Duplex with Hardwood
For Sale
$400,000
1521 Morton Ave, Louisville, KY 40204
Fresh paint and a park across the street add practical appeal to this Louisville property.
Property Size1,978 SF
Price / SF$202.22
Days on Market11
Property Features for 1521 Morton Ave
General Information
Standard status
Active
Size
1,978 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Building Details
Buildings
1
Listing Agency:
Lenihan Sotheby's Int'l Realty
(502) 899-2129
Listed By:
Renee McCartan
(502) 548-6501
Source:
Exprealty
Added: Sep 17
Changed: Sep 24
Last Checked: Sep 26 at 1:21PM
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 Lenihan Sotheby's Int'l Realty
Investment Insights
Based on property information with market context.
This two-unit residential property at 1521 Morton Ave has hardwood floors and fresh paint. Its duplex layout offers two separate units.
A park is located across the street, with shops and restaurants along Baxter Avenue nearby. The property is in Louisville, Kentucky.
A park is located across the street, with shops and restaurants along Baxter Avenue nearby. The property is in Louisville, Kentucky.
Key Highlights
- Two‑unit duplex at 1521 Morton Ave
- Hardwood floors
- Fresh paint
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
$16,643
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
4.16%
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%
$332,860
$332.9K
Cap Rate 7%
$237,757
$237.8K
Cap Rate 9%
$184,922
$184.9K
Market Conditions
NOI Build-Up for 1,978 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
$25.2K $12.72/SF
− Vacancy
−$1.4K −$0.70/SF
EGI
$23.8K $12.02/SF
− OpEx
−$7.1K −$3.61/SF
NOI
$16.6K $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%
$332,860
Cap Rate 7%
$237,757
Cap Rate 9%
$184,922
Alternative Uses
Best Use
Multifamily LT 5
$237.8K
$208.0K – $277.4K
NOI $16,643 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$192.3K
$168.3K – $224.4K
NOI $13,461 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$512.7K
$448.6K – $598.2K
NOI $35,889 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,514
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 - Fresh paint and a park across the street add practical appeal to this Louisville property.
Where is this duplex located?
The property is located at 1521 Morton Ave Louisville, KY.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two‑unit duplex at 1521 Morton Ave; Hardwood floors; Fresh paint
