Renovated
For Sale
$280,000
1352 S Preston St, Louisville, KY 40208
Two-level income property with an updated upstairs unit and an established downstairs tenancy.
Property Size2,014 SF
Price / SF$139.03
Days on Market10
Property Features for 1352 S Preston St
General Information
Standard status
Active
Size
2,014 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1974
Listing Agency:
United Real Estate Louisville
(812) 686-3268
Listed By:
Key Associates Signature Realty
(812) 686-3268
Source:
Keyassociates
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 26 at 12:44PM
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 United Real Estate Louisville
Investment Insights
Based on property information with market context.
This 2,014-square-foot duplex, built in 1974, includes an updated upstairs residence and a downstairs unit occupied by a tenant who has remained in place for years. The owners have maintained the property for more than 24 years, with improvements including HVAC replacement, a water heater, flooring, bathroom fixtures and finishes, lighting, appliances, blinds, and a sewer cleanout.
The property is located at 1352 S Preston St in Louisville, near the University of Louisville, downtown, Old Louisville, Frankfort Avenue, the Waterfront, the Highlands, and Nulu. The renovated upper unit provides an updated living space, while the established lower tenancy offers an existing rental arrangement.
The property is located at 1352 S Preston St in Louisville, near the University of Louisville, downtown, Old Louisville, Frankfort Avenue, the Waterfront, the Highlands, and Nulu. The renovated upper unit provides an updated living space, while the established lower tenancy offers an existing rental arrangement.
Key Highlights
- 2,014‑square‑foot duplex built in 1974
- Updated upstairs unit with new flooring, bathroom finishes, appliances, lighting, and blinds
- Downstairs tenant has been in place for years
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
$16,946
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
6.05%
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%
$338,920
$338.9K
Cap Rate 7%
$242,086
$242.1K
Cap Rate 9%
$188,289
$188.3K
Market Conditions
NOI Build-Up for 2,014 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
$25.6K $12.72/SF
− Vacancy
−$1.4K −$0.70/SF
EGI
$24.2K $12.02/SF
− OpEx
−$7.3K −$3.61/SF
NOI
$16.9K $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%
$338,920
Cap Rate 7%
$242,086
Cap Rate 9%
$188,289
Alternative Uses
Best Use
Multifamily LT 5
$242.1K
$211.8K – $282.4K
NOI $16,946 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$195.8K
$171.3K – $228.4K
NOI $13,706 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$522.0K
$456.8K – $609.0K
NOI $36,542 @ 7.0% cap · market cap 13.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,077
Businesses Nearby
Explore this area
Business Placement
Demographics for 40208, KY
17,048
Population
6,675
Households
2.6
Avg Household Size
27
Median Age
34%
College-Educated
88%
High-School Grad
2.6 sq mi
ZIP Area
6,557
Density / Sq Mi
$37,714
Median Household Income
$17,255
Median Earnings
$914
Median Rent
$153,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-level income property with an updated upstairs unit and an established downstairs tenancy.
Where is this duplex located?
The property is located at 1352 S Preston St Louisville, KY.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: 2,014‑square‑foot duplex built in 1974; Updated upstairs unit with new flooring, bathroom finishes, appliances, lighting, and blinds; Downstairs tenant has been in place for years
