Occupied Duplex with In-Unit
For Sale
$195,000
603 Brookline Ave, Louisville, KY 40214
Two leased residences offer one-bedroom layouts, equipped kitchens, and private laundry facilities.
Property Size1,308 SF
Days on Market88
Property Features for 603 Brookline Ave
General Information
Standard status
Active
Size
1,308 SF
Total Parking Spaces
1
Property subtype
Multi Family Home
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$16,356
Public Transit
Yes
Amenities
in-unit laundry
Building Details
Building Size
1,308 SF
Year Built
1925
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
simpler.realestate
(502) 425-6000
Listed By:
Marilyn V Cleland
(502) 425-6000
Source:
Demareeandhubbard
Added: Jun 1
Changed: Aug 22
Last Checked: Aug 26 at 9:56AM
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 simpler.realestate
Investment Insights
Based on property information with market context.
Built in 1925, this duplex contains two independent residences, each arranged with one bedroom, one bathroom, a living room, and a kitchen with a range and refrigerator. Both units include in-unit laundry, with one equipped with a stackable washer and dryer and the other with full-size machines. One residence also includes a detached one-car garage.
Both units are occupied, providing an existing income stream from the property. The duplex is located in Louisville’s Iroquois neighborhood, with shopping within walking distance and nearby TARC service on the 4th Street and 6th Street-Taylor Boulevard lines. The major mechanical systems are reported to have no deferred maintenance.
Both units are occupied, providing an existing income stream from the property. The duplex is located in Louisville’s Iroquois neighborhood, with shopping within walking distance and nearby TARC service on the 4th Street and 6th Street-Taylor Boulevard lines. The major mechanical systems are reported to have no deferred maintenance.
Key Highlights
- Two occupied one‑bedroom, one‑bath units
- In‑unit laundry in both residences
- One unit includes a detached one‑car garage
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
$12,626
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
6.47%
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%
$252,520
$252.5K
Cap Rate 7%
$180,371
$180.4K
Cap Rate 9%
$140,289
$140.3K
Market Conditions
NOI Build-Up for 1,308 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
$19.6K $15.00/SF
− Vacancy
−$1.6K −$1.21/SF
EGI
$18.0K $13.79/SF
− OpEx
−$5.4K −$4.14/SF
NOI
$12.6K $9.65/SF
Area
ZIP 40214
Vacancy
8.07%
Lease Rate
$15.00 /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%
$252,520
Cap Rate 7%
$180,371
Cap Rate 9%
$140,289
Alternative Uses
Best Use
Multifamily LT 5
$180.4K
$157.8K – $210.4K
NOI $12,626 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$163.6K
$143.2K – $190.9K
NOI $11,454 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$313.4K
$274.2K – $365.7K
NOI $21,939 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
656
Businesses Nearby
Explore this area
Business Placement
Demographics for 40214, KY
46,220
Population
20,459
Households
2.3
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
15.0 sq mi
ZIP Area
3,081
Density / Sq Mi
$53,563
Median Household Income
$37,121
Median Earnings
$950
Median Rent
$176,700
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 leased residences offer one-bedroom layouts, equipped kitchens, and private laundry facilities.
Where is this duplex located?
The property is located at 603 Brookline Ave Louisville, KY.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Two occupied one‑bedroom, one‑bath units; In‑unit laundry in both residences; One unit includes a detached one‑car garage
