Restored 8-Unit Apartment
New
For Sale
$950,000
612 E Main St, New Albany, IN 47150
Historic character, modern apartment interiors, hardwood floors, and off-street parking support residential income use.
Property Size4,212 SF
Days on Market2
Property Features for 612 E Main St
General Information
Standard status
Active
Size
4,212 SF
Class
C
Property subtype
Multi-Family
Building Details
Building Size
4,212 SF
Year Built
1929
Units
8
Listing Agency:
Hoagland Commercial Realtors
Listed By:
Christopher O'Rear
(502) 550-7658
Source:
Commercialcafe
Added: Sep 21
Last Checked: Sep 22 at 1:32PM
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 Hoagland Commercial Realtors
Investment Insights
Based on property information with market context.
Built in 1929, this restored Second Empire-style apartment property contains eight units: seven one-bedroom apartments and one studio. Interior features include hardwood flooring and distinctive architectural elements, while off-street parking serves the building. Occupancy is reported at 100 percent.
The property is located at 612 E Main St in New Albany, near Downtown New Albany and within walking distance of restaurants, shops, entertainment, the Ohio River Greenway, and riverfront amenities. Nearby interstate access and bridges provide connectivity to Louisville, while the Ohio River is only minutes away.
The rear portion of the lot includes room for potential development of a duplex or additional single-family rentals, as stated in the property information. The asset combines an established multifamily configuration with a historic building profile and a downtown-adjacent setting.
The property is located at 612 E Main St in New Albany, near Downtown New Albany and within walking distance of restaurants, shops, entertainment, the Ohio River Greenway, and riverfront amenities. Nearby interstate access and bridges provide connectivity to Louisville, while the Ohio River is only minutes away.
The rear portion of the lot includes room for potential development of a duplex or additional single-family rentals, as stated in the property information. The asset combines an established multifamily configuration with a historic building profile and a downtown-adjacent setting.
Key Highlights
- 8‑unit apartment property with seven 1‑bedroom units and one studio
- Restored Second Empire‑style building constructed in 1929
- 100% occupancy reported
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
$29,827
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
3.14%
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%
$596,540
$596.5K
Cap Rate 7%
$426,100
$426.1K
Cap Rate 9%
$331,411
$331.4K
Market Conditions
NOI Build-Up for 4,212 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
$58.1K $13.80/SF
− Vacancy
−$3.9K −$0.92/SF
EGI
$54.2K $12.88/SF
− OpEx
−$24.4K −$5.79/SF
NOI
$29.8K $7.08/SF
Area
Floyd County, IN
Vacancy
6.70%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
45.00%
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%
$596,540
Cap Rate 7%
$426,100
Cap Rate 9%
$331,411
Alternative Uses
Best Use
Apartment 5plus
$426.1K
$372.8K – $497.1K
NOI $29,827 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.04M
$2.66M – $3.55M
NOI $213,113 @ 7.0% cap · market cap 22.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
865
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 Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic character, modern apartment interiors, hardwood floors, and off-street parking support residential income use.
Where is this apartment building located?
The property is located at 612 E Main St New Albany, IN.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 8‑unit apartment property with seven 1‑bedroom units and one studio; Restored Second Empire‑style building constructed in 1929; 100% occupancy reported
