Updated Two-Unit Shotgun
For Sale
$200,000
938 Samuel St, Louisville, KY 40204
MULTI_FAMILY - Shotgun - Louisville, KY
Property Size1,020 SF
Lot Size0.09 Acres
Price / SF$196.08
Days on Market9
Property Features for 938 Samuel St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 1
Subdivision
GERMANTOWN
Lot features
Sidewalk
Directions
Goss Ave to Boyle St to Samuel
Standard status
Active
APN
09025E00370000
Size
1,020 SF
Lot size
0.09 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1890
Number of units
2
Building materials
Vinyl Siding
Roof type
Shingle
Architectural style
Shotgun
Listing Agency:
EXP Realty LLC
(888) 624-6448
Listed By:
Ethan J Adams · License #244623
(502) 558-8193
Added: Aug 3
Last Checked: Aug 11 at 8:06PM
MLS# 1725213
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 1,020-square-foot duplex contains two one-bedroom, one-bathroom residences within a shotgun-style building constructed in 1890. Both units have been updated, and the property includes a newer roof and gutters. Vinyl siding, forced-air natural gas heat, and window or wall-mounted cooling systems serve the building.
The property occupies 0.09 acres at 938 Samuel St in Louisville’s Germantown area. Public water and public sewer are in place. Both residences are currently leased, providing an occupied two-unit configuration for a multifamily owner.
The property occupies 0.09 acres at 938 Samuel St in Louisville’s Germantown area. Public water and public sewer are in place. Both residences are currently leased, providing an occupied two-unit configuration for a multifamily owner.
Key Highlights
- Two one‑bedroom, one‑bathroom units in a duplex configuration
- 1,020 square feet on a 0.09‑acre lot
- Shotgun architectural style; built in 1890
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
100%
Occupancy
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased one-bedroom units feature refreshed interiors, separate baths, and updated exterior components.
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 one‑bedroom, one‑bathroom units in a duplex configuration; 1,020 square feet on a 0.09‑acre lot; Shotgun architectural style; built in 1890
