Downtown New Albany Office
320 E Elm St New Albany, IN
For Sale
Contact for pricing
Updated office building in revitalized downtown area with parking.
Property Size4,712 SF
Lot Size0.24 Acres
Price / SF$168.72
Days on Market383
Property Features for 320 E Elm St
General Information
Standard status
Active
Size
4,712 SF
Lot size
0.24 Acres
Property subtype
OFFICE
Listing Agency:
Lopp Commercial Brokers
(812) 989-9065
Listed By:
Todd Paxton · License #RB14033891
(812) 989-9065
Source:
Moodyscre
Added: Jul 11, 2025
Changed: Jul 10
Last Checked: Jul 21 at 4:53AM
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 Lopp Commercial Brokers
Investment Insights
Based on property information with market context.
This updated office building is located in the revitalized area of Downtown New Albany. The property offers over 4,700 square feet of space and includes 10 off-street parking spots, with additional parking available at the curb. The building features frontage on E Elm Street and 4th Street. The interior layout comprises a lobby, 7 offices, 2 conference rooms, 2 restrooms, a kitchen, and closets. The property is accessible via 4 exterior doors, potentially accommodating multiple users. The current business is relocating, and office furniture is negotiable.
Key Highlights
- Updated office building in revitalized downtown area.
- Over 4,700 sq ft of office space.
- 10 off‑street parking spots plus additional curb parking.
Financial Insights For Office B
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 | $101.8k | $21.60 |
| − Vacancy | −$23.0k | −$4.88 |
| EGI | $78.8k | $16.72 |
| − OpEx | −$19.7k | −$4.18 |
| NOI | $59.1k | $12.54 |
4,712 SF · lease $21.60/SF/yr · vacancy 22.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$844.0K
$738.5K – $984.7K
NOI $59,083 @ 7.0% cap · market cap 7.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.41M
$2.98M – $3.97M
NOI $238,411 @ 7.0% cap · market cap 29.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Updated office building in revitalized downtown area with parking.
Where is this office building located?
The property is located at 320 E Elm St New Albany, IN.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Updated office building in revitalized downtown area.; Over 4,700 sq ft of office space.; 10 off‑street parking spots plus additional curb parking.
