Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2116 Spg St New Albany, IN 47150
    Back to Search
    Property profile & analytics

    2116 Spg St, New Albany, IN 47150

    View on Map
    • Turn key restaurants
    • 2,452 SF
    • 0.51 lot acres
    Off-Market
    Last Sale Mar 3, 2021
    Property ID
    US31-1846517
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • El BRACERO steak house mexican restaurant / Restaurant

    Property Details for 2116 Spg St

    Year built
    1971
    Lot size
    0.51 lot acres
    Property type
    Turn key restaurants
    APN
    22-05-02-900-898.000-008
    APU
    220502900898000008

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 3, 2021 — Kongni 88 LLC Lily Creek LLC Warranty Deed —
    Jan 12, 2021 $320,000 Kongni 88 LLC Lily Creek LLC Warranty Deed —
    Oct 6, 2010 — Lily Creek LLC Helen G Andres Quit Claim Deed · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    New Albany
    County
    Floyd
    State
    Indiana
    Longitude
    -85.7988
    Latitude
    38.2968
    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
    $5,417
    $87,600
    $99,300
    $186,900
    -
    $87,600
    $99,300
    $186,900

    Comparable in this City

    • Value Estimation
      $530,000
      13,200 SF

      1932 Mcdonald Ln

      RESTAURANT
      1932 Mcdonald Ln, New Albany, IN 47150
      View Details
    • Value Estimation
      $525,000
      3,970 SF

      2870 Technology Ave

      RESTAURANT
      2870 Technology Ave, New Albany, IN 47150-8550
      View Details
    • Value Estimation
      $1,200,000
      5,436 SF

      3030 Grant Line Rd

      RESTAURANT
      3030 Grant Line Rd, New Albany, IN 47150-2454
      View Details
    • Value Estimation by Request
      0.49 Acres

      3533 Grant Line Rd

      RESTAURANT
      3533 Grant Line Rd, New Albany, IN 47150-2147
      View Details
    • Value Estimation by Request
      4,860 SF

      804 Hausfeldt Ln

      RESTAURANT
      804 Hausfeldt Ln, New Albany, IN 47150-7270
      View Details
    • Value Estimation by Request
      6,440 SF

      129 Market St

      RESTAURANT
      129 Market St, New Albany, IN 47150-3561
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,374 SF

      Downtown New Albany Opportunity

      Purchase or lease opportunity in vibrant downtown New Albany.
      141 E Main St, New Albany, IN 47150
      View Details
    • Contact for pricing

      Restaurant Property with Drive-Up Window

      Commercial property with drive-up, parking, and restaurant equipment.
      514 Vincennes St, New Albany, IN 47150
      View Details
    • Contact for pricing
      1,350 SF

      East End Retail Opportunity

      Freestanding building with drive-thru in New Albany, Indiana.
      514 Vincennes St, New Albany, IN 47150
      View Details
    • Contact for pricing
      2,836 SF

      Former Fast Food Restaurant Available

      2,836 SF restaurant on 1.02 acres for sale.
      2601 Charlestown Rd, New Albany, IN 47150
      View Details
    • $350,000
      1,350 SF

      Commercial Building with Drive-Thru

      Freestanding building suitable for retail or office use.
      514 Vincennes St, New Albany, IN 47150
      View Details
    • New
      $1,575,000
      11,442 SF

      Iconic Building in Historic District

      Distinctive commercial building with patio in downtown New Albany.
      319 Pearl St, New Albany, IN 47150
      View Details

    Similar Nearby for Lease

    • $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
    • Contact for pricing

      Retail Space Available For Rent

      Retail space available for rent at 628 State Street.
      628 State St, New Albany, IN 47150
      View Details
    • Contact for pricing
      54,000 SF

      Retail Space in New Albany

      54,000 square foot retail property available for lease.
      200 New Albany Plz, New Albany, IN 47150
      View Details
    • Contact for pricing

      Prime Office/Retail End-Cap Space

      Well-maintained 1,150 SF office/retail space with excellent visibility.
      2855 Charlestown Rd, New Albany, IN 47150
      View Details
    • Contact for pricing

      Retail Space Near I-265

      17,000 SF retail property with ample parking and signage.
      3417 Grant Line Rd, New Albany, IN 47150
      View Details
    • Contact for pricing

      Retail Space Near Walmart

      Retail space available in shadow-anchored center near I-265.
      1929 Mcdonald Ln, 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.
    2116 Spg St
    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

    Thank You for Inquiry
    2116 Spg St, New Albany, IN, 47150
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!