Multi-Tenant Shopping
New
For Sale
$2,850,000
624 State St, New Albany, IN 47150
Three lease arrangements include two named retail tenants and a master-leased space.
Property Size26,812 SF
Price / SF$106.30
Days on Market3
Property Features for 624 State St
General Information
Standard status
Active
Size
26,812 SF
Property subtype
Commercial
Net Operating Income
$220,000
Additional Details
Cap Rate
8%
Corner Location
Yes
Building Details
Year Built
1949
Tenancy
Multi
Listing Agency:
Trueblood Real Estate
(812) 461-1641
Listed By:
Ward Realty Services
(812) 200-2838
Source:
Wardrealtyservices
Added: Sep 24
Last Checked: Sep 26 at 6:34AM
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 Trueblood Real Estate
Investment Insights
Based on property information with market context.
This 26,812-square-foot shopping center, built in 1949, has three lease arrangements. Dollar General has five years remaining on its lease, and Bumper to Bumper is also a tenant. A third space is covered by a master lease guaranteed by the current owner for five years.
The property occupies a corner lot and includes ample parking. The reported capitalization rate is nearly 8%.
The property occupies a corner lot and includes ample parking. The reported capitalization rate is nearly 8%.
Key Highlights
- 26,812‑square‑foot shopping center built in 1949
- Three lease arrangements, including Dollar General, Bumper to Bumper, and an owner‑guaranteed master lease
- Dollar General lease has five years remaining
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
$256,752
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
9.01%
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%
$5,135,040
$5.1M
Cap Rate 7%
$3,667,886
$3.7M
Cap Rate 9%
$2,852,800
$2.9M
Market Conditions
NOI Build-Up for 26,812 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
$386.1K $14.40/SF
− Vacancy
−$19.3K −$0.72/SF
EGI
$366.8K $13.68/SF
− OpEx
−$110.0K −$4.10/SF
NOI
$256.8K $9.58/SF
Area
Floyd County, IN
Vacancy
5.00%
Lease Rate
$14.40 /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%
$5,135,040
Cap Rate 7%
$3,667,886
Cap Rate 9%
$2,852,800
Alternative Uses
Best Use
Retail
$3.67M
$3.21M – $4.28M
NOI $256,752 @ 7.0% cap · market cap 9.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$19.38M
$16.96M – $22.61M
NOI $1,356,597 @ 7.0% cap · market cap 47.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,124
Businesses Nearby
32k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 75%
Dining 25%
Circle K
Shops & Services
16,840 visits/mo
0.3 miles
Waffle House
Dining
8,072 visits/mo
0.5 miles
Chase Bank
Shops & Services
6,686 visits/mo
0.3 miles
Napa Auto Parts
Shops & Services
259 visits/mo
0.4 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
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?
Shopping center - Three lease arrangements include two named retail tenants and a master-leased space.
Where is this shopping center located?
The property is located at 624 State St New Albany, IN.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 26,812‑square‑foot shopping center built in 1949; Three lease arrangements, including Dollar General, Bumper to Bumper, and an owner‑guaranteed master lease; Dollar General lease has five years remaining
