203 Main StNew Albany, IN 47150

Property Details for 203 Main St

Year built

1837

Construction

WOOD

Lot size

0.12 AC

Property size (Sq ft)

6,097 SF

Property type

Office properties

APN

22-05-00-200-289.000-008

APU

220500200289000008

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $852,372

  6.5%

  $786,805

  7%

  $730,604

• Comparable approach

  Method

  Valuation

  Relative Method

  $524,830

  Geo Method

  $524,830

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,745,340

  Retail / Commercial

  $856,574

  Mixed-Use / Specialty

  $823,237

  Hospitality / Lodging

  $564,556

  Institutional / Educational

  $845,012

  Residential Income

  $988,664

  Multifamily

  $1,353,630

  Automotive / Energy

  $724,296

  Parking / Income-Based Land

  $279,865

  Restaurant / Food Service

  $363,542

  Healthcare / Senior Housing

  $875,269

Location Insight

City

New Albany

County

Floyd

State

Indiana

Latitude

38.2845

Longitude

-85.8208

CBSA code

31140

CBSA name

LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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