Brick Duplex with Off-Street
For Sale
$455,000
1661 Story Ave, Louisville, KY 40206
Multi Family, Louisville, KY
Property Size2,667 SF
Price / SF$170.60
Days on Market35
Property Features for 1661 Story Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 1
Directions
71 to Zorn Ave, right on Mellwood, right on Brownsboro rd, left on Story, Property on the right
Subdivision
03-Clifton/Crescent Hill/St Matthews
Standard status
Active
APN
020F00320000
Size
2,667 SF
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
outbuilding for storage or workspace
Building Details
Year built
1875
Number of units
2
Building materials
Brick
Additional Structures
Outbuilding
Listing Agency:
RE/MAX Premier Properties · RE/MAX International
(502) 384-5944
Listed By:
Keren Benabou · License #72524
(502) 614-9899
Added: Jul 24
Changed: Aug 26
Last Checked: Aug 27 at 6:06AM
MLS# 1724381
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,667-square-foot duplex is constructed of brick and includes two separately metered apartments. The first-floor residence offers a flexible two- or three-bedroom arrangement with two full bathrooms, while the upper unit provides one bedroom and one bathroom. An additional outbuilding expands the property’s storage or workspace capacity, and the oversized lot includes ample off-street parking.
Major improvements include a roof installed in 2019, two HVAC systems added in 2018, and two water heaters replaced in 2017. The kitchens have been updated and the bathrooms renovated. R-7 zoning and residual land are also part of the property, which is located near downtown Louisville, the Louisville Waterfront, NuLu, restaurants, breweries, and entertainment venues.
Major improvements include a roof installed in 2019, two HVAC systems added in 2018, and two water heaters replaced in 2017. The kitchens have been updated and the bathrooms renovated. R-7 zoning and residual land are also part of the property, which is located near downtown Louisville, the Louisville Waterfront, NuLu, restaurants, breweries, and entertainment venues.
Key Highlights
- 2,667‑square‑foot brick duplex with two apartment units
- First‑floor unit offers two or three bedrooms and two full bathrooms
- Second‑floor unit includes one bedroom and one bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,441
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$448,820
$448.8K
Cap Rate 7%
$320,586
$320.6K
Cap Rate 9%
$249,344
$249.3K
Market Conditions
NOI Build-Up for 2,667 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$33.9K $12.72/SF
− Vacancy
−$1.9K −$0.70/SF
EGI
$32.1K $12.02/SF
− OpEx
−$9.6K −$3.61/SF
NOI
$22.4K $8.41/SF
Area
Louisville, KY
Vacancy
5.50%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$448,820
Cap Rate 7%
$320,586
Cap Rate 9%
$249,344
Alternative Uses
Best Use
Multifamily LT 5
$320.6K
$280.5K – $374.0K
NOI $22,441 @ 7.0% cap · market cap 4.93%
Second Best
Apartment 5plus
$259.3K
$226.9K – $302.5K
NOI $18,150 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$691.3K
$604.9K – $806.5K
NOI $48,390 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
891
Businesses Nearby
Explore this area
Business Placement
Demographics for 40206, KY
20,196
Population
11,637
Households
1.7
Avg Household Size
38
Median Age
55%
College-Educated
95%
High-School Grad
5.8 sq mi
ZIP Area
3,482
Density / Sq Mi
$72,543
Median Household Income
$48,506
Median Earnings
$1,142
Median Rent
$276,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Separate LG&E metering serves both units, with storage or workspace in the additional outbuilding.
Where is this duplex located?
The property is located at 1661 Story Ave Louisville, KY.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: 2,667‑square‑foot brick duplex with two apartment units; First‑floor unit offers two or three bedrooms and two full bathrooms; Second‑floor unit includes one bedroom and one bathroom
