Furnished Duplex with Separate
For Sale
$389,000
253 Thompson Ave, Louisville, KY 40206
Multi Family, Louisville, KY
Property Size1,928 SF
Price / SF$201.76
Days on Market123
Property Features for 253 Thompson Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 3, Basement, Dining Room
Patio and Porch features
Porch, Deck, Patio
Exterior features
Balcony
Lot features
Easement, Sidewalk
Directions
Heading west on Mellwood Ave, right past Mellwood Art Center, turn right. Property on the left
Subdivision
03-Clifton/Crescent Hill/St Matthews
Standard status
Active
APN
05088A01750000
Size
1,928 SF
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1900
Number of units
2
Building materials
Wood Frame, Aluminum Siding
Roof type
Shingle
Listing Agency:
Caperton Realty
(502) 386-3017
Listed By:
Bryce Cariel · License #267734
(502) 836-3035
Added: May 5
Changed: Aug 26
Last Checked: Sep 4 at 1:06AM
MLS# 1716354
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.
Located at 253 Thompson Ave in Louisville, this 1,928-square-foot duplex contains two distinct residential units. The first-floor residence provides three bedrooms and two full bathrooms, while the upper-level unit includes one bedroom and one bathroom. The property was built in 1900 and includes furnishings, linens, appliances, cookware, and other household essentials that remain with the sale.
Exterior features include a balcony along with porch, deck, and patio areas. The building has wood-frame construction with aluminum siding, a shingle roof, public water, and public sewer. Heating systems include natural gas and electric components, while cooling features include central air and wall or window units.
Exterior features include a balcony along with porch, deck, and patio areas. The building has wood-frame construction with aluminum siding, a shingle roof, public water, and public sewer. Heating systems include natural gas and electric components, while cooling features include central air and wall or window units.
Key Highlights
- 1,928‑square‑foot duplex at 253 Thompson Ave, Louisville, KY 40206
- First‑floor unit includes 3 bedrooms and 2 full bathrooms
- Second‑floor unit offers 1 bedroom and 1 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
$16,223
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
4.17%
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%
$324,460
$324.5K
Cap Rate 7%
$231,757
$231.8K
Cap Rate 9%
$180,256
$180.3K
Market Conditions
NOI Build-Up for 1,928 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
$24.5K $12.72/SF
− Vacancy
−$1.3K −$0.70/SF
EGI
$23.2K $12.02/SF
− OpEx
−$7.0K −$3.61/SF
NOI
$16.2K $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%
$324,460
Cap Rate 7%
$231,757
Cap Rate 9%
$180,256
Alternative Uses
Best Use
Multifamily LT 5
$231.8K
$202.8K – $270.4K
NOI $16,223 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$187.4K
$164.0K – $218.7K
NOI $13,121 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$499.7K
$437.3K – $583.0K
NOI $34,982 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
840
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
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Frequently Asked Questions
What type of property is this?
Duplex - Separate furnished units offer a three-bedroom, two-bath layout and a one-bedroom, one-bath layout for short-term rental use.
Where is this duplex located?
The property is located at 253 Thompson Ave Louisville, KY.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: 1,928‑square‑foot duplex at 253 Thompson Ave, Louisville, KY 40206; First‑floor unit includes 3 bedrooms and 2 full bathrooms; Second‑floor unit offers 1 bedroom and 1 bathroom
