Fully Furnished Short-Term Rental
For Sale
$400,000
253 Thompson Ave, Louisville, KY 40206
Fully renovated and furnished two-level short-term rental with a separate upstairs one-bedroom unit.
Property Size1,928 SF
Price / SF$207.47
Days on Market94
Property Features for 253 Thompson Ave
General Information
Standard status
Active
Size
1,928 SF
Property subtype
Residential Income
Building Details
Stories
2
Tenancy
Multi
Listing Agency:
Caperton Realty
(502) 836-3035
Listed By:
Bryce Cariel · License #267734
(502) 836-3035
Source:
Exprealty
Added: May 5
Changed: Jul 31
Last Checked: Jul 31 at 3:13AM
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 Caperton Realty
Investment Insights
Based on property information with market context.
This fully renovated short-term rental property is offered turnkey with furnishings and stocked essentials included, supporting an immediate start for short-term bookings. The layout is split across two levels, with a spacious first-floor configuration featuring three bedrooms and two full bathrooms. An additional, separate second-floor unit provides one bedroom and one bathroom, creating a flexible setup for multi-unit hosting.
With furnishings, linens, appliances, cookware, and essentials included, the property is positioned as plug-and-play for investors looking to add operational STR inventory.
The seller prefers to package this property with 255 Thompson, offering a way to acquire multiple income-producing STRs in a single transaction.
With furnishings, linens, appliances, cookware, and essentials included, the property is positioned as plug-and-play for investors looking to add operational STR inventory.
The seller prefers to package this property with 255 Thompson, offering a way to acquire multiple income-producing STRs in a single transaction.
Key Highlights
- 1,928 SF short‑term rental property
- Fully renovated and offered turnkey
- Furnished and stocked with essentials included
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
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?
Short term rental property - Fully renovated and furnished two-level short-term rental with a separate upstairs one-bedroom unit.
Where is this short term rental property 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: 1,928 SF short‑term rental property; Fully renovated and offered turnkey; Furnished and stocked with essentials included
