Mixed-Use Building with
For Sale
$269,900
331 Vincennes St, New Albany, IN 47150
Commercial salon space is paired with a separately entered apartment and rear parking pad.
Property Size1,716 SF
Price / SF$157.28
Days on Market50
Property Features for 331 Vincennes St
General Information
Standard status
Active
Size
1,716 SF
Property subtype
Commercial
Amenities
private one-bedroom apartment
rear parking pad
cozy green space
off-street parking
2 half baths
break room
Building Details
Year Built
1929
Tenancy
Multi
Listing Agency:
Trueblood Real Estate
(812) 461-1641
Listed By:
Ward Realty Services
(812) 200-2838
Source:
Wardrealtyservices
Added: Aug 8
Changed: Sep 24
Last Checked: Sep 26 at 6:55AM
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 Trueblood Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property combines a commercial area of nearly 1,200 square feet with a private one-bedroom apartment measuring over 500 square feet. The commercial portion is arranged as a beauty salon and includes capacity for 5-7 styling stations, two shampoo stations, 2 half baths, and a break room. The flexible layout may support salon, barbershop, spa, boutique, office, retail, or professional-service use as described in the property information.
The apartment has its own entrance and is accompanied by a rear parking pad and green space. The property is located at 331 Vincennes St in New Albany, within the Vincennes Street Up Town business district. Off-street parking and the combination of commercial and residential components create a practical live-work configuration.
The apartment has its own entrance and is accompanied by a rear parking pad and green space. The property is located at 331 Vincennes St in New Albany, within the Vincennes Street Up Town business district. Off-street parking and the combination of commercial and residential components create a practical live-work configuration.
Key Highlights
- Nearly 1,200 square feet of commercial space configured as a beauty salon
- Private one‑bedroom apartment of over 500 square feet with its own entrance
- Commercial layout accommodates 5‑7 styling stations and two shampoo stations
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
$21,517
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
7.97%
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%
$430,340
$430.3K
Cap Rate 7%
$307,386
$307.4K
Cap Rate 9%
$239,078
$239.1K
Market Conditions
NOI Build-Up for 1,716 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
$37.1K $21.60/SF
− Vacancy
−$8.4K −$4.88/SF
EGI
$28.7K $16.72/SF
− OpEx
−$7.2K −$4.18/SF
NOI
$21.5K $12.54/SF
Area
Floyd County, IN
Vacancy
22.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$430,340
Cap Rate 7%
$307,386
Cap Rate 9%
$239,078
Alternative Uses
Best Use
Office B
$307.4K
$269.0K – $358.6K
NOI $21,517 @ 7.0% cap · market cap 7.97%
Second Best
Mixed Use
$248.2K
$217.2K – $289.6K
NOI $17,375 @ 7.0% cap · market cap 6.44%
Theoretical Best
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $86,824 @ 7.0% cap · market cap 32.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
603
Businesses Nearby
Explore this area
Business Placement
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial salon space is paired with a separately entered apartment and rear parking pad.
Where is this mixed-use property located?
The property is located at 331 Vincennes St New Albany, IN.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Nearly 1,200 square feet of commercial space configured as a beauty salon; Private one‑bedroom apartment of over 500 square feet with its own entrance; Commercial layout accommodates 5‑7 styling stations and two shampoo stations
