Furnished Two-Unit
For Sale
$190,000
Pending
1108 Queen Ave, Louisville, KY 40215
Multi Family, Louisville, KY
Property Size1,710 SF
Lot Size0.10 Acres
Days on Market253
Property Features for 1108 Queen Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Dining Room, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 2
Patio and Porch features
Deck, Porch
Directions
Central Ave to left on Taylor Blvd, left on Queen Ave
Subdivision
01-Dtwn Old Louisville/Shively/West Lou
Standard status
Pending
APN
11051D01570000
Size
1,710 SF
Lot size
0.10 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
off street parking
privacy fenced back yard
covered front porch
covered back patio
Building Details
Year built
1907
Number of units
2
Building materials
Vinyl Siding, Wood Frame, Aluminum Siding
Roof type
Shingle, Asphalt
Architectural style
Other
Additional Structures
Outbuilding
Listing Agency:
RE/MAX Premier Properties · RE/MAX International
(502) 384-5944
Listed By:
Jay Pitts · License #63303
(502) 572-0186
Added: Jan 5
Changed: Sep 14
Last Checked: Sep 15 at 7:06AM
MLS# 1706234
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 1,710-square-foot duplex contains two one-bedroom, one-bath units with open layouts, modern kitchens, and updated bathrooms. The property is furnished, with furnishings negotiable, and each residence has separate metering and its own HVAC system. Unit A includes a covered front porch, while both units offer covered back patios extending toward the rear yard. The property also includes a privacy-fenced backyard and off-street parking.
Built in 1907, the home has vinyl siding, wood frame, and aluminum siding construction, along with forced-air natural gas heat, central air, public water, and public sewer. The AC was replaced in April 20025, and the water heater was replaced in 2023. The duplex is close to Churchill Downs and centrally located within Louisville.
Built in 1907, the home has vinyl siding, wood frame, and aluminum siding construction, along with forced-air natural gas heat, central air, public water, and public sewer. The AC was replaced in April 20025, and the water heater was replaced in 2023. The duplex is close to Churchill Downs and centrally located within Louisville.
Key Highlights
- Two 1 bed/1 bath units totaling 1,710 square feet
- Separate metering and individual HVAC systems for both units
- Privacy‑fenced backyard with covered back patios
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
7.57%
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 7.57%
Second Best
Apartment 5plus
$166.2K
$145.5K – $194.0K
NOI $11,637 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$443.2K
$387.8K – $517.1K
NOI $31,026 @ 7.0% cap · market cap 16.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
444
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
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?
Duplex - Updated kitchens, separate utilities, and private outdoor areas support flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 1108 Queen Ave Louisville, KY.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Two 1 bed/1 bath units totaling 1,710 square feet; Separate metering and individual HVAC systems for both units; Privacy‑fenced backyard with covered back patios
