New Construction Shotgun
For Sale
$515,000
601 E Hill St, Louisville, KY 40217
Multi Family, Louisville, KY
Property Size3,000 SF
Lot Size0.12 Acres
Price / SF$171.67
Days on Market104
Property Features for 601 E Hill St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 4, Bathroom 3
Patio and Porch features
Patio, Porch, Deck
Exterior features
Balcony
Lot features
Corner Lot, Sidewalk
Directions
East Burnett, Hancock, to East Hill Street
Subdivision
02-Butchertwn/Hghlnds/Germantwn
Standard status
Active
APN
09024B00010000
Size
3,000 SF
Lot size
0.12 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2026
Number of units
2
Building materials
Vinyl Siding
Roof type
Shingle
Architectural style
Shotgun
Listing Agency:
Weichert Realtors - ABG
(502) 893-1900
Listed By:
Grant F Simmons
(502) 552-2492
Added: May 13
Changed: Aug 19
Last Checked: Aug 24 at 6:06PM
MLS# 1717219
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.
New construction shotgun duplex under construction, slated for completion June 2026. Each unit is designed with three bedrooms and two full bathrooms, including a primary suite with a private en-suite bath on each level. The second-floor unit includes front and rear balconies for additional outdoor space.
The property includes vinyl siding and a shingle roof. Heating is forced air with natural gas and cooling is provided by central air. Water and sewer services are public.
The duplex offers spacious off-street parking in the rear, plus additional on-street parking on E Hill Street and S Hancock Street. Each unit is separately metered, supporting flexibility for owner-occupants or investors. The site is 0.12 acres.
The property includes vinyl siding and a shingle roof. Heating is forced air with natural gas and cooling is provided by central air. Water and sewer services are public.
The duplex offers spacious off-street parking in the rear, plus additional on-street parking on E Hill Street and S Hancock Street. Each unit is separately metered, supporting flexibility for owner-occupants or investors. The site is 0.12 acres.
Key Highlights
- Under construction shotgun duplex, completion June 2026
- Each unit has 3 bedrooms and 2 full bathrooms, with an en‑suite primary bath
- Second‑floor unit features front and rear balconies
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
$25,243
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
4.90%
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%
$504,860
$504.9K
Cap Rate 7%
$360,614
$360.6K
Cap Rate 9%
$280,478
$280.5K
Market Conditions
NOI Build-Up for 3,000 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
$38.2K $12.72/SF
− Vacancy
−$2.1K −$0.70/SF
EGI
$36.1K $12.02/SF
− OpEx
−$10.8K −$3.61/SF
NOI
$25.2K $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%
$504,860
Cap Rate 7%
$360,614
Cap Rate 9%
$280,478
Alternative Uses
Best Use
Multifamily LT 5
$360.6K
$315.5K – $420.7K
NOI $25,243 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$291.7K
$255.2K – $340.3K
NOI $20,417 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$777.6K
$680.4K – $907.2K
NOI $54,432 @ 7.0% cap · market cap 10.57%
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
773
Businesses Nearby
Explore this area
Business Placement
Demographics for 40217, KY
13,061
Population
6,840
Households
1.9
Avg Household Size
36
Median Age
48%
College-Educated
95%
High-School Grad
2.4 sq mi
ZIP Area
5,442
Density / Sq Mi
$68,573
Median Household Income
$48,298
Median Earnings
$1,150
Median Rent
$220,700
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 - Under construction 2026 duplex with separate utilities, central air, and two balconies for added outdoor space.
Where is this duplex located?
The property is located at 601 E Hill St Louisville, KY.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Under construction shotgun duplex, completion June 2026; Each unit has 3 bedrooms and 2 full bathrooms, with an en‑suite primary bath; Second‑floor unit features front and rear balconies
