Updated 4-Unit Apartment
New
For Sale
$275,000
2235 Ekin Ave, New Albany, IN 47150
Multi Family, New Albany, IN
Property Size1,880 SF
Lot Size0.09 Acres
Price / SF$146.28
Days on Market3
Property Features for 2235 Ekin Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
3
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 2, Bathroom 2, Bathroom 4, Bedroom 3, Bathroom 3, Bedroom 1
Lot features
Corner Lot
Directions
Near the intersection of Slate Run Road and Ekin Ave, on the corner of Ekin and McDonald Ave
Subdivision
13-Indiana
Standard status
Active
APN
22-05-02-900-318.000-008
Size
1,880 SF
Lot size
0.09 Acres
Additional Details
Tenant in Place
Yes
Individually Metered Utilities
gas, electricity
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1929
Number of units
4
Building materials
Vinyl Siding, Aluminum Siding
Roof type
Shingle
Buildings
1
Listing Agency:
Keller Williams Realty
(812) 944-7024
Listed By:
Heidi Fore
(502) 777-3578
Added: Oct 26
Changed: Oct 27
Last Checked: Oct 28 at 8:06AM
MLS# 1732931
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 1,880-square-foot quadplex contains four apartments: three one-bedroom units and one studio. The units were updated within the last two years. Each apartment has its own furnace and separate gas and electric meters, with tenants responsible for those utilities. Unit 2 includes a washer and dryer. The property also has off-street parking for four cars and a grassy yard on a 0.09-acre lot.
Built in 1929, the building has forced-air natural gas heating and wall or window cooling. Public water and public sewer serve the property. Located in New Albany, the four-unit configuration combines a defined unit mix with separately metered utilities and on-site parking.
Built in 1929, the building has forced-air natural gas heating and wall or window cooling. Public water and public sewer serve the property. Located in New Albany, the four-unit configuration combines a defined unit mix with separately metered utilities and on-site parking.
Key Highlights
- Four apartments: three one‑bedrooms and one studio
- 1,880 square feet on a 0.09‑acre lot
- Units updated within the last two years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,786
Cap Rate
5.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$295,720
$295.7K
Cap Rate 7%
$211,229
$211.2K
Cap Rate 9%
$164,289
$164.3K
Market Conditions
NOI Build-Up for 1,880 SF
Gross rent
$22.8K $12.12/SF
− Vacancy
−$1.7K −$0.88/SF
EGI
$21.1K $11.24/SF
− OpEx
−$6.3K −$3.37/SF
NOI
$14.8K $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 Rate 5%
$295,720
Cap Rate 7%
$211,229
Cap Rate 9%
$164,289
Alternative Uses
Best Use
Multifamily LT 5
$211.2K
$184.8K – $246.4K
NOI $14,786 @ 7.0% cap · market cap 5.38%
Second Best
Apartment 5plus
$190.2K
$166.4K – $221.9K
NOI $13,313 @ 7.0% cap · market cap 4.84%
Theoretical Best
Specialty Retail
$1.36M
$1.19M – $1.59M
NOI $95,122 @ 7.0% cap · market cap 34.59%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
256
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?
Quadplex - The unit mix includes three one-bedroom apartments and one studio.
Where is this quadplex located?
The property is located at 2235 Ekin Ave New Albany, IN.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Four apartments: three one‑bedrooms and one studio; 1,880 square feet on a 0.09‑acre lot; Units updated within the last two years
