Furnished Two-Unit
For Sale
$169,000
444 N 28th St, Louisville, KY 40212
MULTI_FAMILY - Other - Louisville, KY
Property Size1,440 SF
Lot Size0.06 Acres
Price / SF$117.36
Days on Market34
Property Features for 444 N 28th St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bathroom 2, Basement, Bedroom 1
Lot features
Corner Lot
Directions
Portland Ave to N 26th St, right on St Xavier St, right on N 28th St - house is on the left.
Subdivision
01-Dtwn Old Louisville/Shively/West Lou
Standard status
Active
APN
02004F01110000
Size
1,440 SF
Lot size
0.06 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
fenced yard
secure entrance
Building Details
Year built
1900
Number of units
2
Building materials
Vinyl Siding, Wood Frame
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX Premier Properties · RE/MAX International
(502) 384-5944
Listed By:
Jay Pitts · License #63303
(502) 384-5944
Added: Jul 7
Changed: Aug 3
Last Checked: Aug 9 at 7:06PM
MLS# 1722554
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 duplex contains 1,440 square feet arranged as two furnished residential units. Each unit includes one bedroom and one bathroom, with one residence on the main floor and the other upstairs. The property also includes a basement, vinyl siding, wood-frame construction, a shingle roof, central air, and heating served by natural gas and electric systems.
Located at 444 N 28th St in Louisville, the property occupies a 0.06-acre corner lot with a fenced yard. The main front entry is supplemented by secure interior access for each unit. Both residences are vacant and furnished, supporting the stated mid-term and long-term rental use. Public water and public sewer serve the property.
Located at 444 N 28th St in Louisville, the property occupies a 0.06-acre corner lot with a fenced yard. The main front entry is supplemented by secure interior access for each unit. Both residences are vacant and furnished, supporting the stated mid-term and long-term rental use. Public water and public sewer serve the property.
Key Highlights
- Two furnished units, each with 1 bedroom and 1 bathroom
- 1,440‑square‑foot duplex on a 0.06‑acre corner lot
- Main‑floor and upstairs unit configuration
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
$12,117
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
7.17%
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%
$242,340
$242.3K
Cap Rate 7%
$173,100
$173.1K
Cap Rate 9%
$134,633
$134.6K
Market Conditions
NOI Build-Up for 1,440 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
$18.3K $12.72/SF
− Vacancy
−$1.0K −$0.70/SF
EGI
$17.3K $12.02/SF
− OpEx
−$5.2K −$3.61/SF
NOI
$12.1K $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%
$242,340
Cap Rate 7%
$173,100
Cap Rate 9%
$134,633
Alternative Uses
Best Use
Multifamily LT 5
$173.1K
$151.5K – $202.0K
NOI $12,117 @ 7.0% cap · market cap 7.17%
Second Best
Apartment 5plus
$140.0K
$122.5K – $163.3K
NOI $9,800 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$373.2K
$326.6K – $435.5K
NOI $26,127 @ 7.0% cap · market cap 15.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
543
Businesses Nearby
Explore this area
Business Placement
Demographics for 40212, KY
16,360
Population
8,061
Households
2
Avg Household Size
38
Median Age
13%
College-Educated
81%
High-School Grad
3.8 sq mi
ZIP Area
4,305
Density / Sq Mi
$35,389
Median Household Income
$28,506
Median Earnings
$917
Median Rent
$78,100
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 - The property combines a main-floor residence with an upstairs unit, plus a fenced yard and corner-lot setting.
Where is this duplex located?
The property is located at 444 N 28th St Louisville, KY.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: Two furnished units, each with 1 bedroom and 1 bathroom; 1,440‑square‑foot duplex on a 0.06‑acre corner lot; Main‑floor and upstairs unit configuration
