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 Market38
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:
Mayer Realtors
(502) 389-9920
Listed By:
Kyle Elmore · License #262211
(502) 389-9920
Source:
Whitepicketky
Added: Jul 23
Changed: Aug 29
Last Checked: Aug 29 at 1:27PM
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 Mayer Realtors
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 = 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
$15,550
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
6.48%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
923
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
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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
