Historic Mixed-Use Building with
For Sale
$1,575,000
319 Pearl Street, New Albany, IN 47150
Commercial, New Albany, IN
Property Size11,442 SF
Lot Size0.11 Acres
Price / SF$137.65
Days on Market93
Property Features for 319 Pearl Street
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
I-65 or I-64 to I-265 take the State Street Exit and head south to the river. As you enter Downtown, you can turn left onto Spring Street and then right on Pearl Street and the property is on the right. (winery/restaurant)
Standard status
Active
APN
220500200217000008
Size
11,442 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
4051
Tax Description
P.93 S 40' L.18 319 PEARL TIF (bldg only) P 93 N 20' L.18 #02 TIF ( Per Deed ) (lot only)
Tax Annual Amount
6953
Legal Description
P.93 S 40' L.18 319 PEARL TIF (bldg only) P 93 N 20' L.18 #02 TIF ( Per Deed ) (lot only)
Listing Agency:
RE/MAX FIRST-Commercial Group · RE/MAX International
(812) 283-4778
Listed By:
Mike Kopp · License #RB14037481
(812) 283-4778
Added: May 29
Changed: Aug 23
Last Checked: Aug 29 at 11:06AM
MLS# 202608719
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.
Investment Insights
Based on property information with market context.
This mixed-use property includes 11,442 square feet across the first and lower levels, where a winery and restaurant currently operate. The lower level includes space used for wine production and barrel storage, while the building also contains private living quarters with separate street-level entrances at the front and rear. A second parcel provides an outdoor patio connected to the property.
Located within New Albany’s Historic Downtown District, the building forms part of a row of historic structures and the patio adjoins City Pak, which hosts events and summer concerts. The real estate is offered separately from the winery business and its equipment. The property encompasses 0.11 acres and includes two parcels.
Located within New Albany’s Historic Downtown District, the building forms part of a row of historic structures and the patio adjoins City Pak, which hosts events and summer concerts. The real estate is offered separately from the winery business and its equipment. The property encompasses 0.11 acres and includes two parcels.
Key Highlights
- 11,442‑square‑foot mixed‑use building
- 0.11‑acre property comprising 2 parcels
- First and lower levels currently occupied by a winery and restaurant
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$115,850
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.36%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,317,000
$2.3M
Cap Rate 7%
$1,655,000
$1.7M
Cap Rate 9%
$1,287,222
$1.3M
Market Conditions
NOI Build-Up for 11,442 SF
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.
Gross rent
$206.0K $18.00/SF
− Vacancy
−$20.6K −$1.80/SF
EGI
$185.4K $16.20/SF
− OpEx
−$69.5K −$6.07/SF
NOI
$115.9K $10.13/SF
Area
Floyd County, IN
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,317,000
Cap Rate 7%
$1,655,000
Cap Rate 9%
$1,287,222
Alternative Uses
Best Use
Specialty Retail
$8.27M
$7.24M – $9.65M
NOI $578,927 @ 7.0% cap · market cap 36.76%
Second Best
Mixed Use
$1.65M
$1.45M – $1.93M
NOI $115,850 @ 7.0% cap · market cap 7.36%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,093
Businesses Nearby
53k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Dining 29%
Hotels & Casinos 10%
Circle K
Shops & Services
16,840 visits/mo
0.1 miles
Circle K
Shops & Services
8,727 visits/mo
0.5 miles
Waffle House
Dining
8,072 visits/mo
0.3 miles
Wild Eggs
Dining
7,332 visits/mo
0.4 miles
Chase Bank
Shops & Services
6,686 visits/mo
0.1 miles
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-parcel property combines restaurant space, private living quarters, and an outdoor patio.
Where is this mixed-use property located?
The property is located at 319 Pearl Street New Albany, IN.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: 11,442‑square‑foot mixed‑use building; 0.11‑acre property comprising 2 parcels; First and lower levels currently occupied by a winery and restaurant
