Turnkey Airbnb Investment
For Sale
Contact for pricing
611 Finzer Street, Louisville, KY 40203
Fully furnished short-term rental property with strong income potential.
Property Size1,387 SF
Price / SF$162.15
Days on Market112
Property Features for 611 Finzer Street
General Information
Standard status
Active
Size
1,387 SF
Class
B
Property subtype
Hospitality
Zoning
OR
Occupancy
60%
Investment Type
Stabilized
Building Details
Year Built
1900
Year Renovated
2022
Stories
2
Units
1
Listing Agency:
eXp Realty
Listed By:
Jonathan Klunk · License #KY251476
(888) 624-6448
Source:
Crexi
Added: May 15
Changed: Aug 22
Last Checked: Aug 30 at 11:19PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This property presents an Airbnb investment opportunity in Louisville. The property, located at 611 Finzer St, is zoned OR2 and grandfathered for short-term rental use. Configured as a 2-bedroom with a 3rd room currently used as a bedroom (non-conforming), it functions as a 3-bedroom opportunity. AirDNA projects approximately $47,300 per year in gross revenue at approximately 60% occupancy and a $215 ADR, producing an estimated NOI of approximately $27,030 and a 10.8% cap rate. The home is projected to average approximately 73 bookings per year with approximately 3-night stays. It is being sold fully furnished. Estimated operating expenses total approximately $20,270 per year, including taxes, insurance, utilities, landscaping, maintenance reserves, and cleaning. With an estimated DSCR of approximately 1.7 (based on 75% LTV, 7.5% rate, 30-year am), this is a financeable asset with cash flow potential. This 1,387 square foot property is suited for investors seeking an income-producing Airbnb, furnished rental, or hybrid personal-use property.
Key Highlights
- Turnkey Airbnb investment opportunity with strong projected returns and no CUP required.
- Grandfathered OR2 zoning allows legal short‑term rental operation without needing a Conditional Use Permit.
- Projected gross annual revenue of ~$47,300 with an estimated NOI of ~$27,030, and a 10.8% cap rate.
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
$9,439
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
4.20%
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%
$188,780
$188.8K
Cap Rate 7%
$134,843
$134.8K
Cap Rate 9%
$104,878
$104.9K
Market Conditions
NOI Build-Up for 1,387 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
$18.1K $13.08/SF
− Vacancy
−$980 −$0.71/SF
EGI
$17.2K $12.37/SF
− OpEx
−$7.7K −$5.57/SF
NOI
$9.4K $6.81/SF
Area
Louisville, KY
Vacancy
5.40%
Lease Rate
$13.08 /SF/Yr
Expense Ratio
45.00%
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%
$188,780
Cap Rate 7%
$134,843
Cap Rate 9%
$104,878
Alternative Uses
Best Use
Apartment 5plus
$134.8K
$118.0K – $157.3K
NOI $9,439 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$359.5K
$314.6K – $419.4K
NOI $25,166 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,606
Businesses Nearby
Explore this area
Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
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?
Short term rental property - Fully furnished short-term rental property with strong income potential.
Where is this short term rental property located?
The property is located at 611 Finzer Street Louisville, KY.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Turnkey Airbnb investment opportunity with strong projected returns and no CUP required.; Grandfathered OR2 zoning allows legal short‑term rental operation without needing a Conditional Use Permit.; Projected gross annual revenue of ~$47,300 with an estimated NOI of ~$27,030, and a 10.8% cap rate.
