Updated Duplex with
For Sale
$239,900
628 W Ormsby Ave, Louisville, KY 40203
Separate layouts include a first-floor one-bedroom unit and a larger residence spanning the first and second floors.
Property Size1,848 SF
Price / SF$129.82
Days on Market84
Property Features for 628 W Ormsby Ave
General Information
Standard status
Active
Size
1,848 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
laundry
fenced courtyard
Building Details
Year Built
1910
Buildings
1
Tenancy
Multi
Listing Agency:
Weichert Realtors-H. Barry Smith Co
Listed By:
Kyle Elmore · License #262211
(502) 389-9920
Source:
Whitepicketky
Added: Jul 23
Changed: Oct 13
Last Checked: Oct 12 at 7:35PM
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-H. Barry Smith Co
Investment Insights
Based on property information with market context.
Built in 1910, this 1,848-square-foot duplex includes two distinct residential layouts. The first-floor Unit #1 has one bedroom, one bathroom, and laundry hookups in the kitchen. Unit #2 begins at the first floor with a living room and continues upstairs to two bedrooms, an eat-in kitchen, laundry and storage space, and a full bathroom with a claw-foot tub and separate shower.
Property improvements completed in 2022 include Hardy board exterior replacement, updated rear stairs and storage, and a new roof. Furnaces and water heaters have also been updated. A privacy-fenced courtyard and three off-street parking spaces add to the property’s utility. The duplex is located at 628 W Ormsby Ave in Louisville, backing up to Floral Terrace off South Sixth St. Unit #1 is month-to-month, while Unit #2 has a lease expiring 7/31/2026.
Property improvements completed in 2022 include Hardy board exterior replacement, updated rear stairs and storage, and a new roof. Furnaces and water heaters have also been updated. A privacy-fenced courtyard and three off-street parking spaces add to the property’s utility. The duplex is located at 628 W Ormsby Ave in Louisville, backing up to Floral Terrace off South Sixth St. Unit #1 is month-to-month, while Unit #2 has a lease expiring 7/31/2026.
Key Highlights
- 1,848‑square‑foot duplex built in 1910
- Unit #1 offers one bedroom, one bathroom, and first‑floor laundry hookups
- Unit #2 spans two floors with two bedrooms, eat‑in kitchen, and full bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,550
Cap Rate
6.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$311,000
$311.0K
Cap Rate 7%
$222,143
$222.1K
Cap Rate 9%
$172,778
$172.8K
Market Conditions
NOI Build-Up for 1,848 SF
Gross rent
$23.5K $12.72/SF
− Vacancy
−$1.3K −$0.70/SF
EGI
$22.2K $12.02/SF
− OpEx
−$6.7K −$3.61/SF
NOI
$15.5K $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 Rate 5%
$311,000
Cap Rate 7%
$222,143
Cap Rate 9%
$172,778
Alternative Uses
Best Use
Multifamily LT 5
$222.1K
$194.4K – $259.2K
NOI $15,550 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$179.7K
$157.2K – $209.6K
NOI $12,577 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$479.0K
$419.1K – $558.8K
NOI $33,530 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
923
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate layouts include a first-floor one-bedroom unit and a larger residence spanning the first and second floors.
Where is this duplex located?
The property is located at 628 W Ormsby Ave Louisville, KY.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: 1,848‑square‑foot duplex built in 1910; Unit #1 offers one bedroom, one bathroom, and first‑floor laundry hookups; Unit #2 spans two floors with two bedrooms, eat‑in kitchen, and full bath
