Mixed-Use Corner
For Sale
$475,000
231 N 19th St, Louisville, KY 40203
Multi Family, Louisville, KY
Property Size5,470 SF
Lot Size0.30 Acres
Price / SF$86.84
Days on Market65
Property Features for 231 N 19th St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 3, Bathroom 3, Bedroom 4, Dining Room, Bathroom 2, Basement, Bedroom 2, Bathroom 1
Patio and Porch features
Patio
Lot features
Corner Lot, Sidewalk
Directions
I-264 to Exit 3 towards US-150/22nd St. Turn onto Bank St. Turn onto N 19th St. Building on the corner of N 19th St and Duncan St.
Subdivision
01-Dtwn Old Louisville/Shively/West Lou
Standard status
Active
APN
015F00410000
Size
5,470 SF
Lot size
0.30 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Wall/Window Unit(s), Central Air, Window Unit(s)
Water source
Public
Amenities
detached garage
basement
Building Details
Year built
1890
Number of units
4
Building materials
Concrete, Brick
Roof type
Flat
Listing Agency:
RE Solutions LLC
(502) 498-5455
Listed By:
Darcy Nobile
(502) 645-1212
Added: Jul 1
Changed: Sep 3
Last Checked: Sep 3 at 12:06PM
MLS# 1723784
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.
Built in 1890, this 5,470-square-foot mixed-use property combines office space with three residential units and a detached garage. The main level includes an entry area, work area, sitting room, small kitchen, and half bath, with access to a fenced gravel yard and the garage. A residential apartment is located above the garage, while the upper floors contain two additional apartments. Basement areas provide living space, a separate room, furnace equipment, and storage.
The offering also includes two adjacent vacant lots at 227 and 229 N 19th, bringing the combined land area to approximately 0.3 acres. The property is positioned across from a park at the corner of 19th and Duncan, with public water and public sewer service. Construction includes concrete and brick, with forced-air natural gas heating, multiple cooling systems, and a flat roof.
The offering also includes two adjacent vacant lots at 227 and 229 N 19th, bringing the combined land area to approximately 0.3 acres. The property is positioned across from a park at the corner of 19th and Duncan, with public water and public sewer service. Construction includes concrete and brick, with forced-air natural gas heating, multiple cooling systems, and a flat roof.
Key Highlights
- 5,470‑square‑foot mixed‑use property built in 1890
- Three residential units plus office space and a detached garage
- Sale includes adjacent vacant lots at 227 and 229 N 19th
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
$37,226
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
7.84%
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%
$744,520
$744.5K
Cap Rate 7%
$531,800
$531.8K
Cap Rate 9%
$413,622
$413.6K
Market Conditions
NOI Build-Up for 5,470 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
$71.5K $13.08/SF
− Vacancy
−$3.9K −$0.71/SF
EGI
$67.7K $12.37/SF
− OpEx
−$30.5K −$5.57/SF
NOI
$37.2K $6.81/SF
Area
Louisville, KY
Vacancy
5.40%
Lease Rate
$13.08 /SF/Yr
Expense Ratio
45.00%
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%
$744,520
Cap Rate 7%
$531,800
Cap Rate 9%
$413,622
Alternative Uses
Best Use
Office B
$1.01M
$883.1K – $1.18M
NOI $70,645 @ 7.0% cap · market cap 14.87%
Second Best
Mixed Use
$928.3K
$812.3K – $1.08M
NOI $64,984 @ 7.0% cap · market cap 13.68%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,248 @ 7.0% cap · market cap 20.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
731
Businesses Nearby
Explore this area
Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
Median Home Value
Market
Vacancy Rate% for Office in Louisville, KY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three residential units accompany office space, a detached garage, and two adjacent vacant lots.
Where is this mixed-use property located?
The property is located at 231 N 19th St Louisville, KY.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 5,470‑square‑foot mixed‑use property built in 1890; Three residential units plus office space and a detached garage; Sale includes adjacent vacant lots at 227 and 229 N 19th
