Remodeled Two-Story
For Sale
$299,900
619 Spring Street, New Albany, IN 47150
Two separately entered units offer full kitchens, independent utilities, and laundry hookups.
Property Size1,944 SF
Price / SF$154.27
Days on Market1466
Property Features for 619 Spring Street
General Information
Standard status
Active
Size
1,944 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,865
Amenities
Ceiling Fan(s)
3
Dishwasher, Microwave, Oven, Range, Refrigerator
Open Floor Plan
Residential
Corner Lot.
Vinyl
Landscaped. Corner, Paved Road.
Building Details
Year Built
1929
Buildings
1
Stories
2
Listing Agency:
EXIT Realty Choice
Listed By:
Caleb Jones
(502) 233-3033
Source:
Xome
Added: Aug 29, 2022
Changed: Sep 2
Last Checked: Sep 1 at 4:53PM
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 EXIT Realty Choice
Investment Insights
Based on property information with market context.
This fully remodeled duplex contains 1,944 square feet across two stories, with distinct living spaces on each level. The upper unit includes two bedrooms and two bathrooms, while the lower unit provides three bedrooms and two bathrooms. Each residence has its own entrance, full kitchen, separate utilities other than water, and washer and dryer hookups. High ceilings and open floor plans contribute to the interior layout.
Recent improvements include new appliances, windows, freshly painted siding, and a new roof. The property also features vinyl exterior siding, landscaping, a paved road, and a corner-lot setting. Located just outside downtown New Albany, the address provides access to nearby restaurants and activities.
Recent improvements include new appliances, windows, freshly painted siding, and a new roof. The property also features vinyl exterior siding, landscaping, a paved road, and a corner-lot setting. Located just outside downtown New Albany, the address provides access to nearby restaurants and activities.
Key Highlights
- 1,944‑square‑foot duplex with two stories
- Upper unit has 2 bedrooms and 2 bathrooms
- Lower unit has 3 bedrooms and 2 bathrooms
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
$15,289
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
5.10%
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%
$305,780
$305.8K
Cap Rate 7%
$218,414
$218.4K
Cap Rate 9%
$169,878
$169.9K
Market Conditions
NOI Build-Up for 1,944 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
$23.6K $12.12/SF
− Vacancy
−$1.7K −$0.88/SF
EGI
$21.8K $11.24/SF
− OpEx
−$6.6K −$3.37/SF
NOI
$15.3K $7.86/SF
Area
Floyd County, IN
Vacancy
7.30%
Lease Rate
$12.12 /SF/Yr
Expense Ratio
30.00%
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%
$305,780
Cap Rate 7%
$218,414
Cap Rate 9%
$169,878
Alternative Uses
Best Use
Multifamily LT 5
$218.4K
$191.1K – $254.8K
NOI $15,289 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$196.7K
$172.1K – $229.4K
NOI $13,766 @ 7.0% cap · market cap 4.59%
Theoretical Best
Specialty Retail
$1.41M
$1.23M – $1.64M
NOI $98,360 @ 7.0% cap · market cap 32.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
748
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately entered units offer full kitchens, independent utilities, and laundry hookups.
Where is this duplex located?
The property is located at 619 Spring Street New Albany, IN.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,944‑square‑foot duplex with two stories; Upper unit has 2 bedrooms and 2 bathrooms; Lower unit has 3 bedrooms and 2 bathrooms
