1225 Vincennes St 8 Unit Apartment Building $450,000 ($56,250/Unit) 8.50% Cap Rate New Albany, IN 47150

Attention investors — turnkey income with built-in upside! This well-maintained 8-unit multifamily offers a versatile mix built for strong rental demand: six studios, one 1-bedroom/1-bath, and a spacious 2-bedroom/2-bath. Big-ticket items are already done — all electric and gas stove pipes updated in 2023, with multiple apartments renovated since 2023 featuring fresh neutral paint, durable luxury vinyl plank flooring, refreshed kitchens with painted cabinetry and updated hardware, gas ranges, refrigerators, and microwaves, plus updated baths with new vanities and fixtures. Classic character shines through with five-panel doors, craftsman-style trim, and a decorative fireplace mantel. Tenants enjoy abundant natural light, ceiling fans, ample closet storage, radiator heat, window AC units, and in-unit laundry in the largest unit. Currently 75% occupied with varying rent rates and clear room to grow rents — lease the remaining units and bring rates to market for instant value-add. Even more upside: an unused garage and additional space to build out next to the Dollar Store offer expansion potential, and the City of New Albany is slated to update the sidewalks and street along Vincennes — improvements coming right to your doorstep. Whether you're growing your portfolio or making your first multifamily move, this 8-plex hits the sweet spot: enough doors to spread risk, small enough to self-manage. Request the rent roll and schedule your showing today!