4-Unit Multifamily
New
For Sale
$275,000
2235 Ekin Avenue, New Albany, IN 47150
Commercial, New Albany, IN
Property Size1,996 SF
Lot Size0.09 Acres
Price / SF$137.78
Days on Market2
Property Features for 2235 Ekin Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
4
Standard status
Active
APN
0085500018
Size
1,996 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
P 327 E 30' L 67
Tax Annual Amount
4175
Legal Description
P 327 E 30' L 67
Building Details
Year built
1929
Listing Agency:
Keller Williams Realty Consultants
(812) 944-7024
Listed By:
Heidi Fore
(502) 777-3578
Added: Oct 16
Last Checked: Oct 17 at 12:06AM
MLS# 2026012377
Copyright © 2026 Southern Indiana REALTORS Association. 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 4-unit multifamily property at 2235 Ekin Avenue in New Albany contains 1,996 square feet. Built in 1929, the building occupies a 0.093-acre parcel.
Key Highlights
- Four residential units
- 1,996 square feet of building area
- Built in 1929
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,698
Cap Rate
5.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$313,960
$314.0K
Cap Rate 7%
$224,257
$224.3K
Cap Rate 9%
$174,422
$174.4K
Market Conditions
NOI Build-Up for 1,996 SF
Gross rent
$24.2K $12.12/SF
− Vacancy
−$1.8K −$0.88/SF
EGI
$22.4K $11.24/SF
− OpEx
−$6.7K −$3.37/SF
NOI
$15.7K $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%
$313,960
Cap Rate 7%
$224,257
Cap Rate 9%
$174,422
Alternative Uses
Best Use
Multifamily LT 5
$224.3K
$196.2K – $261.6K
NOI $15,698 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$201.9K
$176.7K – $235.6K
NOI $14,135 @ 7.0% cap · market cap 5.14%
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $100,991 @ 7.0% cap · market cap 36.72%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
4
Residential units
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 - A small-scale residential income property is located in New Albany, Indiana.
Where is this quadplex located?
The property is located at 2235 Ekin Avenue 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 residential units; 1,996 square feet of building area; Built in 1929
