Updated Duplex with New
For Sale
$200,000
938 Samuel St, Louisville, KY 40204
Fully leased property with two refreshed units near Germantown restaurants, shopping, and parks.
Property Size1,020 SF
Price / SF$196.08
Days on Market40
Property Features for 938 Samuel St
General Information
Standard status
Active
Size
1,020 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$21,384
Building Details
Year Built
1890
Listing Agency:
United Real Estate Louisville
(812) 686-3268
Listed By:
Key Associates Signature Realty · License #244623
(812) 686-3268
Source:
Keyassociates
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 26 at 12:44PM
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 duplex contains two updated one-bedroom, one-bathroom residences within 1,020 square feet. Both units feature contemporary finishes and interior improvements, while a new roof adds a recent major building upgrade. The property is fully leased, providing an established rental configuration for ownership or portfolio expansion.
Built in 1900, the property is located at 938 Samuel St in Louisville’s Germantown neighborhood. Restaurants, shopping, and parks are nearby, placing residents close to the neighborhood’s established amenities.
Built in 1900, the property is located at 938 Samuel St in Louisville’s Germantown neighborhood. Restaurants, shopping, and parks are nearby, placing residents close to the neighborhood’s established amenities.
Key Highlights
- Two updated 1‑bedroom, 1‑bathroom units
- 1020 SF duplex built in 1900
- New roof and contemporary interior finishes
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
$8,583
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
4.29%
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%
$171,660
$171.7K
Cap Rate 7%
$122,614
$122.6K
Cap Rate 9%
$95,367
$95.4K
Market Conditions
NOI Build-Up for 1,020 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
$13.0K $12.72/SF
− Vacancy
−$714 −$0.70/SF
EGI
$12.3K $12.02/SF
− OpEx
−$3.7K −$3.61/SF
NOI
$8.6K $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%
$171,660
Cap Rate 7%
$122,614
Cap Rate 9%
$95,367
Alternative Uses
Best Use
Multifamily LT 5
$122.6K
$107.3K – $143.1K
NOI $8,583 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$99.2K
$86.8K – $115.7K
NOI $6,942 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$264.4K
$231.3K – $308.5K
NOI $18,507 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
969
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
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 - Fully leased property with two refreshed units near Germantown restaurants, shopping, and parks.
Where is this duplex located?
The property is located at 938 Samuel St Louisville, KY.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Two updated 1‑bedroom, 1‑bathroom units; 1020 SF duplex built in 1900; New roof and contemporary interior finishes
