918 Market StNew Albany, IN 47150

Property Details for 918 Market St

Year built

1919

Construction

WOOD

Lot size

0.15 AC

Property size (Sq ft)

5,400 SF

Property type

Retail space

APN

22-05-02-800-924.000-008

APU

220502800924000008

Description

This exceptional New Albany property offers a unique investment opportunity, combining retail space on the first floor with apartment living above. The first floor boasts 2,122 square feet of finished retail space, ideal for a variety of businesses. A spacious unfinished basement adds an additional 1,229 square feet, providing ample storage or expansion potential. The property is zoned commercial and is available for both lease and sale. The lease option includes the first floor and basement, totaling 3,351 square feet, at a monthly rate of $2,250. For those seeking ownership, the entire building, encompassing 5,588 square feet (including the unfinished basement), is offered at a sale price of $320,000. The upper floor currently features a vacant apartment; however, if a lease is signed before closing, the tenant may remain or a buyout may be negotiated. The building is a two-story structure located near E 10th Street, with the property's APN listed as 22-05-02-800-924.000-008. All square footage should be independently verified by prospective buyers. This versatile property presents a compelling opportunity for both retail businesses and investors seeking a strong return. The single-tenant setup offers simplicity and control, while the potential for expansion and diverse income streams makes this a truly attractive proposition.

• CAP approach

  CAP return

  Valuation

  6%

  $979,188

  6.5%

  $903,866

  7%

  $839,304

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,171,377

  Geo Method

  $1,171,377

• Alternative Use

  Use

  Valuation

  Residential

  $762,445

  Hospitality

  $698,395

  Educational

  $581,057

  Medical

  $601,040

  Retail

  $903,866

Location Insight

City

New Albany

County

Floyd

State

Indiana

Latitude

38.2876

Longitude

-85.8133

CBSA code

31140

CBSA name

LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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