6-Unit Apartment
For Sale
$489,000
2032 Culbertson Ave, New Albany, IN 47150
Fully occupied multifamily property with varied unit layouts, professional management, and recent building improvements.
Property Size4,495 SF
Price / SF$108.79
Days on Market132
Property Features for 2032 Culbertson Ave
General Information
Standard status
Active
Size
4,495 SF
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
R-2
Occupancy
100%
Units
Unit Mix
1 x 4BR/2BA, 4 x 1BR/1BA, 1 x studio
Multifamily Units
6
Amenities
6 Parking Spaces
Building Details
Year Built
1925
Listing Agency:
PML Real Estate Group LLC
(502) 895-9136
Listed By:
Brian Stocker · License #6689202
(502) 895-9136
Source:
Kcrea.resimplifi
Added: Apr 23
Changed: Aug 30
Last Checked: Aug 30 at 4:27PM
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 PML Real Estate Group LLC
Investment Insights
Based on property information with market context.
This 6-unit apartment property contains a 4-bedroom, 2-bath residence, four 1-bedroom, 1-bath apartments, and one studio. The improvements total 4,495 square feet and date to 1925. A garage is also rented, adding an additional income-producing component to the property. Recent work includes a new roof and water heater, while apartment interiors are updated as vacancies occur.
The property is located on Culbertson Ave in New Albany, Indiana, and carries R-2 zoning. All units are fully occupied, and professional management is in place. The combination of varied floor plans, completed building improvements, and current occupancy provides a defined multifamily configuration for an investor or owner-operator evaluating a residential income property.
The property is located on Culbertson Ave in New Albany, Indiana, and carries R-2 zoning. All units are fully occupied, and professional management is in place. The combination of varied floor plans, completed building improvements, and current occupancy provides a defined multifamily configuration for an investor or owner-operator evaluating a residential income property.
Key Highlights
- Six apartments with a 4‑bedroom, 2‑bath unit, four 1‑bedroom, 1‑bath units, and one studio
- 4,495‑square‑foot apartment property built in 1925
- R‑2 zoning in New Albany, Indiana
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
$31,831
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
6.51%
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%
$636,620
$636.6K
Cap Rate 7%
$454,729
$454.7K
Cap Rate 9%
$353,678
$353.7K
Market Conditions
NOI Build-Up for 4,495 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
$62.0K $13.80/SF
− Vacancy
−$4.2K −$0.92/SF
EGI
$57.9K $12.88/SF
− OpEx
−$26.0K −$5.79/SF
NOI
$31.8K $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%
$636,620
Cap Rate 7%
$454,729
Cap Rate 9%
$353,678
Alternative Uses
Best Use
Apartment 5plus
$454.7K
$397.9K – $530.5K
NOI $31,831 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.25M
$2.84M – $3.79M
NOI $227,432 @ 7.0% cap · market cap 46.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
378
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 - Fully occupied multifamily property with varied unit layouts, professional management, and recent building improvements.
Where is this apartment building located?
The property is located at 2032 Culbertson Ave New Albany, IN.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Six apartments with a 4‑bedroom, 2‑bath unit, four 1‑bedroom, 1‑bath units, and one studio; 4,495‑square‑foot apartment property built in 1925; R‑2 zoning in New Albany, Indiana
