Brick Duplex with
For Sale
$455,000
1661 Story Ave, Louisville, KY 40206
Two separately metered units include updated kitchens, renovated bathrooms, and off-street parking.
Property Size2,667 SF
Price / SF$170.60
Days on Market32
Property Features for 1661 Story Ave
General Information
Standard status
Active
Size
2,667 SF
Property subtype
Residential Income
Zoning
R-7
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Buildings
1
Construction
brick
Listing Agency:
RE/MAX Premier Properties
(502) 614-9899
Listed By:
Keren Benabou · License #72524
(502) 614-9899
Source:
Exprealty
Added: Jul 24
Changed: Aug 20
Last Checked: Aug 23 at 3:08AM
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 Premier Properties
Investment Insights
Based on property information with market context.
This all-brick duplex contains approximately 2,667 square feet across two separately metered apartments. The first-floor residence provides a flexible two- or three-bedroom layout with two full bathrooms, while the upper unit includes one bedroom and one bathroom. An additional outbuilding offers storage or workspace, and the oversized lot includes off-street parking.
Completed improvements include a roof installed in 2019, two HVAC systems replaced in 2018, two water heaters added in 2017, updated kitchens, and renovated bathrooms. The property is zoned R-7 and includes residual land. Its Butchertown location places it minutes from downtown, the Louisville Waterfront, NuLu, restaurants, breweries, and entertainment venues.
Completed improvements include a roof installed in 2019, two HVAC systems replaced in 2018, two water heaters added in 2017, updated kitchens, and renovated bathrooms. The property is zoned R-7 and includes residual land. Its Butchertown location places it minutes from downtown, the Louisville Waterfront, NuLu, restaurants, breweries, and entertainment venues.
Key Highlights
- Two‑unit all‑brick duplex with approximately 2,667 square feet
- First‑floor unit offers a flexible two- or three‑bedroom layout with 2 full baths
- Second‑floor apartment includes 1 bedroom and 1 bath
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
$22,441
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
4.93%
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%
$448,820
$448.8K
Cap Rate 7%
$320,586
$320.6K
Cap Rate 9%
$249,344
$249.3K
Market Conditions
NOI Build-Up for 2,667 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
$33.9K $12.72/SF
− Vacancy
−$1.9K −$0.70/SF
EGI
$32.1K $12.02/SF
− OpEx
−$9.6K −$3.61/SF
NOI
$22.4K $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%
$448,820
Cap Rate 7%
$320,586
Cap Rate 9%
$249,344
Alternative Uses
Best Use
Multifamily LT 5
$320.6K
$280.5K – $374.0K
NOI $22,441 @ 7.0% cap · market cap 4.93%
Second Best
Apartment 5plus
$259.3K
$226.9K – $302.5K
NOI $18,150 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$691.3K
$604.9K – $806.5K
NOI $48,390 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
891
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered units include updated kitchens, renovated bathrooms, and off-street parking.
Where is this duplex located?
The property is located at 1661 Story Ave Louisville, KY.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: Two‑unit all‑brick duplex with approximately 2,667 square feet; First‑floor unit offers a flexible two- or three‑bedroom layout with 2 full baths; Second‑floor apartment includes 1 bedroom and 1 bath
