1501 Spring StNew Albany, IN 47150

Property Details for 1501 Spring St

Year built

1960

Construction

WOOD

Lot size

0.19 AC

Property size (Sq ft)

442 SF

Property type

Office properties

Property subtype

Other office properties

APN

22-05-02-800-713.000-008

APU

220502800713000008

Description

This exceptional opportunity presents a 442 sq ft auto shop and storefront located at 1501 E Spring St, New Albany, IN 47150. Currently operating as a successful Buy Here/Pay Here used car dealership, this property boasts a high-visibility corner lot in downtown New Albany, offering ample space for vehicle display. The property sits on an 8,494 sq ft lot and is conveniently accessible from major highways and roads, ensuring high customer traffic. The asking price is $289,000 ($653.85/sq ft), and owner financing is available. Built in 1960, the property is zoned MC and has 100% occupancy. This high-demand location is ideal for continuing the existing business or repurposing for a similar automotive use or even a mixed-use development, potentially incorporating apartments, subject to zoning approvals. The square footage is approximate; buyers should verify if critical. This is a rare opportunity to acquire a well-established business in a prime location. The property's APN is 220502800713000008.

• CAP approach

  CAP return

  Valuation

  6%

  $54,523

  6.5%

  $50,329

  7%

  $46,734

• Comparable approach

  Method

  Valuation

  Relative Method

  $38,047

  Geo Method

  $38,047

• Alternative Use

  Use

  Valuation

  Residential

  $62,408

  Hospitality

  $57,165

  Educational

  $47,561

  Medical

  $49,196

  Retail

  $73,983

Location Insight

City

New Albany

County

Floyd

State

Indiana

Latitude

38.2919

Longitude

-85.8093

CBSA code

31140

CBSA name

LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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