New Construction Duplex with Dual
For Sale
$515,000
601 E Hill St #A & B, Louisville, KY 40217
Under construction duplex where each side has three bedrooms and two full bathrooms, with separately metered units and off-street parking.
Property Size3,000 SF
Days on Market92
Property Features for 601 E Hill St #A & B
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Multi Family Home
Building Details
Building Size
3,000 SF
Year Built
2026
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Weichert Realtors - ABG
(502) 552-2492
Listed By:
Grant F Simmons
(502) 552-2492
Source:
Demareeandhubbard
Added: May 13
Changed: Aug 8
Last Checked: Aug 12 at 12:54PM
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 Weichert Realtors - ABG
Investment Insights
Based on property information with market context.
New construction duplex under development in Louisville’s Meriwether neighborhood, scheduled for completion in June 2026. The property will include two separate units, each featuring three bedrooms and two full bathrooms, with a primary suite and a private en-suite bath. Each unit is separately metered, supporting flexible use for owner-occupants or investors.
The second-floor unit includes both front and rear balconies for additional outdoor space. Parking is provided in the rear with spacious off-street spaces, plus additional on-street parking on E Hill Street and S Hancock Street.
Designed to meet today’s living needs, the layout provides private primary-suite comfort on each level, while the neighborhood location places the property just minutes from UofL, Shelby Park, and the Highlands, along with popular local destinations nearby.
The second-floor unit includes both front and rear balconies for additional outdoor space. Parking is provided in the rear with spacious off-street spaces, plus additional on-street parking on E Hill Street and S Hancock Street.
Designed to meet today’s living needs, the layout provides private primary-suite comfort on each level, while the neighborhood location places the property just minutes from UofL, Shelby Park, and the Highlands, along with popular local destinations nearby.
Key Highlights
- New construction duplex under construction in the Meriwether neighborhood, Year built 2026
- Scheduled completion in June 2026
- Each unit features 3 bedrooms and 2 full bathrooms with an en‑suite primary bath
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
$25,243
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
4.90%
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%
$504,860
$504.9K
Cap Rate 7%
$360,614
$360.6K
Cap Rate 9%
$280,478
$280.5K
Market Conditions
NOI Build-Up for 3,000 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
$38.2K $12.72/SF
− Vacancy
−$2.1K −$0.70/SF
EGI
$36.1K $12.02/SF
− OpEx
−$10.8K −$3.61/SF
NOI
$25.2K $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%
$504,860
Cap Rate 7%
$360,614
Cap Rate 9%
$280,478
Alternative Uses
Best Use
Multifamily LT 5
$360.6K
$315.5K – $420.7K
NOI $25,243 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$291.7K
$255.2K – $340.3K
NOI $20,417 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$777.6K
$680.4K – $907.2K
NOI $54,432 @ 7.0% cap · market cap 10.57%
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
616
Businesses Nearby
Explore this area
Business Placement
Demographics for 40217, KY
13,061
Population
6,840
Households
1.9
Avg Household Size
36
Median Age
48%
College-Educated
95%
High-School Grad
2.4 sq mi
ZIP Area
5,442
Density / Sq Mi
$68,573
Median Household Income
$48,298
Median Earnings
$1,150
Median Rent
$220,700
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 - Under construction duplex where each side has three bedrooms and two full bathrooms, with separately metered units and off-street parking.
Where is this duplex located?
The property is located at 601 E Hill St #A & B Louisville, KY.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: New construction duplex under construction in the Meriwether neighborhood, Year built 2026; Scheduled completion in June 2026; Each unit features 3 bedrooms and 2 full bathrooms with an en‑suite primary bath
