Brick Duplex with
For Sale
$429,000
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$160.85
Days on Market60
Property Features for 1661 Story Ave
General Information
Standard status
Active
Size
2,667 SF
Property subtype
Multi-Family
Zoning
R-7
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Year Built
1875
Buildings
1
Construction
brick
Listing Agency:
RE/MAX Premier Properties
Listed By:
Keren Benabou · License #72524
(502) 614-9899
Source:
Familyrealty
Added: Aug 12
Changed: Oct 9
Last Checked: Oct 7 at 5:08PM
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 / Yr
$22,441
Cap Rate
5.23%
Suggested Prices Based on Cap Rates
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
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 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 5.23%
Second Best
Apartment 5plus
$259.3K
$226.9K – $302.5K
NOI $18,150 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$691.3K
$604.9K – $806.5K
NOI $48,390 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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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 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 $429,000.
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
