Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Iconic Building in Historic District Title is generated by Realmo AI

    319 Pearl Street, New Albany, IN 47150

    View on Map
    Claim this Listing
    New
    For Sale
    $1,575,000

    COMMERCIAL - New Albany, IN

    Property size:
    11,442 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $137/SF
    Added:
    May 29, 2026
    Days on Market:
    2
    Last Refresh:
    May 30 at 11:06 am

    Property Features for 319 Pearl Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    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

    We can help!

    Listing Contact
    Mike Kopp

    Listing agent Mike Kopp

    Listing office RE/MAX FIRST-Commercial Group 2123 Veterans Pkwy, Suite C, Jeffersonville, IN

    Listing date May 29, 2026

    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.

    HighLights

    • Iconic building in a historic downtown district offering a prestigious presence.
    • Includes an outdoor patio area adjoining a city park that hosts events and concerts.
    • Operating winery/restaurant occupies the first and lower levels.
    • Potential for a separate living space, unit, or Airbnb operation.
    • Private living space with private entry at street level in the front and back.
    • Business (winery and equipment) is available for sale separately.

    Overview

    This iconic building, with a distinctive look, offers a prestigious presence among the historic buildings in Downtown New Albany. The listing is for the real estate sale of the building, which includes two parcels; the second parcel is an outdoor patio area. The patio adjoins the City Pak, where events and functions, including summer concerts, are often held. The building features a comfortable bar and dining area inside, which occasionally offers entertainment. The winery/restaurant currently operating in the building occupies the first and lower levels, where wine is made and stored in barrels. The building owner has private living space and has been working toward potentially having another separate living space, unit, or possibly an Airbnb operation. The living space has a private entry at street level in the front and back of the building. The property contains 11,442 square feet and the lot size is 0.11 acres.
    Location Intelligence

    Current Use by Public Records

    Bed & breakfasts

    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.

    Similar Places Nearby

    • Get it on a Bun at BOOTYS — 822 State St, New Albany, IN 47150

    Location Insight

    • Map
    • Local Demand
    City
    New Albany
    County
    Floyd
    State
    Indiana
    Longitude
    -85.8230797
    Latitude
    38.285432

    Nearby Similar for Sale

    • $340,000
      3,440 SF

      Versatile Building in New Albany

      Expansive building suitable for a meeting center or other uses.
      1333 Bono Road, New Albany, IN 47150
      View Details
    • $350,000
      1,350 SF

      Commercial Building with Drive-Thru

      Freestanding building suitable for retail or office use.
      514 Vincennes Street, New Albany, IN 47150
      View Details
    • $700
      2,370 SF

      Historic Office Space with Amenities

      Professional office space with utilities and amenities included.
      1931 East Spring Street, New Albany, IN 47150
      View Details
    • $650,000
      2,782 SF

      Super Wash Car Wash Opportunity

      Car wash on 0.8159 acres, potential for retail/commercial redevelopment.
      3108 Blackiston Mill Rd, New Albany, IN
      View Details
    • $795,000
      4,712 SF

      Downtown New Albany Office Building

      Updated office building in revitalized downtown area with parking.
      320 E Elm St, New Albany, IN
      View Details
    • $495,000
      2,836 SF

      Former Fast Food Restaurant Available

      2,836 SF restaurant on 1.02 acres for sale.
      2601 Charlestown Rd, New Albany, IN
      View Details
    • $1,450,000
      10,702 SF

      Office Building in New Albany

      Office building for sale in New Albany, Indiana.
      301 E Elm St, New Albany, IN
      View Details
    • $219,000
      3,816 SF

      Versatile Commercial Property with Apartment

      Corner lot property with storefront and bonus efficiency apartment.
      1945 Indiana Ave, New Albany, IN
      View Details
    • $350,000
      1,350 SF

      Restaurant Property with Drive-Up Window

      Commercial property with drive-up, parking, and restaurant equipment.
      514 Vincennes St, New Albany, IN
      View Details
    • $975,000
      41,728 SF

      New Albany Manufacturing/Warehouse Opportunity

      Multi-story building near upcoming mixed-use development.
      601 E 4th St, New Albany, IN
      View Details
    • $6,425,000
      71,350 SF

      Leased Industrial Investment Opportunity

      71,350 SF industrial property in New Albany, Indiana.
      105 Security Parkway, New Albany, IN 47150
      View Details
    • $350,000
      1,350 SF

      East End Retail Opportunity

      Freestanding building with drive-thru in New Albany, Indiana.
      514 Vincennes St, New Albany, IN 47150
      View Details

    FAQs

    What type of property is this?
    Restaurant - Distinctive commercial building with patio in downtown New Albany.
    Where is this restaurant 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: Iconic building in a historic downtown district offering a prestigious presence.; Includes an outdoor patio area adjoining a city park that hosts events and concerts.; Operating winery/restaurant occupies the first and lower levels.
    (812) 283-4778
    We can help!
    Listing Contact
    Mike Kopp
    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
    319 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!