Historic Mixed-Use
For Sale
$475,000
231 N 19th St, Louisville, KY 40203
1890 building combines office space, three apartments, a detached garage, and two adjacent vacant lots.
Property Size4,122 SF
Lot Size0.30 Acres
Price / SF$115.24
Days on Market40
Property Features for 231 N 19th St
General Information
Standard status
Active
Size
4,122 SF
Lot size
0.30 Acres
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Fenced Yard
Yes
Additional Details
Land Use
mixed-use, commercial, residential
Office Units
1
Amenities
garage
Building Details
Year Built
1890
Tenancy
Multi
Listing Agency:
RE Solutions LLC
(502) 645-1212
Listed By:
Darcy Nobile
Source:
Familyrealty
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 12:03PM
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 Solutions LLC
Investment Insights
Based on property information with market context.
Built in 1890, this mixed-use property combines a main-level office area with three residential apartments and a detached garage. The office floor includes an entry area, work space, sitting room, small kitchen, and half bath, along with access to a private, fully fenced gravel yard. The basement provides a large living area, a separate room, furnace room, and storage space. Residential accommodations include an apartment above the garage, a one-bedroom apartment on the second floor, and a three-bedroom apartment on the third floor.
The sale also includes two adjacent vacant lots at 227 and 229 N 19th, creating an approximately 0.3-acre footprint. The property occupies the corner of 19th and Duncan and is located across from a park. Its combination of office, residential, garage, and land components creates a single mixed-use asset with varied physical improvements.
The sale also includes two adjacent vacant lots at 227 and 229 N 19th, creating an approximately 0.3-acre footprint. The property occupies the corner of 19th and Duncan and is located across from a park. Its combination of office, residential, garage, and land components creates a single mixed-use asset with varied physical improvements.
Key Highlights
- 1890 mixed‑use building with office space and 3 residential apartments
- Sale includes adjacent vacant lots at 227 and 229 N 19th
- Approximately 0.3 acres across the combined property footprint
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
$34,684
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
7.30%
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%
$693,680
$693.7K
Cap Rate 7%
$495,486
$495.5K
Cap Rate 9%
$385,378
$385.4K
Market Conditions
NOI Build-Up for 4,122 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
$52.4K $12.72/SF
− Vacancy
−$2.9K −$0.70/SF
EGI
$49.5K $12.02/SF
− OpEx
−$14.9K −$3.61/SF
NOI
$34.7K $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%
$693,680
Cap Rate 7%
$495,486
Cap Rate 9%
$385,378
Alternative Uses
Best Use
Office B
$760.5K
$665.5K – $887.3K
NOI $53,236 @ 7.0% cap · market cap 11.21%
Second Best
Mixed Use
$699.6K
$612.1K – $816.2K
NOI $48,969 @ 7.0% cap · market cap 10.31%
Theoretical Best
Office A
$1.07M
$934.9K – $1.25M
NOI $74,790 @ 7.0% cap · market cap 15.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
731
Businesses Nearby
Explore this area
Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
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?
Mixed-use property - 1890 building combines office space, three apartments, a detached garage, and two adjacent vacant lots.
Where is this mixed-use property located?
The property is located at 231 N 19th St Louisville, KY.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1890 mixed‑use building with office space and 3 residential apartments; Sale includes adjacent vacant lots at 227 and 229 N 19th; Approximately 0.3 acres across the combined property footprint
