Two-Story Live-Work and Office
For Sale
Contact for pricing
419 W 1st Street, New Albany, IN 47150
First-floor space is available for immediate showing, with second-floor residential tenants requiring appointment notice.
Property Size2,637 SF
Price / SF$119.42
Days on Market73
Property Features for 419 W 1st Street
General Information
Standard status
Active
Size
2,637 SF
Property subtype
Office
Building Details
Year Built
1917
Listing Agency:
RE/MAX Advantage
(812) 923-7050
Listed By:
Paul Kiger · License #IN RB14035922
Source:
Crexi
Added: May 29
Changed: Aug 8
Last Checked: Jun 6 at 5:12AM
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 RE/MAX Advantage
Investment Insights
Based on property information with market context.
This two-story property includes live-work space and office accommodations, with space available on both levels. The listing notes that the first floor is available for immediate showing, while access to the second floor requires an appointment and advance notice.
Showings should be coordinated carefully because the second floor is occupied by residential tenants. Visitors are asked not to interrupt the existing residential use, and scheduling guidance is provided for viewing that portion of the building.
For tenants, buyers, and investors looking for a combined live-work and office configuration, the split between an immediately accessible first floor and a second floor that is currently tenant-occupied can support a variety of planning approaches. The property’s operating schedule is practical to manage given the clear showing process, and the existing residential occupancy on the upper level may be relevant for parties evaluating how the building can function day-to-day. Interested parties should coordinate directly for second-floor access and plan site visits with the notice requirements in mind.
Showings should be coordinated carefully because the second floor is occupied by residential tenants. Visitors are asked not to interrupt the existing residential use, and scheduling guidance is provided for viewing that portion of the building.
For tenants, buyers, and investors looking for a combined live-work and office configuration, the split between an immediately accessible first floor and a second floor that is currently tenant-occupied can support a variety of planning approaches. The property’s operating schedule is practical to manage given the clear showing process, and the existing residential occupancy on the upper level may be relevant for parties evaluating how the building can function day-to-day. Interested parties should coordinate directly for second-floor access and plan site visits with the notice requirements in mind.
Key Highlights
- Building year built: 1917
- First‑floor space available for immediate showing
- Second‑floor showings require appointment and notice for residential tenants
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
$26,700
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
8.48%
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%
$534,000
$534.0K
Cap Rate 7%
$381,429
$381.4K
Cap Rate 9%
$296,667
$296.7K
Market Conditions
NOI Build-Up for 2,637 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
$47.5K $18.00/SF
− Vacancy
−$4.7K −$1.80/SF
EGI
$42.7K $16.20/SF
− OpEx
−$16.0K −$6.07/SF
NOI
$26.7K $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%
$534,000
Cap Rate 7%
$381,429
Cap Rate 9%
$296,667
Alternative Uses
Best Use
Office B
$472.4K
$413.3K – $551.1K
NOI $33,065 @ 7.0% cap · market cap 10.50%
Second Best
Mixed Use
$381.4K
$333.8K – $445.0K
NOI $26,700 @ 7.0% cap · market cap 8.48%
Theoretical Best
Specialty Retail
$1.91M
$1.67M – $2.22M
NOI $133,423 @ 7.0% cap · market cap 42.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,041
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - First-floor space is available for immediate showing, with second-floor residential tenants requiring appointment notice.
Where is this live-work space located?
The property is located at 419 W 1st Street New Albany, IN.
What is the asking price?
The asking price for this property is $314,900.
What are key features of this property?
This property features: Building year built: 1917; First‑floor space available for immediate showing; Second‑floor showings require appointment and notice for residential tenants
