Mixed-Use Property with
For Sale
$599,000
1217-1219 S 4th St, Louisville, KY 40203
Historic building combines a vacant commercial space with a furnished four-bedroom, two-bath upstairs rental.
Property Size4,929 SF
Price / SF$121.53
Days on Market509
Property Features for 1217-1219 S 4th St
General Information
Standard status
Active
Size
4,929 SF
Total Parking Spaces
8
Property subtype
Retail
Zoning
TNZD
Units
Unit Mix
1 x 4BR/2BA
Multifamily Units
1
Additional Details
Furnished
Yes
Amenities
Power
Water
Sewer
Natural Gas
8 Parking Spaces
Building Details
Year Built
1890
Buildings
1
Construction
Federal-Style
Tenancy
Single
Listing Agency:
Hippo House LLC
(502) 974-8419
Listed By:
Alexandria Bolton
(502) 974-8419
Source:
Kcrea.resimplifi
Added: Apr 10, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:27PM
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 Hippo House LLC
Investment Insights
Based on property information with market context.
This 4,929-square-foot mixed-use property dates to 1890 and presents a Federal-style design. The ground floor includes a vacant 2,688-square-foot commercial storefront suited to office or retail use. Above, a furnished four-bedroom, two-bath mid-term rental is producing ongoing monthly income.
The property is located in Louisville’s Old Louisville area within the TNZD district. Off-street parking accommodates up to 7 vehicles. An unfinished 2,200-square-foot basement provides storage space, while additional room is identified for a future carriage house or garage.
The property is located in Louisville’s Old Louisville area within the TNZD district. Off-street parking accommodates up to 7 vehicles. An unfinished 2,200-square-foot basement provides storage space, while additional room is identified for a future carriage house or garage.
Key Highlights
- 4,929‑square‑foot mixed‑use property built in 1890
- Vacant 2,688‑square‑foot commercial storefront
- Furnished upstairs 4‑bed, 2‑bath mid‑term rental
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
$33,544
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
5.60%
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%
$670,880
$670.9K
Cap Rate 7%
$479,200
$479.2K
Cap Rate 9%
$372,711
$372.7K
Market Conditions
NOI Build-Up for 4,929 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
$64.5K $13.08/SF
− Vacancy
−$3.5K −$0.71/SF
EGI
$61.0K $12.37/SF
− OpEx
−$27.4K −$5.57/SF
NOI
$33.5K $6.81/SF
Area
Louisville, KY
Vacancy
5.40%
Lease Rate
$13.08 /SF/Yr
Expense Ratio
45.00%
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%
$670,880
Cap Rate 7%
$479,200
Cap Rate 9%
$372,711
Alternative Uses
Best Use
Mixed Use
$836.5K
$732.0K – $976.0K
NOI $58,557 @ 7.0% cap · market cap 9.78%
Second Best
Retail
$811.8K
$710.3K – $947.1K
NOI $56,826 @ 7.0% cap · market cap 9.49%
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,432 @ 7.0% cap · market cap 14.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,383
Businesses Nearby
8k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 88%
Dining 12%
Dollar General
Shops & Services
4,340 visits/mo
0.1 miles
Ollie's Bargain Outlet
Shops & Services
2,995 visits/mo
0.3 miles
Taste of China
Dining
1,036 visits/mo
0.1 miles
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
Market
Vacancy Rate% for Retail in Louisville, KY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic building combines a vacant commercial space with a furnished four-bedroom, two-bath upstairs rental.
Where is this mixed-use property located?
The property is located at 1217-1219 S 4th St Louisville, KY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 4,929‑square‑foot mixed‑use property built in 1890; Vacant 2,688‑square‑foot commercial storefront; Furnished upstairs 4‑bed, 2‑bath mid‑term rental
