Victorian Triplex with Wraparound
For Sale
$850,000
104 S Birchwood Ave, Louisville, KY 40206
MULTI_FAMILY - Louisville, KY
Property Size5,590 SF
Lot Size0.36 Acres
Price / SF$152.06
Days on Market87
Property Features for 104 S Birchwood Ave
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
9
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 3, Bathroom 1, Basement, Bedroom 5, Bedroom 6, Bedroom 1, Bathroom 4, Bedroom 9, Bedroom 4, Bedroom 7, Bathroom 2, Bedroom 2, Bedroom 8, Bathroom 5, Bathroom 3
Patio and Porch features
Porch, Deck
Subdivision
CRESCENT HILL
Directions
I-64 to Mellwood Ave, right on Frankfort Ave, right on S Birchwood Ave
Standard status
Active
APN
05071E00300000
Size
5,590 SF
Lot size
0.36 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
3
Building materials
Aluminum Siding
Roof type
Shingle, Rolled Hot Mop
Additional Structures
Guest House
Listing Agency:
RE/MAX Premier Properties · RE/MAX International
(502) 384-5944
Listed By:
Jay Pitts · License #63303
(502) 384-5944
Added: May 15
Changed: Aug 5
Last Checked: Aug 9 at 7:06PM
MLS# 1717576
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 Victorian triplex offers three distinct living spaces within one property, with the main home and an attached carriage house. The main home includes a 2-bedroom, 1-bath unit and a 4-bedroom, 2-bath unit, and the attached carriage house provides an additional 3-bedroom, 2-bath unit with its own private entrance and private deck. The home features historic character elements such as soaring ceilings, hardwood floors, transoms above the doors, and access to the inviting wraparound porch. Kitchens and bathrooms have been updated while preserving the home’s classic Victorian appeal.
Set on a 0.36-acre lot, the property totals 5,590 square feet. It was built in 1900 and features aluminum siding, central air conditioning, and forced air heating using natural gas. Water is provided by public source and sewer is public sewer. Roof types include shingle and rolled hot mop.
Seller updates include a new roof and gutters, added spray foam in the attic and basement, and several plumbing and electrical updates.
Set on a 0.36-acre lot, the property totals 5,590 square feet. It was built in 1900 and features aluminum siding, central air conditioning, and forced air heating using natural gas. Water is provided by public source and sewer is public sewer. Roof types include shingle and rolled hot mop.
Seller updates include a new roof and gutters, added spray foam in the attic and basement, and several plumbing and electrical updates.
Key Highlights
- Three tenant‑occupied units: 2 bed/1 bath, 4 bed/2 bath, and a 3 bed/2 bath carriage house
- Attached carriage house has private entrance and private deck
- Wraparound porch with transoms above the doors, hardwood floors, and soaring ceilings
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
$47,036
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
5.53%
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%
$940,720
$940.7K
Cap Rate 7%
$671,943
$671.9K
Cap Rate 9%
$522,622
$522.6K
Market Conditions
NOI Build-Up for 5,590 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
$71.1K $12.72/SF
− Vacancy
−$3.9K −$0.70/SF
EGI
$67.2K $12.02/SF
− OpEx
−$20.2K −$3.61/SF
NOI
$47.0K $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%
$940,720
Cap Rate 7%
$671,943
Cap Rate 9%
$522,622
Alternative Uses
Best Use
Multifamily LT 5
$671.9K
$588.0K – $783.9K
NOI $47,036 @ 7.0% cap · market cap 5.53%
Second Best
Apartment 5plus
$543.5K
$475.5K – $634.1K
NOI $38,043 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,425 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
499
Businesses Nearby
Explore this area
Business Placement
Demographics for 40206, KY
20,196
Population
11,637
Households
1.7
Avg Household Size
38
Median Age
55%
College-Educated
95%
High-School Grad
5.8 sq mi
ZIP Area
3,482
Density / Sq Mi
$72,543
Median Household Income
$48,506
Median Earnings
$1,142
Median Rent
$276,100
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?
Triplex - Victorian triplex with three units and tenant occupancy, featuring wraparound porch access, central air, and updated kitchens and baths.
Where is this triplex located?
The property is located at 104 S Birchwood Ave Louisville, KY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Three tenant‑occupied units: 2 bed/1 bath, 4 bed/2 bath, and a 3 bed/2 bath carriage house; Attached carriage house has private entrance and private deck; Wraparound porch with transoms above the doors, hardwood floors, and soaring ceilings
