Downtown New Albany - All Brick, 2 stories

Office for Sale
Sale Pending
Catylist Listing ID: 30851403
Property Subtypes: Mixed Use, Flex Space, Office Building
Status: Pending
Building Size (RSF): 4,200 SF
Gross Building Area: 4,400 SF
Sale Price: $349,900
Unit Price: $83.31 PSF
Ceiling: 8 ft.
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: 700 E Spring
Usable Size (USF): 4,200 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/10/2023

Overview / Comments

So much potential with this downtown commercial building on the corner of 7th and Spring St next to Kraft’s Funeral Home’s beautiful deco building and across the Street from St. Mary’s church and the old Civil War Hospital. Built in 1955, it was designed and used as a doctor’s practice until the second floor was repurposed in 2013 as open area office space. Each floor has over 2,200 sf and 2 half baths. The first floor has a fun Mid-Century Modern feel to it with vintage cabinetry, trim and doors and ribbed glass for privacy windows. There are lots of built-ins and it features 8 exam rooms/offices, a waiting room and reception/operations area. Currently being rented as a hair stylist that reinvented
that space to suit her needs. The second floor and its private entrance has been remodeled into 2 “wings” each secured by a set of French doors and each featuring a large open area. The largest open area is about 20’x22’ or about 440 sf and features a break room kitchen, computer server station and 2
adjacent office spaces. The other open area is about 18’x18’or 324 sf surrounded by 4 offices and en suite half bath and a big storage closet. There are 3 HVAC systems, an outside storage room and 6 parking spaces. The building is zoned Traditional Residential and could be converted into living space. It’s located in the Urban Enterprise Zone and the Midtown Neighborhood Stabilization Target area. It’s also part of the East Spring St Historic district and exterior restrictions apply, and it’s part of the National Historic Register and qualifies for renovation tax credits from the State of Indiana.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Floyd
Taxing Authority: Floyd County
Tax ID/APN: 22-05-00-200-766.000-008
Property Located Between: On Spring between 7th and 8th Streets
Property Visibility: Excellent
Highway Access: I-64 Sherman Minton Bridge, 2nd Street Bridge, I-65 Bridge
Airports: Muhammad Ali
Site Description: About a quarter of a city block including the 6 rear parking area. Surrounded by historic architecture including Kraft's Funeral Home (deco), St Mary's Church and school, Historic Downtown New Albany. Spring Street frontage, on a busy two way street.
Area Description: Historic downtown New Albany booming with art, food, music, farmers market, city owned buildings include new police station, new fire station, newly rehabbed City Hall. It's walkable, bikeable and just a few blocks from the river and The Ohio River Greenway. Surpirse!, It's Zoned traditional residential which opens up the possibilities to convert to residential.
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 2,200 SF
Year Built: 1955
Year Renovated: 2013
Construction/Siding: Brick
Exterior Description: All brick. Commercial entry on Spring St, Second floor entry on 7th street. 6 parking spaces
Parking Type: Surface
Parking Description: 6 diagonal parking spaces
Total Parking Spaces: 6
Sprinklers: None
Heat Type: Natural Gas, Hot Water
Heat Source: Other
Internet Access: Cable, DSL, Fiber Optic
Interior Description: Main level presents as a vintage doctor's office with waiting room, registration window and office and several exam rooms. Second floor is 2 open area wings surrounded by mid size offices.
Zoning Description: Traditional Residential
Lot Frontage: 96
Lot Depth: 55
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Land and building owned privately
Legal Description: P 108/93; 96X50' L 4; / 5X96' L.1

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,987 84,846 193,820
Median Age: 34.54 36.48 36.75
Households: 5,895 35,000 81,346


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