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Property profile & analytics
OFF-MARKET Estimated value $525,000
Office Spaces

203 Main St New Albany, IN 47150-5818

6,097 SF 0.12 ac lot Built 1837
Entity Owned ~ Est. High Equity
Property ID
US31-2121290
Property summary
AI-generated overview

This exceptional 5,955-square-foot restaurant space, housed in the Parthenon Building, presents a unique investment opportunity. Built in 1837 and meticulously renovated in 2023, this landmark building is the oldest commercial structure in New Albany, Indiana. Originally one of Indiana State Bank's ten founding branches, it boasts stunning architectural details, including a unique domed ceiling with a skylight and the original bank vault, all preserved during the recent renovation. Modern amenities include three new HVAC units and an elevator, ensuring optimal functionality and comfort. Its prime location on 203 E Main St, New Albany, IN 47150, places it approximately 0.5 miles from the Ohio River and the City of New Albany Riverfront Amphitheater, which attracts approximately 824,300 visitors annually. The building's rich history and modern upgrades create an unparalleled setting for a thriving restaurant business. This property offers a blend of historical charm and contemporary convenience, making it an exceptional investment in a vibrant and growing community. The building is situated in Floyd County, Indiana, offering easy access to Louisville, Kentucky, across the Ohio River.

Property profile
Verified
Property type Office Spaces
Use group OFFICE (GENERAL)
Year built 1837
Construction WOOD
Total area 6,097 SF
Lot 0.12 ac (5,314 SF)
APN 22-05-00-200-289.000-008
UPID US31-2121290
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • TheatreWorks Theater & Performing Art Venue
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$478k
Blend (final) Blend
$525k
Owner & transaction history
Fegenbush Properties LLC
Fegenbush Properties LLC
since 2026
6 recorded transactions
2026
Price N/A
2022
Price N/A
2015
$322,500
2015
Price N/A
2015
Price N/A
2010
$372,500
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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