Mixed-Use Apartment
For Sale
$1,590,000
207 E Main St, New Albany, IN 47150
For-sale mixed-use property with apartment units and first-floor restaurant space, available by appointment with notice.
Property Size9,552 SF
Price / SF$166.46
Days on Market155
Property Features for 207 E Main St
General Information
Standard status
Active
Size
9,552 SF
Property subtype
Hospitality
Zoning
C-2
Listing Agency:
Coldwell Banker McMahan
Listed By:
Paul Kiger · License #21537
(502) 314-6748
Source:
Kcrea.resimplifi
Added: May 24
Changed: Oct 5
Last Checked: Oct 24 at 1:28PM
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 Coldwell Banker McMahan
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Investment Insights
Based on property information with market context.
This for-sale mixed-use property includes apartment units and first-floor restaurant space. The building is designed to support both residential occupancy and street-level commercial use, giving an operator or buyer a practical blend of uses within the same asset.
Located at 207 East Main Street in New Albany, Indiana, the property offers convenient access to the restaurant space for retail or food service activity. Showings require minimum 24 hours’ notice for the apartment portion, and the first-floor restaurant space is available to tour by appointment.
For tenants, the residential component can serve households seeking an apartment setting, while the commercial component is positioned for a restaurant operator that wants a dedicated ground-floor presence. For buyers, the combined residential and restaurant layout may appeal to those looking for a single ownership structure that encompasses both income-generating uses. The viewing requirements should be planned around the 24-hour notice needed for apartments and appointment scheduling for the restaurant space.
Located at 207 East Main Street in New Albany, Indiana, the property offers convenient access to the restaurant space for retail or food service activity. Showings require minimum 24 hours’ notice for the apartment portion, and the first-floor restaurant space is available to tour by appointment.
For tenants, the residential component can serve households seeking an apartment setting, while the commercial component is positioned for a restaurant operator that wants a dedicated ground-floor presence. For buyers, the combined residential and restaurant layout may appeal to those looking for a single ownership structure that encompasses both income-generating uses. The viewing requirements should be planned around the 24-hour notice needed for apartments and appointment scheduling for the restaurant space.
Key Highlights
- Mixed‑use property with apartment units and first‑floor restaurant space
- 1st‑floor restaurant space available by appointment
- Minimum 24 hours notice required for apartment showings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,642
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,352,840
$1.4M
Cap Rate 7%
$966,314
$966.3K
Cap Rate 9%
$751,578
$751.6K
Market Conditions
NOI Build-Up for 9,552 SF
Gross rent
$131.8K $13.80/SF
− Vacancy
−$8.8K −$0.92/SF
EGI
$123.0K $12.88/SF
− OpEx
−$55.3K −$5.79/SF
NOI
$67.6K $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%
$1,352,840
Cap Rate 7%
$966,314
Cap Rate 9%
$751,578
Alternative Uses
Best Use
Specialty Retail
$6.90M
$6.04M – $8.05M
NOI $483,299 @ 7.0% cap · market cap 30.40%
Second Best
Apartment 5plus
$966.3K
$845.5K – $1.13M
NOI $67,642 @ 7.0% cap · market cap 4.25%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,113
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - For-sale mixed-use property with apartment units and first-floor restaurant space, available by appointment with notice.
Where is this apartment building located?
The property is located at 207 E Main St New Albany, IN.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: Mixed‑use property with apartment units and first‑floor restaurant space; 1st‑floor restaurant space available by appointment; Minimum 24 hours notice required for apartment showings
