Updated Two-Story
For Sale
$295,000
2815 S 6th St, Louisville, KY 40208
Separate utility metering supports distinct operations for both residential units.
Property Size1,863 SF
Days on Market399
Property Features for 2815 S 6th St
General Information
Standard status
Active
Size
1,863 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Building Size
1,863 SF
Year Built
2002
Buildings
1
Stories
2
Units
2
Listing Agency:
Move With Me Realty
(502) 794-5959
Listed By:
Melinda S Spencer · License #218522
(502) 794-5959
Source:
Demareeandhubbard
Added: Jul 10, 2025
Changed: Aug 5
Last Checked: Aug 12 at 12:53PM
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 Move With Me Realty
Investment Insights
Based on property information with market context.
Built in 2002, this two-level duplex has been updated and is configured with two separate residences. Each unit includes three bedrooms and one full bathroom, while individual utility meters provide separate metering for the units.
The lower residence is leased through July 2026. The upper residence includes its appliances along with a washer and dryer, allowing it to be occupied or leased without additional equipment needs. The property is located at 2815 S 6th St in Louisville, Kentucky.
The lower residence is leased through July 2026. The upper residence includes its appliances along with a washer and dryer, allowing it to be occupied or leased without additional equipment needs. The property is located at 2815 S 6th St in Louisville, Kentucky.
Key Highlights
- Two‑story duplex built in 2002
- Each unit offers 3 bedrooms and 1 full bathroom
- Separate utility meters for each unit
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
$15,676
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
5.31%
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%
$313,520
$313.5K
Cap Rate 7%
$223,943
$223.9K
Cap Rate 9%
$174,178
$174.2K
Market Conditions
NOI Build-Up for 1,863 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
$23.7K $12.72/SF
− Vacancy
−$1.3K −$0.70/SF
EGI
$22.4K $12.02/SF
− OpEx
−$6.7K −$3.61/SF
NOI
$15.7K $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%
$313,520
Cap Rate 7%
$223,943
Cap Rate 9%
$174,178
Alternative Uses
Best Use
Multifamily LT 5
$223.9K
$196.0K – $261.3K
NOI $15,676 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$181.1K
$158.5K – $211.3K
NOI $12,679 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$482.9K
$422.5K – $563.4K
NOI $33,802 @ 7.0% cap · market cap 11.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
760
Businesses Nearby
Explore this area
Business Placement
Demographics for 40208, KY
17,048
Population
6,675
Households
2.6
Avg Household Size
27
Median Age
34%
College-Educated
88%
High-School Grad
2.6 sq mi
ZIP Area
6,557
Density / Sq Mi
$37,714
Median Household Income
$17,255
Median Earnings
$914
Median Rent
$153,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Separate utility metering supports distinct operations for both residential units.
Where is this duplex located?
The property is located at 2815 S 6th St Louisville, KY.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two‑story duplex built in 2002; Each unit offers 3 bedrooms and 1 full bathroom; Separate utility meters for each unit
