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 Market527
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
Listed By:
Anna Stevens
(502) 264-1337
Source:
Kcrea.resimplifi
Added: May 8, 2025
Changed: Oct 3
Last Checked: Oct 16 at 5:50AM
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
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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 / Yr
$104,405
Cap Rate
7.73%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Louisville, KY
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
