506 Virginia Avenue, New Albany, IN 47150

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$450,000

bedrooms

bathrooms

square feet

4,194

Acreage

1.84

Open Houses

year built

1940

Full Baths

Half Baths

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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
Subdivision	McCullough
County	Floyd
Elementary School	-
Middle School	-
High School	-

Driving directions

Open houses

None scheduled.

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MLS number: 202507215

Listing agent: Troy Stiller

Listing broker: Schuler Bauer Real Estate Services (812) 948-2888

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. [source]

Last update: Tuesday, April 15 2025 at 6:18 p.m. EDT

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