Office Building

Office for Sale
Catylist Listing ID: 30663499
Property Subtypes: Executive Suites, Coworking, Mixed Use, Flex Space, Office Building
Building Size (RSF): 8,172 SF
Gross Building Area: See Agent
Sale Price: $1,200,000
Unit Price: $146.84 PSF
In Opportunity Zone? Yes
Property Use Type: Business
Building Name: Schad and Schad Law Office
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/3/2020

Overview / Comments

This is a substantial, multifunctional commercial building in Historic Downtown New Albany. Designed in the late 80’s as a traditional bank, the building is ripe for reimagining the post pandemic urban office. The gorgeous atrium lobby features a 2-story wall of windows flooding the area with light that bounces of an interior water feature wall. Very classy, especially useful. Currently used as a waiting area, this open-air space can be used for public gatherings, receptions, or even as performance space. The atrium creates a second-floor mezzanine that is also multifunctional. It would be perfect as co-working space, shared space, or any number of new collaborative space designs. With at least 8 offices, a conference room and 2 bank vault rooms this is an exciting building with open concept features. Besides 8,172 sq ft of finished space, the building offers a full bath with a separate shower, and two half baths, a great kitchen, an elevator, covered patio, and solid digital infrastructure. The 20-space front parking lot is wide open for ideas as well; it’s a great asset to the property and ripe for future use. The two-story portico entrance and bank “drive through” in the back get the creative juices flowing towards the future of office design.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Floyd
Tax ID/APN: 22-05-00-200-142.000-008
Zoning: DOWNTOWN
Property Located Between: Bank and 3rd
Property Visibility: Excellent
Highway Access: Near the foot of I-64 bridge, New Albany exit. Easy access from I-65 as well.
Airports: Muhammad Ali
Site Description: Building is a former bank. It's set back from Spring Street with approx 18 parking spaces between Spring and the building entrance. There is "drive through" access in the back formerly used for banking.
Area Description: Historic Downtown New Albany. The building is not in an historic district although the front parking lot is in the historic district.
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 4,000 SF
Year Built: 1988
Year Renovated: 2008
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Wrap around portico entrance, water feature, raised bed landscaping, one main entrance one auxillary entrance
Parking Type: Surface
Parking Description: Approx 18-20 angled spaces, 3 or so head in spaces and open space in the back of the building for more cars or other vehicle storage
Total Parking Spaces: 25
Passenger Elevators: 1
Heat Type: Natural Gas
Heat Source: Central
Internet Access: Cable, DSL
Interior Description: Atrium Lobby, Mezzanine second floor with traditional perimeter offices
Zoning Description: Downtown as described by the City of New Albany. Located in business/retail high traffic area.
Lot Frontage: 2 Lots, front parking is 60 ft wide, building is on a 50' wide parcel
Lot Depth: 120
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owner
Legal Description: P 93 L 20 UP SPR. ALL L 22 FNT 60' L 24 S REAR 30' L 23-#11 W REAR 60' L 24 S REAR 30' L. 21-#09

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,642 82,618 189,690
Median Age: 34.63 36.4 36.72
Households: 5,312 33,817 79,382

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