Two-Unit Duplex with Original
New
For Sale
$235,000
724 E Coke, Louisville, KY 40203
Multi Family, Louisville, KY
Property Size1,858 SF
Lot Size0.09 Acres
Price / SF$126.48
Days on Market2
Property Features for 724 E Coke
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bedroom 3, Bedroom 2, Bedroom 4, Bathroom 1
Patio and Porch features
Porch
Lot features
Sidewalk
Directions
Left off broadway to clay left to coke
Subdivision
00-Central Downtown District/Old Louisville
Standard status
Active
APN
022B01900000
Size
1,858 SF
Lot size
0.09 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Number of units
2
Building materials
Vinyl Siding, Wood Frame
Roof type
Shingle, Asphalt
Architectural style
Shotgun
Listing Agency:
Homepage Realty
(502) 690-6685
Listed By:
Devon Goetz
(502) 386-1239
Added: Sep 1
Last Checked: Sep 2 at 4:06AM
MLS# 1727858
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex contains a pair of two-bedroom, one-bath residences within a 1,858-square-foot building. Recent improvements include fresh paint and new flooring, while high ceilings provide an open interior profile. Exposed original brick adds a distinctive architectural element to one living area, and the shotgun-style layout is complemented by a front porch.
The property occupies 0.09 acres at 724 E Coke in Louisville’s 40203 ZIP code. A paved alley runs behind the building, providing rear access and additional parking availability. The detached garage is currently used for storage. Public water and sewer serve the property, with natural-gas forced-air heat and central air conditioning. Built in 1900, the structure has vinyl siding, wood-frame construction, and an asphalt shingle roof.
The property occupies 0.09 acres at 724 E Coke in Louisville’s 40203 ZIP code. A paved alley runs behind the building, providing rear access and additional parking availability. The detached garage is currently used for storage. Public water and sewer serve the property, with natural-gas forced-air heat and central air conditioning. Built in 1900, the structure has vinyl siding, wood-frame construction, and an asphalt shingle roof.
Key Highlights
- Two residential units, each configured with 2 bedrooms and 1 bathroom
- 1,858‑square‑foot building on a 0.09‑acre lot
- Fresh interior paint and new flooring
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 - Updated duplex with separate two-bedroom residences, high ceilings, and rear alley access.
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 residential units, each configured with 2 bedrooms and 1 bathroom; 1,858‑square‑foot building on a 0.09‑acre lot; Fresh interior paint and new flooring
