Updated Duplex with Rental
For Sale
$280,000
1352 S Preston St, Louisville, KY 40208
Multi Family, Louisville, KY
Property Size2,014 SF
Lot Size0.07 Acres
Price / SF$139.03
Days on Market10
Property Features for 1352 S Preston St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 2, Bedroom 1
Subdivision
SHELBY PARK
Lot features
Sidewalk
Directions
Interstate 65 South to Jefferson St/Brook Street exit; merge onto South Brook Street; go about 0.3 miles and turn RIGHT onto Market Street; go 0.2 miles and turn RIGHT onto South Preston Street; house is on the RIGHT; park on the street or on the parking pad in the back of the house.
Standard status
Active
APN
032G00920000
Size
2,014 SF
Lot size
0.07 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1974
Number of units
2
Building materials
Wood Frame, Brick Veneer
Roof type
Shingle
Architectural style
Other
Listing Agency:
United Real Estate Louisville
(502) 509-4498
Listed By:
Steve Ullum
(502) 500-5952
Added: Aug 18
Changed: Aug 26
Last Checked: Aug 27 at 4:06AM
MLS# 1726631
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,014-square-foot duplex, built in 1974, includes separate upstairs and downstairs residences. The upper unit has been renovated, while the lower unit is occupied by a tenant who has remained in place for years. The property offers flexibility for an owner occupant who wants rental income from the other unit or for an investor seeking a two-unit residential asset.
Recent improvements include a central air-conditioning system and furnace installed in 2023, a water heater added in 2022, and a sewer cleanout completed in 2025. Additional updates listed for 2026 include LVP flooring, bedroom carpet, bathroom fixtures and finishes, lighting, a refrigerator, range, and window blinds. The building has wood-frame construction with brick veneer, forced-air natural gas heating, central air, public water, public sewer, and a shingle roof.
The property occupies 0.07 acres in Louisville, with access to Old Louisville, Frankfort Avenue, the Waterfront, the Highlands, and Nulu described as being only minutes away.
Recent improvements include a central air-conditioning system and furnace installed in 2023, a water heater added in 2022, and a sewer cleanout completed in 2025. Additional updates listed for 2026 include LVP flooring, bedroom carpet, bathroom fixtures and finishes, lighting, a refrigerator, range, and window blinds. The building has wood-frame construction with brick veneer, forced-air natural gas heating, central air, public water, public sewer, and a shingle roof.
The property occupies 0.07 acres in Louisville, with access to Old Louisville, Frankfort Avenue, the Waterfront, the Highlands, and Nulu described as being only minutes away.
Key Highlights
- 2,014‑square‑foot duplex on a 0.07‑acre lot
- Upper residence has been renovated; downstairs unit has a tenant of several years
- Central air‑conditioning system and furnace installed in 2023
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-unit layout pairs an updated upper residence with 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 on a 0.07‑acre lot; Upper residence has been renovated; downstairs unit has a tenant of several years; Central air‑conditioning system and furnace installed in 2023
