Turnkey 1-Bed
For Sale
$195,000
1108 Queen Ave #1 & 2, Louisville, KY 40215
Furnished duplex with two separately metered 1-bedroom, 1-bath units, each with covered patio, fenced yard, and off-street parking.
Property Size1,710 SF
Days on Market216
Property Features for 1108 Queen Ave #1 & 2
General Information
Standard status
Active
Size
1,710 SF
Property subtype
Multi Family Home
Additional Details
Furnished
Yes
Fenced Yard
Yes
Multifamily Units
2
Amenities
fenced backyard
covered front porch
covered back patio
off street parking
Building Details
Building Size
1,710 SF
Year Built
1907
Units
2
Tenancy
Multi
Listing Agency:
RE/MAX Premier Properties
(502) 384-5944
Listed By:
Jay Pitts · License #63303
(502) 384-5944
Source:
Demareeandhubbard
Added: Jan 5
Changed: Aug 8
Last Checked: Aug 9 at 1:03PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Premier Properties
Investment Insights
Based on property information with market context.
This furnished duplex includes two 1-bedroom, 1-bath units, each set up with an open floor plan. Unit A features a covered front porch, and both units share covered back patios that extend to much of the back yard. The property offers a privacy-fenced backyard and off-street parking. Each unit is separately metered and has its own HVAC.
Recent updates include an AC replacement in April 2005 and a water heater replacement in 2023, with modern kitchens and updated bathrooms noted for both units.
The duplex is offered as a turnkey property, with furnishings described as negotiable, supporting ready occupancy after purchase.
Recent updates include an AC replacement in April 2005 and a water heater replacement in 2023, with modern kitchens and updated bathrooms noted for both units.
The duplex is offered as a turnkey property, with furnishings described as negotiable, supporting ready occupancy after purchase.
Key Highlights
- Furnished duplex built in 1907 with two 1 bed/1 bath units (Unit A and Unit B).
- Each unit is separately metered and has separate HVAC.
- Both units feature a covered back patio that extends to most of the back yard.
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
$14,388
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
7.38%
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%
$287,760
$287.8K
Cap Rate 7%
$205,543
$205.5K
Cap Rate 9%
$159,867
$159.9K
Market Conditions
NOI Build-Up for 1,710 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
$21.8K $12.72/SF
− Vacancy
−$1.2K −$0.70/SF
EGI
$20.6K $12.02/SF
− OpEx
−$6.2K −$3.61/SF
NOI
$14.4K $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%
$287,760
Cap Rate 7%
$205,543
Cap Rate 9%
$159,867
Alternative Uses
Best Use
Multifamily LT 5
$205.5K
$179.9K – $239.8K
NOI $14,388 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$166.2K
$145.5K – $194.0K
NOI $11,637 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$443.2K
$387.8K – $517.1K
NOI $31,026 @ 7.0% cap · market cap 15.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
Explore this area
Business Placement
Demographics for 40215, KY
21,230
Population
9,070
Households
2.3
Avg Household Size
35
Median Age
13%
College-Educated
79%
High-School Grad
3.5 sq mi
ZIP Area
6,066
Density / Sq Mi
$42,762
Median Household Income
$32,815
Median Earnings
$976
Median Rent
$106,500
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 - Furnished duplex with two separately metered 1-bedroom, 1-bath units, each with covered patio, fenced yard, and off-street parking.
Where is this duplex located?
The property is located at 1108 Queen Ave #1 & 2 Louisville, KY.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Furnished duplex built in 1907 with two 1 bed/1 bath units (Unit A and Unit B).; Each unit is separately metered and has separate HVAC.; Both units feature a covered back patio that extends to most of the back yard.
