Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Two-Story Office Suite Title is generated by Realmo AI

    227 Pearl Street, New Albany, IN 47150

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Two-floor office space with a mix of open areas, private offices, and private restrooms, suited for a headquarters setup.

    Type:Office
    Property size:
    7,388 SF
    Added:
    May 27, 2026
    Days on Market:
    11
    Last Refresh:
    Jun 6 at 5:11 am

    Property Features for 227 Pearl Street

    General Information

    Standard status
    Active
    Size
    7,388 SF
    Property subtype
    Office

    Building Details

    Year Built
    1855

    Spaces For Lease

    at 227 Pearl Street Contact us

    We can help!

    Listing Contact
    Rhonda Karageorge
    Rhonda Karageorge

    Listing agent Rhonda Karageorge License #KY 46762

    Listing office Commonwealth Commercial Real Estate

    Listing date May 27, 2026

    Source Crexi

    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 Commonwealth Commercial Real Estate

    HighLights

    • 7,388 SF ± finished office space over two floors (about 3,694 SF ± per floor)
    • Flexible layout with open office areas, private offices, multi‑purpose rooms, and a break room
    • Includes private restrooms on the two‑floor office space
    • Passenger elevator plus an exterior balcony overlooking the venue below
    • Potential for building signage
    • 227 Pearl Street office space in The Prologue, a preserved and restored 1855 riverfront commercial landmark building

    Overview

    This professionally finished two-story office space totals 7,388 SF (±), configured with approximately 3,694 SF (±) on each floor. The layout supports a flexible operating model, with a mix of open office areas, private offices, and multi-purpose rooms. The space also includes a break room and private restrooms for improved day-to-day convenience. Building amenities include a passenger elevator for interior access, plus an exterior balcony overlooking the venue below.

    The space is located within The Prologue, a preserved and restored historic riverfront commercial building at 227 Pearl Street in downtown New Albany. The property was built in 1855 and transformed into The Prologue Venue, with the classic architecture maintained while the building was modernized into an updated, high-tech mixed-use environment. The building offers potential for building signage.

    For tenants seeking a distinctive headquarters or a technology-forward workspace, this arrangement provides both collaborative and private functions within the same suite across two floors. The presence of elevators, private restrooms, and dedicated break space supports a more self-contained office environment for teams of varying sizes and work styles. Purchase opportunity is also available for qualified buyers.
    Location Intelligence

    Current Use by Public Records

    RxLightning Business To Business Service Faiths Apartment Building The Prologue Venue Wedding Service Laurin Keith U Law Firm

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    New Albany
    County
    Floyd
    State
    Indiana
    Longitude
    -85.822571
    Latitude
    38.2846413

    Nearby Similar for Lease

    • $1,750/Mo
      1,012 SF

      Office Suite with Private Offices

      Well-appointed office suite with multiple private offices, a restroom, and utilities included for straightforward move-in.
      5150 Charlestown Rd, New Albany, IN 47150
      View Details
    • $6 SF/Yr
      28,044 SF

      Well-Maintained Industrial-Office Building For Sale

      28,000+ SF industrial-office building built in 2016/2017.
      4302 Security Pkwy, New Albany, IN
      View Details
    • Contact for pricing
      1,150 SF

      Prime Office/Retail End-Cap Space

      Well-maintained 1,150 SF office/retail space with excellent visibility.
      2855 Charlestown Rd, New Albany, IN 47150
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space Near Walmart

      Retail space available in shadow-anchored center near I-265.
      1929 McDonald Lane , New Albany, IN 47150
      View Details
    • $19 SF/Yr
      4,170 SF

      State Street Office Space Available

      Office space with high visibility and versatile layout.
      2113 State Street, New Albany, IN
      View Details
    • $700/Mo
      700 SF

      Office Space Available For Rent

      700 square feet office space for rent in New Albany.
      1931 E Spring St, New Albany, IN
      View Details
    • Contact for pricing
      17,000 SF

      Retail Space Near I-265

      17,000 SF retail property with ample parking and signage.
      3417 Grant Line Rd, New Albany, IN 47150
      View Details
    • Contact for pricing

      Furnished Medical Office Space Available

      Furnished medical office space for sublease in Purdue Research Park.
      4101 Technology Avenue, New Albany, IN, 47150
      View Details
    • Contact for pricing
      54,000 SF

      Retail Space in New Albany

      54,000 square foot retail property available for lease.
      200 New Albany Plaza, New Albany, IN, 47150
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Retail space available for rent at 628 State Street.
      628 State Street, New Albany, IN, 47150
      View Details
    • Contact for pricing
      17,618 SF

      Industrial Space Available For Lease

      17,618 SF industrial space available for lease.
      1421 East Elm Street, New Albany, IN 47150
      View Details
    • $18 SF/Yr

      Multi-Story Office Building Available

      Multi-story office building for sale or lease.
      821 Mt Tabor Rd, New Albany, IN 47150
      View Details

    FAQs

    What type of property is this?
    Office units - Two-floor office space with a mix of open areas, private offices, and private restrooms, suited for a headquarters setup.
    Where is this office units located?
    The property is located at 227 Pearl Street New Albany, IN.
    What are key features of this property?
    This property features: 7,388 SF ± finished office space over two floors (about 3,694 SF ± per floor); Flexible layout with open office areas, private offices, multi‑purpose rooms, and a break room; Includes private restrooms on the two‑floor office space
    (502) 379-6000 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Rhonda Karageorge
    Rhonda Karageorge
    Real Estate License ID: KY 46762
    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

    Thank You for Inquiry
    227 Pearl Street, New Albany, IN 47150
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!