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506 Virginia Avenue, New Albany, IN 47150

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For Sale
Sale Pending

$450,000

10 beds • 6 baths • 4,194 sqft

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Single Family Detached
    Property type

  • $107.30
    Price per square foot

  • Over 50 Years Old
    Age

  • Basement
    Rooms

Explore this Property

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!
MLS# 202507215

Courtesy Of Schuler Bauer Real Estate Services

(812) 948-2888

Property Features

  • Age
    Over 50 Years Old
  • Amenities
    Deck, Porch, Security System, Security System
  • Appliances
    Dishwasher, Dryer, Range, Washer
  • Architecture Style
    Other
  • Fireplace
    Fireplace
  • Heating System
    Forced Air
  • Lot Size
    1.84 Acres
  • Rooms
    Basement, Family Room
  • View Type
    Park

Map and Directions

Directions to 506 Virginia Avenue, New Albany, IN 47150

Home seller CENTURY 21 Knowles Realty

Get to know the neighborhood. A local affiliated CENTURY 21 office will help you set up tours, give advice, and negotiate with sellers.

CENTURY 21 Knowles Realty

(662) 842-7878
Learn More About Us

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Monthly Payment Breakdown

  • Principle and Interest
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  • Property Taxes
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  • Hazard Insurance
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Copyright © 2025 Southern Indiana REALTORS Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified. Information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person's eligibility to attend a school or to use or benefit from other city, town or local services.

† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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