Renovated Brick
For Sale
$575,000
405 Macon Ave, Louisville, KY 40207
Two residences feature updated kitchens and baths, hardwood floors, semi-private decks, and separate utilities.
Property Size3,528 SF
Price / SF$162.98
Days on Market31
Property Features for 405 Macon Ave
General Information
Standard status
Active
Size
3,528 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
hardwood flooring
fireplace
updated kitchen and bath
in unit laundry
partially finished basement
semi-private deck
garage parking
Building Details
Year Built
1942
Buildings
1
Construction
brick
Listing Agency:
Semonin Realtors
(502) 214-0353
Listed By:
Nathan G Bellows
Source:
Familyrealty
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 29 at 11:42AM
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 Semonin Realtors
Investment Insights
Based on property information with market context.
This 1942 brick duplex at 405 Macon Ave includes two residences totaling 3,528 square feet. The first unit has 2 bedrooms and 1 full bath, along with hardwood floors, a fireplace, an updated kitchen and bathroom, in-unit laundry, a partially finished basement, a semi-private deck, and garage parking. The second unit provides 3 bedrooms and 2 full baths, including a first-floor bedroom and laundry, plus updated kitchens and baths, hardwood flooring, a fireplace, a partially finished basement, a semi-private deck, and garage parking.
Separate utilities support distinct operation between the units. The property is in St. Matthews with access to restaurants, shopping, parks, hospitals, and downtown Louisville.
Separate utilities support distinct operation between the units. The property is in St. Matthews with access to restaurants, shopping, parks, hospitals, and downtown Louisville.
Key Highlights
- Two‑unit duplex totaling 3,528 square feet
- Unit mix includes 2 bedrooms/1 full bath and 3 bedrooms/2 full baths
- Updated kitchens and baths with hardwood flooring in both residences
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
$29,686
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
5.16%
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%
$593,720
$593.7K
Cap Rate 7%
$424,086
$424.1K
Cap Rate 9%
$329,844
$329.8K
Market Conditions
NOI Build-Up for 3,528 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
$44.9K $12.72/SF
− Vacancy
−$2.5K −$0.70/SF
EGI
$42.4K $12.02/SF
− OpEx
−$12.7K −$3.61/SF
NOI
$29.7K $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%
$593,720
Cap Rate 7%
$424,086
Cap Rate 9%
$329,844
Alternative Uses
Best Use
Multifamily LT 5
$424.1K
$371.1K – $494.8K
NOI $29,686 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$343.0K
$300.1K – $400.2K
NOI $24,010 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$914.5K
$800.2K – $1.07M
NOI $64,012 @ 7.0% cap · market cap 11.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,389
Businesses Nearby
Explore this area
Business Placement
Demographics for 40207, KY
30,104
Population
14,507
Households
2.1
Avg Household Size
43
Median Age
68%
College-Educated
98%
High-School Grad
11.7 sq mi
ZIP Area
2,573
Density / Sq Mi
$98,583
Median Household Income
$59,242
Median Earnings
$1,248
Median Rent
$401,500
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 - Two residences feature updated kitchens and baths, hardwood floors, semi-private decks, and separate utilities.
Where is this duplex located?
The property is located at 405 Macon Ave Louisville, KY.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 3,528 square feet; Unit mix includes 2 bedrooms/1 full bath and 3 bedrooms/2 full baths; Updated kitchens and baths with hardwood flooring in both residences
