Duplex with Balcony and Two
For Sale
$400,000
253 Thompson Ave, Louisville, KY 40206
MULTI_FAMILY - Louisville, KY
Property Size1,928 SF
Price / SF$207.47
Days on Market94
Property Features for 253 Thompson Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 1, Basement, Bedroom 2, Dining Room, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 3
Patio and Porch features
Deck, Patio, Porch
Exterior features
Balcony
Lot features
Easement, Sidewalk
Directions
Heading west on Mellwood Ave, right past Mellwood Art Center, turn right. Property on the left
Subdivision
03-Clifton/Crescent Hill/St Matthews
Standard status
Active
APN
05088A01750000
Size
1,928 SF
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Natural Gas
Cooling system
Central Air, Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1900
Number of units
2
Building materials
Wood Frame, Aluminum Siding
Roof type
Shingle
Listing Agency:
Caperton Realty
(502) 386-3017
Listed By:
Bryce Cariel · License #267734
(502) 836-3035
Added: May 5
Changed: Aug 2
Last Checked: Aug 6 at 11:06AM
MLS# 1716354
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.
Investment Insights
Based on property information with market context.
This fully renovated duplex at 253 Thompson Ave in Louisville features two separate income-producing units. The first floor has a spacious 3-bedroom, 2 full bathroom layout with updated finishes. The second floor offers a separate 1-bedroom, 1-bath unit, providing flexibility for multi-unit hosting.
The property is presented as turnkey, with furniture, linens, appliances, cookware, and essentials included to remain. Exterior features include a balcony, along with a deck, patio, and porch.
Built in 1900, the duplex is constructed with wood frame and aluminum siding and has a shingle roof. Heating includes both electric and natural gas, and cooling is provided via central air plus wall/window and window unit(s). Public water and public sewer service are in place. The property totals 1,928 SF.
The property is presented as turnkey, with furniture, linens, appliances, cookware, and essentials included to remain. Exterior features include a balcony, along with a deck, patio, and porch.
Built in 1900, the duplex is constructed with wood frame and aluminum siding and has a shingle roof. Heating includes both electric and natural gas, and cooling is provided via central air plus wall/window and window unit(s). Public water and public sewer service are in place. The property totals 1,928 SF.
Key Highlights
- 3‑bedroom, 2 full bath first‑floor layout plus a separate 1‑bedroom, 1‑bath second‑floor unit
- Turnkey package includes furniture, linens, appliances, cookware, and essentials to remain
- 1,928 SF duplex with a balcony, deck, patio, and porch
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
$16,223
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
4.06%
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%
$324,460
$324.5K
Cap Rate 7%
$231,757
$231.8K
Cap Rate 9%
$180,256
$180.3K
Market Conditions
NOI Build-Up for 1,928 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
$24.5K $12.72/SF
− Vacancy
−$1.3K −$0.70/SF
EGI
$23.2K $12.02/SF
− OpEx
−$7.0K −$3.61/SF
NOI
$16.2K $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%
$324,460
Cap Rate 7%
$231,757
Cap Rate 9%
$180,256
Alternative Uses
Best Use
Multifamily LT 5
$231.8K
$202.8K – $270.4K
NOI $16,223 @ 7.0% cap · market cap 4.06%
Second Best
Apartment 5plus
$187.4K
$164.0K – $218.7K
NOI $13,121 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$499.7K
$437.3K – $583.0K
NOI $34,982 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
840
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 - Fully renovated duplex with a 3-bed/2-bath first floor and separate 1-bed/1-bath second unit.
Where is this duplex located?
The property is located at 253 Thompson Ave Louisville, KY.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 3‑bedroom, 2 full bath first‑floor layout plus a separate 1‑bedroom, 1‑bath second‑floor unit; Turnkey package includes furniture, linens, appliances, cookware, and essentials to remain; 1,928 SF duplex with a balcony, deck, patio, and porch
