      910 Industrial Blvd, New Albany, IN 47150
      View Details
    • $145,000
      1,176 SF

      Move-In Ready Home with Garage

      Spotless 2-bedroom home with garage in New Albany.
      2039 McDonald Avenue, New Albany, IN 47150
      View Details
    • $575,000
      3,686 SF

      Floyd County Land with Barn

      22-acre property with barn, garage, and large home.
      2536,2544 Corydon, New Albany, IN 47150
      View Details

    FAQs

    What type of property is this?
    Storefront property - Corner lot property with storefront and bonus efficiency apartment.
    Where is this storefront property located?
    The property is located at 1945 Indiana Ave New Albany, IN.
    What is the asking price?
    The asking price for this property is $229,900.
    What are key features of this property?
    This property features: Prime downtown New Albany location with high visibility on a corner lot.; Versatile commercial space suitable for various uses (buyer to verify zoning).; Bonus efficiency apartment at the rear for rental income or live/work use.
    (502) 643-3062 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Stephannie Wilson
    Stephannie Wilson
    Real Estate License ID: RB14039714
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!