Two-Unit Duplex with Covered
New
For Sale
$350,000
625 E Hill St, Louisville, KY 40217
Two occupied homes share one parcel, each with an eat-in kitchen, covered porch, and laundry hookups.
Property Size2,304 SF
Price / SF$151.91
Days on Market3
Property Features for 625 E Hill St
General Information
Standard status
Active
Size
2,304 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
covered porch
laundry hook-ups
Building Details
Year Built
2000
Buildings
2
Tenancy
Multi
Listing Agency:
Sell With Hale Realty & Auction
Listed By:
Mike Hall
(502) 509-5131
Source:
Mlsky
Added: Sep 20
Changed: Sep 21
Last Checked: Sep 21 at 6:50AM
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 Sell With Hale Realty & Auction
Investment Insights
Based on property information with market context.
This duplex comprises two separate homes on one parcel, totaling 2,304 SF. Each residence offers 3 bedrooms and 1.5 baths, with an eat-in kitchen, a first-floor half bath, laundry hookups, and a covered porch. The layouts provide distinct living spaces within a two-home configuration.
Both units are currently occupied. Showings require 48 hours’ notice. The property is in the Merriwether neighborhood with access to I-65 for travel around the city.
Both units are currently occupied. Showings require 48 hours’ notice. The property is in the Merriwether neighborhood with access to I-65 for travel around the city.
Key Highlights
- Two separate homes sold together as a duplex
- 2,304 SF total property size
- Each unit has 3 bedrooms and 1.5 baths
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
$19,387
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
5.54%
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%
$387,740
$387.7K
Cap Rate 7%
$276,957
$277.0K
Cap Rate 9%
$215,411
$215.4K
Market Conditions
NOI Build-Up for 2,304 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
$29.3K $12.72/SF
− Vacancy
−$1.6K −$0.70/SF
EGI
$27.7K $12.02/SF
− OpEx
−$8.3K −$3.61/SF
NOI
$19.4K $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%
$387,740
Cap Rate 7%
$276,957
Cap Rate 9%
$215,411
Alternative Uses
Best Use
Multifamily LT 5
$277.0K
$242.3K – $323.1K
NOI $19,387 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$224.0K
$196.0K – $261.3K
NOI $15,680 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$597.2K
$522.6K – $696.7K
NOI $41,804 @ 7.0% cap · market cap 11.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
960
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 occupied homes share one parcel, each with an eat-in kitchen, covered porch, and laundry hookups.
Where is this duplex located?
The property is located at 625 E Hill St Louisville, KY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two separate homes sold together as a duplex; 2,304 SF total property size; Each unit has 3 bedrooms and 1.5 baths
