Two-Unit Duplex with Original
New
For Sale
$235,000
724 E Coke, Louisville, KY 40203
Fresh paint, new flooring, and high ceilings add practical appeal to the two-unit layout.
Property Size1,858 SF
Price / SF$126.48
Days on Market2
Property Features for 724 E Coke
General Information
Standard status
Active
Size
1,858 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Construction
shotgun
Listing Agency:
United Real Estate Louisville
Listed By:
Kyle Elmore
(502) 389-9920
Source:
Whitepicketky
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 2 at 3:55PM
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 United Real Estate Louisville
Investment Insights
Based on property information with market context.
This 1,858-square-foot duplex, built in 1900, contains two units with matching two-bedroom, one-bath layouts. Fresh paint and new flooring provide refreshed interiors, while the shotgun-style configuration, high ceilings, and exposed original brick contribute distinctive architectural character to the living areas.
Located at 724 E Coke in Louisville, the property includes a paved rear alley, a garage currently used for storage, and additional parking accessible from the alley. The arrangement offers separate residential spaces within a compact multifamily property and includes features suited to both occupancy and continued rental use.
Located at 724 E Coke in Louisville, the property includes a paved rear alley, a garage currently used for storage, and additional parking accessible from the alley. The arrangement offers separate residential spaces within a compact multifamily property and includes features suited to both occupancy and continued rental use.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 1,858 SF duplex built in 1900
- Fresh paint and new flooring throughout
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
$15,634
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
6.65%
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%
$312,680
$312.7K
Cap Rate 7%
$223,343
$223.3K
Cap Rate 9%
$173,711
$173.7K
Market Conditions
NOI Build-Up for 1,858 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
$23.6K $12.72/SF
− Vacancy
−$1.3K −$0.70/SF
EGI
$22.3K $12.02/SF
− OpEx
−$6.7K −$3.61/SF
NOI
$15.6K $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%
$312,680
Cap Rate 7%
$223,343
Cap Rate 9%
$173,711
Alternative Uses
Best Use
Multifamily LT 5
$223.3K
$195.4K – $260.6K
NOI $15,634 @ 7.0% cap · market cap 6.65%
Second Best
Apartment 5plus
$180.6K
$158.1K – $210.8K
NOI $12,645 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$481.6K
$421.4K – $561.9K
NOI $33,712 @ 7.0% cap · market cap 14.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,428
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 - Fresh paint, new flooring, and high ceilings add practical appeal to the two-unit layout.
Where is this duplex located?
The property is located at 724 E Coke Louisville, KY.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; 1,858 SF duplex built in 1900; Fresh paint and new flooring throughout
