Brick Duplex with Off-Street
For Sale
$429,000
1661 Story Ave, Louisville, KY 40206
Multi Family, Louisville, KY
Property Size2,667 SF
Price / SF$160.85
Days on Market97
Property Features for 1661 Story Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 1
Directions
71 to Zorn Ave, right on Mellwood, right on Brownsboro rd, left on Story, Property on the right
Subdivision
03-Clifton/Crescent Hill/St Matthews
Standard status
Active
APN
020F00320000
Size
2,667 SF
Additional Details
Individually Metered Utilities
electricity, gas
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1875
Number of units
2
Building materials
Brick
Additional Structures
Outbuilding
Buildings
1
Listing Agency:
RE/MAX Premier Properties · RE/MAX International
(502) 384-5944
Listed By:
Keren Benabou
(502) 614-9899
Added: Jul 24
Changed: Oct 27
Last Checked: Oct 28 at 8:06AM
MLS# 1724381
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2,667-square-foot duplex is constructed of brick and includes two separately metered apartments. The first-floor residence offers a flexible two- or three-bedroom arrangement with two full bathrooms, while the upper unit provides one bedroom and one bathroom. An additional outbuilding expands the property’s storage or workspace capacity, and the oversized lot includes ample off-street parking.
Major improvements include a roof installed in 2019, two HVAC systems added in 2018, and two water heaters replaced in 2017. The kitchens have been updated and the bathrooms renovated. R-7 zoning and residual land are also part of the property, which is located near downtown Louisville, the Louisville Waterfront, NuLu, restaurants, breweries, and entertainment venues.
Major improvements include a roof installed in 2019, two HVAC systems added in 2018, and two water heaters replaced in 2017. The kitchens have been updated and the bathrooms renovated. R-7 zoning and residual land are also part of the property, which is located near downtown Louisville, the Louisville Waterfront, NuLu, restaurants, breweries, and entertainment venues.
Key Highlights
- 2,667‑square‑foot brick duplex with two apartment units
- First‑floor unit offers two or three bedrooms and two full bathrooms
- Second‑floor unit includes one bedroom and one bathroom
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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
891
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Separate LG&E metering serves both units, with storage or workspace in the additional outbuilding.
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: 2,667‑square‑foot brick duplex with two apartment units; First‑floor unit offers two or three bedrooms and two full bathrooms; Second‑floor unit includes one bedroom and one bathroom
