Mixed-Use Property with
For Sale
$249,900
331 Vincennes Street, New Albany, IN 47150
Commercial, New Albany, IN
Property Size1,716 SF
Lot Size0.07 Acres
Price / SF$145.63
Days on Market92
Property Features for 331 Vincennes Street
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
APN
0086870060
Size
1,716 SF
Lot size
0.07 Acres
Additional Details
Currently Operating
Yes
Mixed-Use Components
retail, residential
Taxes and HOA fees
Tax Year
4051
Tax Description
P. 19 26 1/3 L. 47-48
Tax Annual Amount
1681
Legal Description
P. 19 26 1/3 L. 47-48
Amenities
break room
green space
Building Details
Year built
1929
Listing Agency:
GreenTree Real Estate Services
Listed By:
Candice Ritchie · License #RB19000968
(502) 930-0727
Added: Jul 31
Changed: Oct 25
Last Checked: Oct 30 at 10:06PM
MLS# 2026010599
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.
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Investment Insights
Based on property information with market context.
This mixed-use property combines a commercial salon area with a private residential apartment. The building contains 1,716 square feet overall, with nearly 1,200 square feet allocated to the commercial portion and over 500 square feet in the apartment. The salon layout provides room for 5-7 styling stations, two shampoo stations, two half baths, and a break room.
The one-bedroom apartment has a separate entrance, rear parking pad, and access to a green space. Located at 331 Vincennes Street in New Albany, the property is positioned within the Vincennes Street Up Town business district. Built in 1929, the configuration supports a range of commercial uses alongside the residential component.
The one-bedroom apartment has a separate entrance, rear parking pad, and access to a green space. Located at 331 Vincennes Street in New Albany, the property is positioned within the Vincennes Street Up Town business district. Built in 1929, the configuration supports a range of commercial uses alongside the residential component.
Key Highlights
- 1,716‑square‑foot mixed‑use property
- Nearly 1,200 square feet of commercial space configured for salon use
- Room for 5‑7 styling stations and two shampoo stations
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,375
Cap Rate
6.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$347,500
$347.5K
Cap Rate 7%
$248,214
$248.2K
Cap Rate 9%
$193,056
$193.1K
Market Conditions
NOI Build-Up for 1,716 SF
Gross rent
$30.9K $18.00/SF
− Vacancy
−$3.1K −$1.80/SF
EGI
$27.8K $16.20/SF
− OpEx
−$10.4K −$6.07/SF
NOI
$17.4K $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 Rate 5%
$347,500
Cap Rate 7%
$248,214
Cap Rate 9%
$193,056
Alternative Uses
Best Use
Mixed Use
$248.2K
$217.2K – $289.6K
NOI $17,375 @ 7.0% cap · market cap 6.95%
Second Best
Retail
$234.7K
$205.4K – $273.9K
NOI $16,432 @ 7.0% cap · market cap 6.58%
Theoretical Best
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $86,824 @ 7.0% cap · market cap 34.74%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
603
Businesses Nearby
23k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
White Castle
Dining
16,544 visits/mo
0.1 miles
Rally's
Dining
6,068 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space is configured for salon use and includes a private apartment.
Where is this mixed-use property located?
The property is located at 331 Vincennes Street New Albany, IN.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 1,716‑square‑foot mixed‑use property; Nearly 1,200 square feet of commercial space configured for salon use; Room for 5‑7 styling stations and two shampoo stations
