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!
Sold for $412,000
$412,000
506 Virginia Avenue, New Albany, IN 47150
10beds
4,314sqft
Quadruplex, Multi Family
Built in 1940
-- sqft lot
$427,200 Zestimate®
$96/sqft
$1,256 Estimated rent
Home value
$427,200
$346,000 - $525,000
$1,256/mo
Zestimate® history
Owner options
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$1,256/mo
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$1,256/mo
Rent Zestimate®
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$2,463/mo
Est. payment
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$2,463/mo
Est. payment
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List your homeWhat's special
One-car garageCharming upper-level nookPartially finished walkout basementPark like area
Zillow last checked:
Listing updated:
Listed by:
Troy Stiller,
Schuler Bauer Real Estate Services ERA Powered (N
Bought with:
Geoffrey Novak, RB19002147
Knob & Key Realty LLC
Source: SIRA,MLS#: 2025010469
Originating MLS: Southern Indiana REALTORS Association
Originating MLS: Southern Indiana REALTORS AssociationFacts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 10
- Bathrooms: 6
- Full bathrooms: 6
Heating
- Forced Air
Cooling
- Central Air
Appliances
- Included: Dryer, Dishwasher, Oven, Range, Washer
- Laundry: In Basement, Other
Features
- Breakfast Bar, Main Level Primary, Separate Shower, Window Treatments
- Windows: Blinds
- Basement: Daylight,Full,Finished,Partially Finished,Walk-Up Access,Walk-Out Access,Sump Pump
- Number of fireplaces: 1
- Fireplace features: Gas
Interior area
- Total structure area: 4,194
- Total interior livable area: 4,314 sqft
- Finished area above ground: 3,656
- Finished area below ground: 538
Property
Parking
- Total spaces: 1
- Parking features: Detached, Garage, Garage Door Opener
- Garage spaces: 1
- Details: Off Street
Features
- Levels: One
- Stories: 1
- Patio & porch: Covered, Deck, Porch
- Exterior features: Deck, Landscaping, Porch
- Has view: Yes
- View description: Park/Greenbelt, Scenic
- Waterfront features: Creek
Lot
- Size: 1.84 Acres
- Features: Stream/Creek, Wooded
Details
- Additional structures: Garage(s)
- Parcel number: 220502901062000008
- Zoning: Residential,Multi Family
- Zoning description: Residential,Multi Family
Construction
Type & style
- Home type: MultiFamily
- Architectural style: One Story
- Property subtype: Quadruplex, Multi Family
- Attached to another structure: Yes
Materials
- Vinyl Siding, Frame
- Foundation: See Remarks
Condition
- New construction: No
- Year built: 1940
Utilities & green energy
- Sewer: Public Sewer
- Water: Connected, Public
Community & neighborhood
Security
- Security features: Security System
Location
- Region: New Albany
- Subdivision: McCullough
Other
Other facts
- Listing terms: Cash,Other
- Road surface type: Paved
Price history
| Date | Event | Price |
|---|---|---|
| 9/5/2025 | Sold | $412,000-6.3%$96/sqft |
Source:  SIRA #2025010469 Report a problem | ||
| 8/21/2025 | Listed for sale | $439,900-2.2%$102/sqft |
Source: SIRA #2025010469 Report a problem | ||
| 6/30/2025 | Listing removed | $450,000$104/sqft |
Source: SIRA #202507215 Report a problem | ||
| 4/11/2025 | Listed for sale | $450,000$104/sqft |
Source: SIRA #202507215 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $6,100 -23.5% | $599,500 +12.7% |
| 2024 | $7,975 +6.9% | $531,900 +10.7% |
| 2023 | $7,457 +7.9% | $480,500 +6.4% |
| 2022 | $6,912 +4% | $451,700 +8.6% |
| 2021 | $6,647 +8.4% | $415,900 +4.1% |
| 2020 | $6,133 -0.1% | $399,700 +8.2% |
| 2019 | $6,142 +4.3% | $369,300 +0.8% |
| 2018 | $5,892 | $366,200 +6.5% |
| 2017 | $5,892 +12.6% | $343,700 +10.9% |
| 2016 | $5,231 | $309,900 -6.5% |
| 2014 | $5,231 +1.5% | $331,300 -5.5% |
| 2013 | $5,152 -5.8% | $350,700 -0.7% |
| 2011 | $5,471 -8.2% | $353,000 +6% |
| 2010 | $5,959 -0.2% | $333,100 -5.9% |
| 2009 | $5,971 | $353,900 |
Find assessor info on the county website
Neighborhood: 47150
Nearby schools
GreatSchools rating
- 4/10Hazelwood Middle SchoolGrades: 5-8Distance: 0.8 mi
- 7/10New Albany Senior High SchoolGrades: 9-12Distance: 1 mi
- 7/10Slate Run Elementary SchoolGrades: PK-4Distance: 0.9 mi
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$427,200
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- Indiana
- Floyd County
- New Albany
- 47150
- 506 Virginia Avenue
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