Victorian Duplex with Rear
For Sale
$375,000
1401 Morton Ave, Louisville, KY 40204
Two residences pair historic architectural details with private outdoor space and alley-accessed off-street parking.
Property Size3,019 SF
Price / SF$124.21
Days on Market14
Property Features for 1401 Morton Ave
General Information
Standard status
Active
Size
3,019 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Amenities
in-unit laundry
private rear decks
off-street parking
Building Details
Construction
Victorian
Listing Agency:
Kentucky Select Properties
(502) 417-4350
Listed By:
The Kidwells
(502) 417-4350
Source:
Exprealty
Added: Jul 29
Changed: Aug 10
Last Checked: Aug 10 at 8:59AM
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 Kentucky Select Properties
Investment Insights
Based on property information with market context.
This Victorian duplex contains two distinct residences with a combined five bedrooms and three full bathrooms. The first-floor unit offers two bedrooms, one bathroom, high ceilings, original hardwood floors, oversized windows, separate living and dining rooms, a kitchen opening to a private rear deck, ample closets, and in-unit laundry. The upper residence spans the second and third floors with three bedrooms and two bathrooms, including a loft-like third-floor suite with a turret-style window and a private upper deck.
Additional property features include lower and upper rear decks and off-street parking reached from the alley. The property is located at 1401 Morton Ave in Louisville's Original Highlands, near restaurants, coffee shops, boutiques, and nightlife, with Downtown Louisville and NuLu described as minutes away. The third-floor layout may offer flexibility for a home office, studio, or similar use; any conversion to a separate apartment is subject to buyer verification of zoning and approvals.
Additional property features include lower and upper rear decks and off-street parking reached from the alley. The property is located at 1401 Morton Ave in Louisville's Original Highlands, near restaurants, coffee shops, boutiques, and nightlife, with Downtown Louisville and NuLu described as minutes away. The third-floor layout may offer flexibility for a home office, studio, or similar use; any conversion to a separate apartment is subject to buyer verification of zoning and approvals.
Key Highlights
- Two‑residence duplex with five bedrooms and three full bathrooms
- First‑floor unit includes 2 bedrooms, 1 full bath, original hardwood, high ceilings, and in‑unit laundry
- Upper residence occupies the second and third floors with 3 bedrooms and 2 full baths
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
$25,403
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
6.77%
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%
$508,060
$508.1K
Cap Rate 7%
$362,900
$362.9K
Cap Rate 9%
$282,256
$282.3K
Market Conditions
NOI Build-Up for 3,019 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
$38.4K $12.72/SF
− Vacancy
−$2.1K −$0.70/SF
EGI
$36.3K $12.02/SF
− OpEx
−$10.9K −$3.61/SF
NOI
$25.4K $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%
$508,060
Cap Rate 7%
$362,900
Cap Rate 9%
$282,256
Alternative Uses
Best Use
Multifamily LT 5
$362.9K
$317.5K – $423.4K
NOI $25,403 @ 7.0% cap · market cap 6.77%
Second Best
Apartment 5plus
$293.5K
$256.8K – $342.4K
NOI $20,546 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$782.5K
$684.7K – $913.0K
NOI $54,777 @ 7.0% cap · market cap 14.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,621
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences pair historic architectural details with private outdoor space and alley-accessed off-street parking.
Where is this duplex located?
The property is located at 1401 Morton Ave Louisville, KY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑residence duplex with five bedrooms and three full bathrooms; First‑floor unit includes 2 bedrooms, 1 full bath, original hardwood, high ceilings, and in‑unit laundry; Upper residence occupies the second and third floors with 3 bedrooms and 2 full baths
