506 Virginia AVE Active Save Request In-Person Tour Request Virtual Tour
New Albany,IN 47150
Key Details
Property Type Single Family Home
Sub Type Residential
Listing Status Active
Purchase Type For Sale
Square Footage 4,314 sqft
Price per Sqft $104
Subdivision Mccullough
MLS Listing ID 202507215
Style One Story
Bedrooms 10
Full Baths 6
Abv Grd Liv Area 3,656
Year Built 1940
Annual Tax Amount $6,099
Lot Size 1.840 Acres
Acres 1.84
Property Sub-Type Residential
Property Description
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!
Location
State IN
County Floyd
Zoning Residential,Multi Family
Direction GPS will take you right to it
Rooms
Basement Daylight, Full, Finished, Partially Finished, Walk- Up Access, Walk- Out Access, Sump Pump
Interior
Interior Features Breakfast Bar, Main Level Primary, Separate Shower, Window Treatments
Heating Forced Air
Cooling Central Air
Fireplaces Number 1
Fireplaces Type Gas
Fireplace Yes
Window Features Blinds
Appliance Dryer,Dishwasher,Oven,Range,Washer
Laundry In Basement, Other
Exterior
Exterior Feature Deck, Landscaping, Porch
Parking Features Detached, Garage, Garage Door Opener
Garage Spaces 1.0
Garage Description 1.0
Waterfront Description Creek
View Y/N Yes
Water Access Desc Connected,Public
View Park/ Greenbelt, Scenic
Street Surface Paved
Porch Covered,Deck,Porch
Building
Lot Description Stream/ Creek, Wooded
Dwelling Type Quadruplex
Entry Level One
Foundation See Remarks
Sewer Public Sewer
Water Connected, Public
Architectural Style One Story
Level or Stories One
Additional Building Garage(s)
New Construction No
Others
Tax ID 220502901062000008
Security Features Security System
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional