Two-Unit Duplex
2301 Fairmont Avenue New Albany, IN 47150
For Sale
$159,900
Duplex with separate meters, featuring two bedrooms and one bath in each unit with tenant-paid electric and gas.
Property Size1,851 SF
Price / SF$86.39
Days on Market2511
Property Features for 2301 Fairmont Avenue
General Information
- Standard status
- Active
- Size
- 1,851 SF
- Property subtype
- Duplex
Building Details
- Year Built
- 1880
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Shawne Mardis
(888) 611-3912
Source:
Xome
Added: Sep 9, 2019
Changed: Jul 23
Last Checked: Jul 24 at 4:46AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This duplex offers two separate residential units, each configured with two bedrooms and one bathroom. The units are on separate meters, with the tenant paying for electric and gas. The landlord is responsible for water, sewer, and trash.
Located at 2301 Fairmont Avenue in New Albany, the property presents an income-oriented multifamily setup for buyers seeking a straightforward duplex structure.
Each side is laid out as a compact two-bedroom, one-bath residence, supporting independent metering and utility responsibility by unit.
Located at 2301 Fairmont Avenue in New Albany, the property presents an income-oriented multifamily setup for buyers seeking a straightforward duplex structure.
Each side is laid out as a compact two-bedroom, one-bath residence, supporting independent metering and utility responsibility by unit.
Key Highlights
- Duplex in New Albany with 2 bedrooms and 1 bath in each unit
- Separate meters for utilities
- Tenant pays electric and gas
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $22.4k | $12.12 |
| − Vacancy | −$1.6k | −$0.88 |
| EGI | $20.8k | $11.24 |
| − OpEx | −$6.2k | −$3.37 |
| NOI | $14.6k | $7.86 |
1,851 SF · lease $12.12/SF/yr · vacancy 7.30% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$208.0K
$182.0K – $242.6K
NOI $14,558 @ 7.0% cap · market cap 9.10%
Second Best
Apartment 5plus
$187.3K
$163.9K – $218.5K
NOI $13,108 @ 7.0% cap · market cap 8.20%
Theoretical Best
Specialty Retail
$1.34M
$1.17M – $1.56M
NOI $93,654 @ 7.0% cap · market cap 58.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Duplex with separate meters, featuring two bedrooms and one bath in each unit with tenant-paid electric and gas.
Where is this duplex located?
The property is located at 2301 Fairmont Avenue New Albany, IN.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: Duplex in New Albany with 2 bedrooms and 1 bath in each unit; Separate meters for utilities; Tenant pays electric and gas
