Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2109 Unit C Grn Vly Rd New Albany, IN 47150

    • Medical offices
    • 12,561 SF
    • 1.62 lot acres
    OFF-MARKET
    Last Sale
    Jan 02, 2020
    Value Estimations
    $320,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1378447
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Medical offices

    Property Details for 2109 Unit C Grn Vly Rd

    Year built
    1973
    Construction
    WOOD
    Lot size
    1.62 lot acres
    Property size
    12,561 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    22-05-02-700-357.000-008
    APU
    220502700357000008

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $324,000
      Market price range: $325k - $685k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $490,000
      Current use
      WAREHOUSE, STORAGE
      $435,000
      Change: -11% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New Albany
    County
    Floyd
    State
    Indiana
    Longitude
    -85.8372
    Latitude
    38.3039
    CBSA code
    31140
    CBSA name
    LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $11,445
    $177,000
    $217,900
    $394,900
    -
    $177,000
    $217,900
    $394,900

    Comparable in this City

    • Value Estimation
      $790,000
      65,748 SF

      1919 State St

      MEDICAL BUILDING • 65,748 SF
      1919 State St, New Albany, IN 47150-4929
      View Details
    • Value Estimation
      $330,000
      10,370 SF

      2820 Grant Line Rd

      MEDICAL BUILDING • 10,370 SF
      2820 Grant Line Rd, New Albany, IN 47150-2494
      View Details
    • Value Estimation
      $350,000
      6,354 SF

      2241 Grn Vly Rd

      MEDICAL BUILDING • 6,354 SF
      2241 Grn Vly Rd, New Albany, IN 47150-4647
      View Details
    • Value Estimation
      $320,000
      4,440 SF

      700 Spg St

      MEDICAL BUILDING • 4,440 SF
      700 Spg St, New Albany, IN 47150-2926
      View Details
    • Value Estimation
      $325,000
      12,561 SF

      2109 Grn Vly Rdb

      MEDICAL BUILDING • 12,561 SF
      2109 Grn Vly Rdb, New Albany, IN 47150-4645
      View Details
    • Value Estimation
      $315,000
      12,561 SF

      2109 Grn Vly Rdd

      MEDICAL BUILDING • 12,561 SF
      2109 Grn Vly Rdd, New Albany, IN 47150-4645
      View Details

    Similar Nearby for Sale

    • $399,000
      1,896 SF

      Historic Downtown Townhome Opportunity

      Versatile property in historic downtown New Albany, Indiana.
      224 E Main St, New Albany, IN 47150
      View Details
    • $795,000
      4,712 SF

      Downtown New Albany Office Building

      Updated office building in revitalized downtown area with parking.
      320 E Elm St, New Albany, IN 47150
      View Details
    • $1,750,000
      10,702 SF

      Office Building in New Albany

      Office building for sale in New Albany, Indiana.
      301 E Elm St, New Albany, IN 47150
      View Details
    • $3,095,000
      28,044 SF

      Well-Maintained Industrial-Office Building For Sale

      28,000+ SF industrial-office building built in 2016/2017.
      4302 Security Pkwy, New Albany, IN 47150
      View Details
    • $325,000
      2,520 SF

      Renovated Office Building in New Albany

      Completely renovated office building with historic charm and modern amenities.
      1620 E Market St, New Albany, IN 47150
      View Details
    • $1,950,000
      25,300 SF

      Downtown New Albany Mixed-Use Building

      Historic mixed-use building with office, retail, and residential potential.
      222 Pearl St, New Albany, IN 47150
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,795 SF

      New Albany Medical Office Space

      Modern, Class A office suite available.
      4000 Technology Ave, New Albany, IN 47150
      View Details
    • $14 SF/Yr
      3,150 SF

      Cobbler's Place Endcap Retail/Office

      Prime 3,150 sq ft endcap with drive-thru.
      5170 Charlestown Rd, New Albany, IN 47150
      View Details
    • $20 SF/Yr
      29,790 SF

      Prime Northgate Office Space

      Class A Office Suites, Flexible Sizes
      825 Northgate Blvd, New Albany, IN 47150
      View Details
    • $4,000 /Mo
      3,566 SF

      Historic Downtown New Albany Office

      Second floor office space with flexible layout in historic building.
      223 E Spring St, New Albany, IN 47150
      View Details
    • Contact for pricing

      Furnished Medical Office Space Available

      Furnished medical office space for sublease in Purdue Research Park.
      4101 Technology Ave, New Albany, IN 47150
      View Details
    • Contact for pricing
      1,795 SF

      Unfinished Office Space in New Albany

      1,795 SF unfinished office space in Purdue Research Park.
      Charlestown Rd, New Albany, IN 47150
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2109 Unit C Grn Vly Rd
    New Albany, IN 47150
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.