Remodeled
New
For Sale
$469,900
1429 Morton Ave, Louisville, KY 40204
Two separate residences provide the option for distinct occupancy or rental use.
Property Size2,252 SF
Price / SF$208.66
Days on Market3
Property Features for 1429 Morton Ave
General Information
Standard status
Active
Size
2,252 SF
Property subtype
Multi-Family
Net Operating Income
$30,850
Financials
Asking Price
$469,900
Cap Rate
6.57%
Gross Income
$37,200
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Listing Agency:
RE/MAX Five Star Properties
Listed By:
Key Associates Signature Realty
(812) 686-3268
Source:
Keyassociates
Added: Oct 12
Changed: Oct 13
Last Checked: Oct 12 at 6:07PM
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 RE/MAX Five Star Properties
Investment Insights
Based on property information with market context.
This 2,252-square-foot duplex contains two residential units and has undergone extensive remodeling. Built in 1900, the property offers separate living spaces suited to rental occupancy or an owner-occupant arrangement. The reported capitalization rate is 6.57%.
The property is in Louisville’s Highlands neighborhood, with restaurants, boutiques, coffee shops, nightlife, parks, and entertainment in the surrounding area. Downtown Louisville and the University of Louisville are described as a short drive away.
The property is in Louisville’s Highlands neighborhood, with restaurants, boutiques, coffee shops, nightlife, parks, and entertainment in the surrounding area. Downtown Louisville and the University of Louisville are described as a short drive away.
Key Highlights
- Two residential units in a 2,252‑square‑foot duplex
- Extensive remodeling has been completed
- Reported 6.57% capitalization rate
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,949
Cap Rate
4.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$378,980
$379.0K
Cap Rate 7%
$270,700
$270.7K
Cap Rate 9%
$210,544
$210.5K
Market Conditions
NOI Build-Up for 2,252 SF
Gross rent
$28.6K $12.72/SF
− Vacancy
−$1.6K −$0.70/SF
EGI
$27.1K $12.02/SF
− OpEx
−$8.1K −$3.61/SF
NOI
$18.9K $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 Rate 5%
$378,980
Cap Rate 7%
$270,700
Cap Rate 9%
$210,544
Alternative Uses
Best Use
Multifamily LT 5
$270.7K
$236.9K – $315.8K
NOI $18,949 @ 7.0% cap · market cap 4.03%
Second Best
Apartment 5plus
$218.9K
$191.6K – $255.4K
NOI $15,326 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$583.7K
$510.8K – $681.0K
NOI $40,860 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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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
Check the figures for this property
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 separate residences provide the option for distinct occupancy or rental use.
Where is this duplex located?
The property is located at 1429 Morton Ave Louisville, KY.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Two residential units in a 2,252‑square‑foot duplex; Extensive remodeling has been completed; Reported 6.57% capitalization rate
