Four-Unit Property with Dual
For Sale
$390,000
916 Shelby Pkwy, Louisville, KY 40204
Multi Family, Louisville, KY
Property Size2,694 SF
Price / SF$144.77
Days on Market142
Property Features for 916 Shelby Pkwy
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Patio and Porch features
Porch
Lot features
Dead End, Sidewalk
Directions
Eastern Pkwy to Goss Ave. R on Boyle St. L on Charles St. R on Dandridge. L on Shelby Pkwy.
Subdivision
02-Butchertwn/Hghlnds/Germantwn
Standard status
Active
APN
025D00290000
Size
2,694 SF
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Wall/Window Unit(s), Window Unit(s), Central Air
Water source
Public
Amenities
in-unit washer and dryer
Building Details
Year built
1948
Number of units
4
Building materials
Wood Frame, Block, Brick
Roof type
Shingle
Listing Agency:
Beck Realty Group
(502) 471-4419
Listed By:
Shawn Owens · License #217950
(502) 640-6890
Added: Apr 24
Changed: Sep 3
Last Checked: Sep 12 at 7:06AM
MLS# 1715574
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 quadplex comprises two duplex buildings on one parcel, totaling 2,694 square feet and four residential units. The unit mix includes three one-bedroom, one-bath units and one two-bedroom, one-bath unit, with one of the one-bedroom layouts featuring a loft area. In-unit laundry is provided in multiple residences, and the property also includes porch areas.
The buildings are located at 916 Shelby Pkwy and 917 Dandridge Ave, creating access from both streets. Originally built in 1948, the property has wood frame, block, and brick construction, shingle roofing, public water, and public sewer. Heating includes natural gas and forced air, while cooling is provided through a combination of central air and window or wall units.
The buildings are located at 916 Shelby Pkwy and 917 Dandridge Ave, creating access from both streets. Originally built in 1948, the property has wood frame, block, and brick construction, shingle roofing, public water, and public sewer. Heating includes natural gas and forced air, while cooling is provided through a combination of central air and window or wall units.
Key Highlights
- Four total residential units across two duplex buildings
- 2,694 square feet on one parcel
- Unit mix includes three 1BR/1BA units and one 2BR/1BA unit
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
$22,668
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
5.81%
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%
$453,360
$453.4K
Cap Rate 7%
$323,829
$323.8K
Cap Rate 9%
$251,867
$251.9K
Market Conditions
NOI Build-Up for 2,694 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
$34.3K $12.72/SF
− Vacancy
−$1.9K −$0.70/SF
EGI
$32.4K $12.02/SF
− OpEx
−$9.7K −$3.61/SF
NOI
$22.7K $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%
$453,360
Cap Rate 7%
$323,829
Cap Rate 9%
$251,867
Alternative Uses
Best Use
Multifamily LT 5
$323.8K
$283.4K – $377.8K
NOI $22,668 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$261.9K
$229.2K – $305.6K
NOI $18,334 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$698.3K
$611.0K – $814.7K
NOI $48,880 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,037
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Two duplexes provide four residential units with separate access from Shelby Pkwy and Dandridge Ave.
Where is this quadplex located?
The property is located at 916 Shelby Pkwy Louisville, KY.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Four total residential units across two duplex buildings; 2,694 square feet on one parcel; Unit mix includes three 1BR/1BA units and one 2BR/1BA unit
