Four-Unit Duplex
New
For Sale
$390,000
916 Shelby Pkwy, Louisville, KY 40204
Two duplex buildings offer a mix of one- and two-bedroom units with two vacancies and varied unit configurations.
Property Size2,694 SF
Price / SF$144.77
Days on Market5
Property Features for 916 Shelby Pkwy
General Information
Standard status
Active
Size
2,694 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA with loft, 1 x 1BR/1BA, 1 x 2BR/1BA, 1 x efficiency 1BR/1BA
Multifamily Units
4
Additional Details
Road Access
Yes
Amenities
in-unit washer and dryer
Building Details
Year Built
1948
Buildings
2
Listing Agency:
Beck Realty Group
Listed By:
Shawn Owens · License #217950
(502) 640-6890
Source:
Familyrealty
Added: Sep 8
Last Checked: Sep 11 at 2:20PM
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 Beck Realty Group
Investment Insights
Based on property information with market context.
This 2,694-square-foot residential income property consists of two duplexes built in 1948, with four total units across 916 Shelby Pkwy and 917 Dandridge Ave. The unit mix includes one-bedroom and two-bedroom layouts, an efficiency-style one-bedroom unit, and a one-bedroom unit with a loft area commonly used as a second bedroom. In-unit washer and dryer appliances are included in 916 Shelby Pkwy Unit A, 917 Dandridge Ave Unit A, and 917 Dandridge Ave Unit B.
Two units are currently occupied and two are vacant. The occupied residences are 916 Shelby Pkwy Unit A, a one-bedroom, one-bath unit, and 917 Dandridge Ave Unit A, a two-bedroom, one-bath unit. The vacant residences are 916 Shelby Pkwy Unit B, a one-bedroom, one-bath unit, and 917 Dandridge Ave Unit B, an efficiency-style one-bedroom, one-bath unit. The property has frontage on both Shelby Pkwy and Dandridge Ave in the Germantown area of Louisville.
Two units are currently occupied and two are vacant. The occupied residences are 916 Shelby Pkwy Unit A, a one-bedroom, one-bath unit, and 917 Dandridge Ave Unit A, a two-bedroom, one-bath unit. The vacant residences are 916 Shelby Pkwy Unit B, a one-bedroom, one-bath unit, and 917 Dandridge Ave Unit B, an efficiency-style one-bedroom, one-bath unit. The property has frontage on both Shelby Pkwy and Dandridge Ave in the Germantown area of Louisville.
Key Highlights
- Four total units across two duplexes
- 2,694 SF residential income property built in 1948
- Unit mix includes 1BR, 2BR, and efficiency‑style 1BR layouts
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
$22,668
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
5.81%
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%
$453,360
$453.4K
Cap Rate 7%
$323,829
$323.8K
Cap Rate 9%
$251,867
$251.9K
Market Conditions
NOI Build-Up for 2,694 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
$34.3K $12.72/SF
− Vacancy
−$1.9K −$0.70/SF
EGI
$32.4K $12.02/SF
− OpEx
−$9.7K −$3.61/SF
NOI
$22.7K $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%
$453,360
Cap Rate 7%
$323,829
Cap Rate 9%
$251,867
Alternative Uses
Best Use
Multifamily LT 5
$323.8K
$283.4K – $377.8K
NOI $22,668 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$261.9K
$229.2K – $305.6K
NOI $18,334 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$698.3K
$611.0K – $814.7K
NOI $48,880 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,037
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two duplex buildings offer a mix of one- and two-bedroom units with two vacancies and varied unit configurations.
Where is this duplex located?
The property is located at 916 Shelby Pkwy Louisville, KY.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Four total units across two duplexes; 2,694 SF residential income property built in 1948; Unit mix includes 1BR, 2BR, and efficiency‑style 1BR layouts
