Attention builders and investors! This property offers incredible potential in a highly desirable location. The existing structure holds little value, but the land itself is ready for your vision. Combine with the neighboring lot, that is also available for sale, for an even larger development opportunity. Excellent location, strong growth and endless possibilities. BEING SOLD "AS IS". One seller is an Indiana licensed real estate broker.
New Albany, located between the Ohio River waterfront and I-265, is a historic and walkable New Albany neighborhood with brick-lined blocks and a river-town arts streak. The neighborhood’s character concentrates around the Pearl Street & Bank Street corridor, where galleries, coffee counters, and chef-driven dining sit in restored storefronts. Community pillars include the Carnegie Center for Art & History, New Albany Floyd County Public Library, and the New Albany Farmers Market. Victorian-era homes and converted commercial buildings shape the streetscape, with pocket parks and river views setting the pace. Sidewalks connect to the Ohio River Greenway for cycling and sunset walks. Festivals and live music keep downtown blocks active without feeling loud.
Provided by Walk Score and Local Logic
Market insights
3828 Payne Koehler Rd · $820,000
DAYS ON MARKET
391 days
The average home goes pending in 56 days.
SALE-TO-LIST
97.7%
Most homes are selling 2% below list price.
LIST PRICE
$820,000
Median list price in this area is $274,469. (67% lower than this home)
PRICE DROP
0 price drops
26% of homes in this area have had a price drop in the past month.
Property details
Interior
Exterior
Finance
Interior features
Book cases
Separate/formal dining room
Entrance foyer
Eat-in kitchen
Main-level primary bedroom
Has basement (partial, walk-out access, sump pump)
Wood-burning fireplace
Bedrooms
Three bedrooms on the second level
Bathrooms
Two full bathrooms
One half bathroom
Kitchen
Eat-in kitchen
Dishwasher
Disposal
Laundry & utility
Laundry in basement
Heating & cooling
Forced air heating
Exterior features
Covered porch
Porch
Barn(s)
Secluded, wooded lot
Paved road access
Has view
Home design
Two-story home
Brick and frame construction
Resale property
Construction
Poured foundation with cellar
Above-grade finished and unfinished living areas
Below-grade unfinished area
Utilities
Connected to public water
Public sewer
Other
Lot size approximately 4.93 acres (survey)
Electricity and solar
View estimated energy costs and solar savings for this home
Almost 5 acres of Peacefulness hidden by busy commercial. Walk into history at this mansion like home huge rooms, tile sun room floor, hardwood throughout, random peg floor in kitchen with 2 walls of cabinets. 3 walls of bookshelves in library. 2 mantles for character, transoms, built in china cabinet. 2nd floor 3 bedroom & hollywood bath w/ whirlpool. 3rd floor with L shaped room. Huge barn for party house central. 3 car detached garage. Plus a secret cottage which needs repair. Number of rooms, measurements & sq. ft. are not warranted. If critical buyer should verify.
Year
Property tax
Land + Additions
Assessment*
2025
$2,163 (−6.7%)
$115,800 + $26,700
$142,500
2024
$2,319 (+1.3%)
$115,800 + $28,600
$144,400
2023
$2,288 (+4.1%)
$115,800 + $27,000
$142,800
2022
$2,198 (+1.9%)
$115,800 + $22,400
$138,200
2021
$2,158 (+0.5%)
$115,800 + $19,000
$134,800
2020
$2,146 (+25.1%)
$115,800 + $19,000
$134,800
2019
$1,715 (−20.7%)
$92,100 + $18,700
$110,800
2018
$2,163 (−7.5%)
$115,800 + $129,300
$245,100
2017
$2,339 (+9.1%)
$115,800 + $129,800
$245,600
2016
$2,144 (−37.6%)
$115,800 + $129,800
$245,600
2015
$3,435 (−2.6%)
$115,800 + $198,500
$314,300
2013
$3,528
$115,800 + $206,800
$322,600
Public record
Beds
3
Baths
2.5
Stories
2
Lot width
—
Lot depth
—
Lot size
4.93 Acres
Year renovated
1900
Finished Sq. Ft.
3,154
Unfinished Sq. Ft.
—
Total Sq. Ft.
3,154
Year built
1900
Style
Multi-Family (2-4 Unit)
County
Floyd County
APN
220506300014000007
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Nov 4, 2026.
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
5/10 Heat Factor
7 days above 106° expected this year, 19 days in 30 years
2/10 Wind Factor
2% chance of strong winds in next 30 years
2/10 Air Factor
1 unhealthy days expected this year, 2 days in 30 years
Provided by First Street
Historical weather
New Albany, IN • 47150
Average low and high temperatures (°F)
39
21
49
29
66
42
74
52
76
57
87
67
91
73
88
67
85
60
72
50
59
41
48
33
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
96/ 100
Exceptional sunlight
Sunscore
This home ranks in the top 16% for direct sun exposure in New Albany. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
10.2 hrs
6.3 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 3828 Payne Koehler Rd
$739,507
$80K under list price of $820K
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $286K to $365K.