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    Louisville Duplex Near Churchill Downs

    421 M St Louisville, KY 40208

    Claim this Listing
    For Sale
    $185,000

    MULTI_FAMILY - Other - Louisville, KY

    Property size:
    1,914 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $96/SF
    Added:
    Jan 15, 2026
    Days on Market:
    178
    Last Refresh:
    Jul 12 at 7:06 am

    Property Features for 421 M St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 4
    Patio and Porch features
    Porch, Deck
    Standard status
    Active
    APN
    11050F01640000
    Size
    1,914 SF
    Lot size
    0.12 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating)
    Cooling system
    Window Unit(s), Central Air, Wall/Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1915
    Number of units
    2
    Building materials
    Vinyl Siding
    Roof type
    Shingle
    Architectural style
    Other

    Listing agent Team Panella

    Listing office Keller Williams Collective 240 Whittington Pkwy, Louisville, KY

    Listing date Jan 15, 2026

    MLS# 1707178 Listing URL

    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 rented duplex, located just north of Churchill Downs in Louisville, Kentucky, is available for purchase. Unit 1 is a 3-bedroom, 2-bath apartment featuring a generous living room, full kitchen, bathroom, and laundry area on the first floor, with three bedrooms and a bathroom upstairs. This unit is rented for $1150 per month through October. Unit 2 is a one-bedroom, one-bath apartment with a living room, eat-in kitchen, and a back porch that leads to the large backyard. This unit is rented for $725 per month through September. The property size is 1914 square feet and the lot size is 0.12 acres. This historic duplex offers money-making potential for an investor seeking long-term tenants.

    Key Highlights

    • Fully rented duplex built in 1915 featuring two separate units
    • Unit 1: 3 bed, 2 bath duplex with living room, full kitchen, bathroom, and laundry on the first floor
    • Unit 1 rent is $1,150/month through October; upstairs includes three bedrooms and a bathroom

    Local 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 (±1% cap)
    NOI $16,105 @ 7.0% cap · market cap 8.71%
    Second Best
    Apartment 5plus
    $186.1K
    $162.8K – $217.1K (±1% cap)
    NOI $13,026 @ 7.0% cap · market cap 7.04%
    Theoretical Best
    Office A
    $496.1K
    $434.1K – $578.8K (±1% cap)
    NOI $34,728 @ 7.0% cap · market cap 18.77%
    Zoning and permitted uses should be independently verified with local authorities.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Dental Office Hair Salon Spa & Massage Center Electrical Service Nail Salon Skin Care Clinic Auto Parts Store (Bike/Boat/Book/etc) Store

    Zoning and permitted uses should be independently verified with local authorities.

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    FAQs

    What type of property is this?
    Duplex - Fully rented duplex with income potential near Churchill Downs.
    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 featuring two separate units; Unit 1: 3 bed, 2 bath duplex with living room, full kitchen, bathroom, and laundry on the first floor; Unit 1 rent is $1,150/month through October; upstairs includes three bedrooms and a bathroom
    Contact an agent
    (502) 554-9500
    We can help!
    Contact an agent
    Team Panella
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