Updated Duplex with Off-Street
New
For Sale
$310,000
1114 S Shelby St, Louisville, KY 40203
Two separately metered units offer private entrances, laundry hookups, outdoor space, and flexible owner-occupant or investment use.
Property Size1,550 SF
Price / SF$200
Days on Market3
Property Features for 1114 S Shelby St
General Information
Standard status
Active
Size
1,550 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
private entrance
separate electric meter
washer/dryer hookups
fully fenced and shaded yard
private deck
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Homepage Realty
Listed By:
RE Solutions
(502) 219-3500
Source:
Resolutions
Added: Sep 13
Changed: Sep 14
Last Checked: Sep 15 at 6:46AM
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 Homepage Realty
Investment Insights
Based on property information with market context.
Built in 1900, this 1,550-square-foot duplex contains two distinct residences with private entrances, separate electric meters, and washer/dryer hookups. Unit 1 offers 1 bedroom and 1 bathroom, while Unit 2 provides 2 bedrooms and 1 bathroom. Exterior features include a fully fenced, shaded yard, a private deck serving Unit 2, and two newly paved off-street parking spaces reached from the alley.
Recent improvements include an Owens Corning roof installed in 2023 with a warranty, Carrier HVAC systems for both units installed in 2026, and new refrigerators in the units from 2025/2026. Tenants pay their own electricity, and the average water bill is about $87/month. The property is located in Shelby Park near restaurants, coffee shops, breweries, Logan Street Market, and grocery shopping.
Recent improvements include an Owens Corning roof installed in 2023 with a warranty, Carrier HVAC systems for both units installed in 2026, and new refrigerators in the units from 2025/2026. Tenants pay their own electricity, and the average water bill is about $87/month. The property is located in Shelby Park near restaurants, coffee shops, breweries, Logan Street Market, and grocery shopping.
Key Highlights
- Two‑unit duplex with 1,550 square feet and a 1‑bedroom/1‑bath unit plus a 2‑bedroom/1‑bath unit
- Separate electric meters and private entrances for both units
- Two newly paved off‑street parking spaces accessed from the alley
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
$13,042
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
4.21%
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%
$260,840
$260.8K
Cap Rate 7%
$186,314
$186.3K
Cap Rate 9%
$144,911
$144.9K
Market Conditions
NOI Build-Up for 1,550 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
$19.7K $12.72/SF
− Vacancy
−$1.1K −$0.70/SF
EGI
$18.6K $12.02/SF
− OpEx
−$5.6K −$3.61/SF
NOI
$13.0K $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%
$260,840
Cap Rate 7%
$186,314
Cap Rate 9%
$144,911
Alternative Uses
Best Use
Multifamily LT 5
$186.3K
$163.0K – $217.4K
NOI $13,042 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$150.7K
$131.9K – $175.8K
NOI $10,549 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$401.8K
$351.5K – $468.7K
NOI $28,123 @ 7.0% cap · market cap 9.07%
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
1,118
Businesses Nearby
Explore this area
Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered units offer private entrances, laundry hookups, outdoor space, and flexible owner-occupant or investment use.
Where is this duplex located?
The property is located at 1114 S Shelby St Louisville, KY.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,550 square feet and a 1‑bedroom/1‑bath unit plus a 2‑bedroom/1‑bath unit; Separate electric meters and private entrances for both units; Two newly paved off‑street parking spaces accessed from the alley
