Renovated Mixed-Use
For Sale
$1,350,000
1496 S Shelby St, Louisville, KY 40217
C1-zoned property combines short-term accommodations, leased office space, and dedicated off-street parking.
Property Size8,084 SF
Price / SF$166
Days on Market481
Property Features for 1496 S Shelby St
General Information
Standard status
Active
Size
8,084 SF
Total Parking Spaces
8
Property subtype
Multifamily
Zoning
C1
Occupancy
100%
Units
Multifamily Units
6
Office Units
3
Amenities
Power
Water
Sewer
Natural Gas
8 Parking Spaces
Building Details
Year Built
1890
Year Renovated
2022
Buildings
1
Tenancy
Multi
Listing Agency:
Spire 67
(502) 264-1337
Listed By:
Anna Stevens
(502) 264-1337
Source:
Kcrea.resimplifi
Added: May 8, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:40PM
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 Spire 67
Investment Insights
Based on property information with market context.
This 8,084-square-foot mixed-use property, built in 1890, brings together five renovated Airbnb units, three leased office spaces, and one long-term residential tenancy. The residential accommodations feature updated kitchens with gas stoves and quartz countertops, along with refreshed bathrooms, flooring, and fixtures. Renovation work was completed in 2022, and the property includes eight dedicated off-street parking spaces. A sixth short-term rental may be possible in the space currently occupied by the long-term tenant.
Located at 1496 S Shelby St in Louisville, the property is within walking distance of the University of Louisville, restaurants, coffee shops, Logan Street Market, and Germantown destinations. C1 zoning supports the property's mixed residential and office configuration as described.
Located at 1496 S Shelby St in Louisville, the property is within walking distance of the University of Louisville, restaurants, coffee shops, Logan Street Market, and Germantown destinations. C1 zoning supports the property's mixed residential and office configuration as described.
Key Highlights
- Five operational Airbnb units with potential for a sixth short‑term rental
- Three leased office spaces provide an established commercial component
- 2022 renovations include kitchens, bathrooms, flooring, and fixtures
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
$104,405
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
7.73%
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%
$2,088,100
$2.1M
Cap Rate 7%
$1,491,500
$1.5M
Cap Rate 9%
$1,160,056
$1.2M
Market Conditions
NOI Build-Up for 8,084 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
$169.8K $21.00/SF
− Vacancy
−$30.6K −$3.78/SF
EGI
$139.2K $17.22/SF
− OpEx
−$34.8K −$4.31/SF
NOI
$104.4K $12.92/SF
Area
Louisville, KY
Vacancy
18.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,088,100
Cap Rate 7%
$1,491,500
Cap Rate 9%
$1,160,056
Alternative Uses
Best Use
Office B
$1.49M
$1.31M – $1.74M
NOI $104,405 @ 7.0% cap · market cap 7.73%
Second Best
Mixed Use
$1.37M
$1.20M – $1.60M
NOI $96,038 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$2.10M
$1.83M – $2.44M
NOI $146,676 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
766
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 Office in Louisville, KY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - C1-zoned property combines short-term accommodations, leased office space, and dedicated off-street parking.
Where is this mixed-use property located?
The property is located at 1496 S Shelby St Louisville, KY.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Five operational Airbnb units with potential for a sixth short‑term rental; Three leased office spaces provide an established commercial component; 2022 renovations include kitchens, bathrooms, flooring, and fixtures
