Updated Duplex
For Sale
$299,000
164 N Bellaire Ave, Louisville, KY 40206
Two residences have undergone recent improvements and are occupied by tenants.
Property Size1,630 SF
Price / SF$183.44
Days on Market23
Property Features for 164 N Bellaire Ave
General Information
Standard status
Active
Size
1,630 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$23,040
Multifamily Units
2
Building Details
Year Built
1915
Buildings
1
Tenancy
Multi
Listing Agency:
Cowley Realty
(502) 432-6000
Listed By:
Tom Cowley
Source:
Familyrealty
Added: Aug 7
Changed: Aug 29
Last Checked: Aug 25 at 4:32AM
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 Cowley Realty
Investment Insights
Based on property information with market context.
This two-unit residential property was built in 1915 and has received recent improvements in both residences. Each unit is currently occupied, providing an established tenant profile for the property.
The duplex is located at 164 N Bellaire Ave in Louisville, Kentucky, within the 40206 ZIP code. The property is offered for sale as a duplex asset.
The duplex is located at 164 N Bellaire Ave in Louisville, Kentucky, within the 40206 ZIP code. The property is offered for sale as a duplex asset.
Key Highlights
- Recent improvements completed in both units
- Both units are currently occupied
- Built in 1915
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
$13,715
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
4.59%
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%
$274,300
$274.3K
Cap Rate 7%
$195,929
$195.9K
Cap Rate 9%
$152,389
$152.4K
Market Conditions
NOI Build-Up for 1,630 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
$20.7K $12.72/SF
− Vacancy
−$1.1K −$0.70/SF
EGI
$19.6K $12.02/SF
− OpEx
−$5.9K −$3.61/SF
NOI
$13.7K $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%
$274,300
Cap Rate 7%
$195,929
Cap Rate 9%
$152,389
Alternative Uses
Best Use
Multifamily LT 5
$195.9K
$171.4K – $228.6K
NOI $13,715 @ 7.0% cap · market cap 4.59%
Second Best
Apartment 5plus
$158.5K
$138.7K – $184.9K
NOI $11,093 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$422.5K
$369.7K – $492.9K
NOI $29,575 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
983
Businesses Nearby
Explore this area
Business Placement
Demographics for 40206, KY
20,196
Population
11,637
Households
1.7
Avg Household Size
38
Median Age
55%
College-Educated
95%
High-School Grad
5.8 sq mi
ZIP Area
3,482
Density / Sq Mi
$72,543
Median Household Income
$48,506
Median Earnings
$1,142
Median Rent
$276,100
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 residences have undergone recent improvements and are occupied by tenants.
Where is this duplex located?
The property is located at 164 N Bellaire Ave Louisville, KY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Recent improvements completed in both units; Both units are currently occupied; Built in 1915
