Two-Unit Duplex
245 Cherry Street New Albany, IN 47150
245 Cherry Street, New Albany, IN, 47150
$239,000
For Sale
$239,000
Mirror-image duplex with two-bedroom units featuring attached one-car garages and separate inside stair entries.
Property Size1,994 SF
Price / SF$119.86
Days on Market1648
Property Features for 245 Cherry Street
General Information
- Standard status
- Active
- Size
- 1,994 SF
- Property subtype
- Duplex
Building Details
- Year Built
- 1990
Listing agency
eXp Realty, LLC
(888) 611-3912
Listed by
Sara Taylor-Hughes
(888) 611-3912
Source
Xome
Added: Jan 16, 2022 Updated: Jul 21 at 6:02PM Checked: Jul 21 at 6:02PM
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 mirror-image duplex offers two separate apartments, each with two bedrooms, one full bathroom, and an additional half bath. Both units include an attached one-car garage located in the basement, with inside stair entry to the individual apartment. Kitchens are designed to be open to an eat-in area.
Apartment A is occupied by a long-term tenant on a month-to-month lease, currently generating $650 per month. Apartment B is currently rented at $1,150 per month and has been completely redone top to bottom.
The property is a residential income duplex with reported total monthly income of $1,800. Mandatory 48 hours’ notice is required for all showings. All square footage and room sizes are approximate.
Apartment A is occupied by a long-term tenant on a month-to-month lease, currently generating $650 per month. Apartment B is currently rented at $1,150 per month and has been completely redone top to bottom.
The property is a residential income duplex with reported total monthly income of $1,800. Mandatory 48 hours’ notice is required for all showings. All square footage and room sizes are approximate.
Key Highlights
- Mirror‑image duplex with two 2‑bedroom units, each with 1 full bath and 1/2 bath
- Total rent reported as $1,800/month: Apt A $650/month (long‑term tenant, month‑to‑month) and Apt B $1,150/month
- Each unit has an attached 1‑car garage in the basement with an inside stair entry to the individual apartment
Local 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 | $24.2k | $12.12 |
| − Vacancy | −$1.8k | −$0.88 |
| EGI | $22.4k | $11.24 |
| − OpEx | −$6.7k | −$3.37 |
| NOI | $15.7k | $7.86 |
1,994 SF · lease $12.12/SF/yr · vacancy 7.30% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$224.0K
$196.0K – $261.4K
NOI $15,682 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$201.7K
$176.5K – $235.3K
NOI $14,120 @ 7.0% cap · market cap 5.91%
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $100,890 @ 7.0% cap · market cap 42.21%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Mirror-image duplex with two-bedroom units featuring attached one-car garages and separate inside stair entries.
Where is this duplex located?
The property is located at 245 Cherry Street New Albany, IN.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Mirror‑image duplex with two 2‑bedroom units, each with 1 full bath and 1/2 bath; Total rent reported as $1,800/month: Apt A $650/month (long‑term tenant, month‑to‑month) and Apt B $1,150/month; Each unit has an attached 1‑car garage in the basement with an inside stair entry to the individual apartment
