Fully Rented Duplex
For Sale
$185,000
421 M St, Louisville, KY 40208
Two income units are fully rented, including a 3-bedroom/2-bath unit and a 1-bedroom/1-bath unit with a backyard.
Days on Market197
Property Features for 421 M St
General Information
Standard status
Active
Property subtype
Multi Family Home
Occupancy
100%
Additional Details
Gross Income
$22,500
Building Details
Building Size
1,914 SF
Year Built
1915
Tenancy
Multi
Abandoned
No
Listing Agency:
Keller Williams Collective
(502) 554-9500
Listed By:
Team Panella
Source:
Demareeandhubbard
Added: Jan 15
Changed: Jul 29
Last Checked: Jul 30 at 12:51PM
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 Keller Williams Collective
Investment Insights
Based on property information with market context.
This fully rented duplex offers two separate apartments with established income. Unit 1 is a 3-bedroom, 2-bath layout with a generous living room, full kitchen, bathroom, and a laundry area on the first floor, plus three bedrooms and a bathroom upstairs. Unit 2 is a 1-bedroom, 1-bath apartment featuring a living room and eat-in kitchen, with a back porch that opens to a large backyard.
The property is located just north of Churchill Downs, with proximity to a well-known Louisville attraction.
Both units are currently leased through the listed terms, supporting long-term tenancy. The duplex is presented as a historic residential income property for buyers seeking rental performance.
The property is located just north of Churchill Downs, with proximity to a well-known Louisville attraction.
Both units are currently leased through the listed terms, supporting long-term tenancy. The duplex is presented as a historic residential income property for buyers seeking rental performance.
Key Highlights
- Fully rented duplex built in 1915 with 2 income units
- Unit 1: 3 bed, 2 bath duplex layout with living room, full kitchen, and laundry area on first floor; 3 bedrooms and a bath upstairs
- Unit 1 rent is $1,150/month through October
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $24.3k | $12.72 |
| − Vacancy | −$1.3k | −$0.70 |
| EGI | $23.0k | $12.02 |
| − OpEx | −$6.9k | −$3.61 |
| NOI | $16.1k | $8.41 |
1,914 SF · lease $12.72/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$230.1K
$201.3K – $268.4K
NOI $16,105 @ 7.0% cap · market cap 8.71%
Second Best
Apartment 5plus
$186.1K
$162.8K – $217.1K
NOI $13,026 @ 7.0% cap · market cap 7.04%
Theoretical Best
Office A
$496.1K
$434.1K – $578.8K
NOI $34,728 @ 7.0% cap · market cap 18.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
797
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two income units are fully rented, including a 3-bedroom/2-bath unit and a 1-bedroom/1-bath unit with a backyard.
Where is this duplex located?
The property is located at 421 M St Louisville, KY.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Fully rented duplex built in 1915 with 2 income units; Unit 1: 3 bed, 2 bath duplex layout with living room, full kitchen, and laundry area on first floor; 3 bedrooms and a bath upstairs; Unit 1 rent is $1,150/month through October
