Side-by-Side Short-Term Rental
For Sale
$745,000
Pending
1829 Brownsboro Rd, Louisville, KY 40206
Two renovated residences with shared outdoor space and adjoining vacant land support rental, workspace, and redevelopment uses.
Property Size2,007 SF
Days on Market176
Property Features for 1829 Brownsboro Rd
General Information
Standard status
Pending
Size
2,007 SF
Total Parking Spaces
4
Property subtype
Investment
Zoning
C1
Amenities
fully fenced shared green area
Power
Water
Sewer
Natural Gas
4 Parking Spaces
Building Details
Year Built
1905
Year Renovated
2023
Buildings
2
Listing Agency:
The Agency Louisville
(502) 649-5181
Listed By:
Jason Farabee · License #276464
(502) 649-5181
Source:
Kcrea.resimplifi
Added: Mar 9
Changed: Aug 29
Last Checked: Aug 30 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 The Agency Louisville
Investment Insights
Based on property information with market context.
This offering includes two matching shotgun-style residences at 1829 and 1831 Brownsboro Road, along with adjoining vacant land at 1833 Brownsboro Road. Built in 1905 and renovated in 2023, the homes provide 1,033 square feet and 974 square feet, respectively, with updated kitchens and bathrooms, contemporary interiors, and efficient floor plans. Both residences are currently operated as short-term rentals.
Commercial zoning applies to the property, creating flexibility for continued rental operation, owner use, office space, or redevelopment. The additional land has been positioned for a potential townhome project of up to five units or a mixed residential/office concept. A fully fenced shared green area serves the residences, while the property is located near the dining, retail, and galleries along Frankfort Avenue and the Mellwood Arts Center.
Commercial zoning applies to the property, creating flexibility for continued rental operation, owner use, office space, or redevelopment. The additional land has been positioned for a potential townhome project of up to five units or a mixed residential/office concept. A fully fenced shared green area serves the residences, while the property is located near the dining, retail, and galleries along Frankfort Avenue and the Mellwood Arts Center.
Key Highlights
- Two matching shotgun‑style residences plus vacant land at 1833 Brownsboro Road
- 1,033 square feet at 1829 Brownsboro Road and 974 square feet at 1831 Brownsboro Road
- Built in 1905 and fully renovated in 2023
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
$25,920
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
3.48%
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%
$518,400
$518.4K
Cap Rate 7%
$370,286
$370.3K
Cap Rate 9%
$288,000
$288.0K
Market Conditions
NOI Build-Up for 2,007 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
$42.1K $21.00/SF
− Vacancy
−$7.6K −$3.78/SF
EGI
$34.6K $17.22/SF
− OpEx
−$8.6K −$4.31/SF
NOI
$25.9K $12.92/SF
Area
Louisville, KY
Vacancy
18.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$518,400
Cap Rate 7%
$370,286
Cap Rate 9%
$288,000
Alternative Uses
Best Use
Office B
$370.3K
$324.0K – $432.0K
NOI $25,920 @ 7.0% cap · market cap 3.48%
Second Best
Mixed Use
$340.6K
$298.0K – $397.4K
NOI $23,843 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$520.2K
$455.2K – $606.9K
NOI $36,415 @ 7.0% cap · market cap 4.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
900
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 Office in Louisville, KY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Two renovated residences with shared outdoor space and adjoining vacant land support rental, workspace, and redevelopment uses.
Where is this short term rental property located?
The property is located at 1829 Brownsboro Rd Louisville, KY.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: Two matching shotgun‑style residences plus vacant land at 1833 Brownsboro Road; 1,033 square feet at 1829 Brownsboro Road and 974 square feet at 1831 Brownsboro Road; Built in 1905 and fully renovated in 2023
