506 Virginia Ave New Albany, IN 47150
Estimated payment $2,897/month
Highlights
- Scenic Views
- 1.84 Acre Lot
- Creek On Lot
- Slate Run Elementary School Rated A-
- Deck
- Wooded Lot
About This Home
Investor’s Dream in Prime New Albany Location! This rare opportunity offers a unique combination of a single-family residence plus a multi-unit income-producing property—all on 1.84 acres in one of New Albany’s most desirable areas.At the front of the property sits a well-maintained 3-bedroom, 2-bath single-family home with a partially finished walkout basement featuring a potential third bedroom (non-conforming, no egress). The home includes spacious living areas, a one-car garage (in quadplex), and access to a park like area, perfect for owner occupancy or additional rental income.Tucked behind the home is a four-plex consisting of three 2 bed / 1 bath units and one uniquely designed 1 bed / 1 bath loft-style unit with the bedroom located in a charming upper-level nook. Three of the four units are currently leased, offering immediate income with room to increase returns by leasing the vacant unit or updating for higher rents. This property is perfect for a savvy investor looking to add a versatile asset to their portfolio—live in the house and rent out the four-plex, lease it all, or explore development opportunities. Located minutes from downtown New Albany, shopping, dining, and interstate access, this one checks all the boxes for location, layout, and long-term potential.Opportunities like this don’t come often—schedule your showing today and unlock the possibilities!
Last Listed By
Schuler Bauer Real Estate Services ERA Powered (N License #RB14043390 Listed on: 04/11/2025
Home Details
Home Type
- Single Family
Est. Annual Taxes
- $6,099
Year Built
- Built in 1940
Lot Details
- 1.84 Acre Lot
- Landscaped
- Wooded Lot
- Property is zoned Multi Family
Parking
- 1 Car Detached Garage
- Garage Door Opener
- Off-Street Parking
Property Views
- Scenic Vista
- Park or Greenbelt
Home Design
- Frame Construction
Interior Spaces
- 4,314 Sq Ft Home
- 1-Story Property
- Gas Fireplace
- Blinds
- Family Room
- Home Security System
Kitchen
- Breakfast Bar
- Oven or Range
- Dishwasher
Bedrooms and Bathrooms
- 10 Bedrooms
- 6 Full Bathrooms
Laundry
- Dryer
- Washer
Finished Basement
- Walk-Out Basement
- Basement Fills Entire Space Under The House
- Walk-Up Access
- Sump Pump
- Natural lighting in basement
Outdoor Features
- Creek On Lot
- Deck
- Covered patio or porch
Utilities
- Forced Air Heating and Cooling System
- Two Heating Systems
- Gas Available
- Natural Gas Water Heater
Listing and Financial Details
- Assessor Parcel Number 220502901062000008
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $11,885 | $531,900 | $85,800 | $446,100 |
| 2023 | $11,885 | $480,500 | $85,800 | $394,700 |
| 2022 | $7,467 | $451,700 | $85,800 | $365,900 |
| 2021 | $6,912 | $415,900 | $85,800 | $330,100 |
| 2020 | $6,647 | $399,700 | $85,800 | $313,900 |
| 2019 | $6,133 | $369,300 | $85,800 | $283,500 |
| 2018 | $6,142 | $366,200 | $85,800 | $280,400 |
| 2017 | $5,892 | $343,700 | $85,800 | $257,900 |
| 2016 | $4,625 | $309,900 | $54,700 | $255,200 |
| 2014 | $5,152 | $331,300 | $54,700 | $276,600 |
| 2013 | -- | $350,700 | $54,700 | $296,000 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 04/15/2025 04/15/25 | For Sale | $450,000 | 0.0% | $104 / Sq Ft |
| 04/13/2025 04/13/25 | Pending | -- | -- | -- |
| 04/11/2025 04/11/25 | For Sale | $450,000 | -- | $104 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Quit Claim Deed | -- | None Listed On Document |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $40,000 | Credit Line Revolving | |
| Previous Owner | $25,000 | Credit Line Revolving | |
| Previous Owner | $11,000 | Credit Line Revolving |
Source: Southern Indiana REALTORS® Association
MLS Number: 202507215
APN: 22-05-02-901-062.000-008
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