1141 S Brook St, Louisville, KY 40203

Property Description

Discover a rare income-producing Victorian investment property in historic Old Louisville, offering both short-term and long-term rental income streams just minutes from the University of Louisville, the Kentucky Expo Center, downtown Louisville, and the Kentucky Bourbon Trail gateway. This walkable neighborhood is known for the largest collection of preserved Victorian homes in the U.S. and its famously haunted history, making it a uniquely attractive destination for guests and tenants alike. The main 3-story home features 4 bedrooms and 3 full baths, with generous first-floor gathering spaces and inviting outdoor areas that are perfect for Bourbon Trail groups, UofL visitors, and extended stays. Currently operated as a furnished, 5-star-rated Airbnb, the main house is professionally managed, and all furniture and contents are included in the sale, allowing a truly turnkey transition for the next owner. Over $100,000 in recent repairs and improvements (detailed list available) further de-risk the acquisition and enhance guest appeal. Behind the main house, the carriage house offers two additional income sources: a 2-bedroom, 1-bath unit on the first floor and an efficiency unit on the second floor. While the carriage house cannot be rented as a separate short-term rental under current rules, both units are well-suited for stable long-term or lucrative mid-term rentals, and the entire property may be eligible to be operated as a single short-term rental. This flexible mix of STR, mid-term, and long-term strategies gives investors multiple income streams to optimize return, along Louisville's growing tourism and Bourbon Trail traffic. Current net operating income is approximately $43,000 per year, supporting a strong 7% cap rate based on actual performance, with clear upside through strategic repositioning of the carriage units and further optimization of nightly rates and occupancy. The property is currently professionally managed, offering a hands-off option for out-of-area or first-time short-term rental investors. P&L and full improvement list are available upon request for qualified buyers. For long-term upside, this property is located in a designated historic district and is qualified for Kentucky historic rehabilitation tax credits on future improvements (buyer to verify), creating a powerful combination of cash flow today and tax-advantaged value-add potential tomorrow.