Mixed-Use Property with
For Sale
$269,900
331 Vincennes Street, New Albany, IN 47150
Commercial, New Albany, IN
Property Size1,716 SF
Lot Size0.07 Acres
Price / SF$157.28
Days on Market47
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
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
cozy green space
Building Details
Year built
1929
Listing Agency:
Green Tree Real Estate Services
(502) 930-0727
Listed By:
Candice Ritchie · License #RB19000968
(812) 391-7010
Added: Jul 31
Changed: Sep 13
Last Checked: Sep 15 at 8:06AM
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.
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 = 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
$17,375
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
6.44%
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%
$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
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
$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 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%
$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 6.44%
Second Best
Retail
$234.7K
$205.4K – $273.9K
NOI $16,432 @ 7.0% cap · market cap 6.09%
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
View Realmo Analytics
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 - 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 $269,900.
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
