Ranch Duplex with On-Site
For Sale
$149,900
1443 S 32nd St, Louisville, KY 40211
Multi Family, Louisville, KY
Property Size1,143 SF
Price / SF$131.15
Days on Market63
Property Features for 1443 S 32nd St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2
Patio and Porch features
Porch
Subdivision
CHURCHILL
Directions
Take Exit 3 for Virginia Ave/Dumesnil St. Merge onto S 38th St, turn slightly left onto Dumesnil St, right onto S 32nd St, Destination will be on the left.
Standard status
Active
APN
048H01310000
Size
1,143 SF
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1936
Number of units
2
Building materials
Wood Frame
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Homepage Realty
(502) 690-6685
Listed By:
The Jake Wardrip Realty Group
(502) 708-7777
Added: Jun 23
Changed: Aug 19
Last Checked: Aug 24 at 10:06AM
MLS# 1721232
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 1,143-square-foot ranch duplex was built in 1936 with a wood-frame structure and two one-bedroom, one-bath units. Interior improvements include updated bathrooms, newer flooring, fresh paint, and appliances. The property also offers a newer shingle roof, private on-site parking, and a porch. Heating is provided by natural gas, while cooling is handled by wall or window units.
The duplex occupies a corner lot at 1443 S 32nd St in Louisville. One unit is leased under a 24-month contract. Public water and public sewer serve the property, and its location provides proximity to downtown employers, restaurants, and entertainment.
The duplex occupies a corner lot at 1443 S 32nd St in Louisville. One unit is leased under a 24-month contract. Public water and public sewer serve the property, and its location provides proximity to downtown employers, restaurants, and entertainment.
Key Highlights
- Two one‑bedroom, one‑bath units in a 1,143‑square‑foot ranch duplex
- One unit leased under a 24‑month contract
- Updated bathrooms, newer flooring, fresh paint, and appliances
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
$9,618
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
6.42%
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%
$192,360
$192.4K
Cap Rate 7%
$137,400
$137.4K
Cap Rate 9%
$106,867
$106.9K
Market Conditions
NOI Build-Up for 1,143 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
$14.5K $12.72/SF
− Vacancy
−$800 −$0.70/SF
EGI
$13.7K $12.02/SF
− OpEx
−$4.1K −$3.61/SF
NOI
$9.6K $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%
$192,360
Cap Rate 7%
$137,400
Cap Rate 9%
$106,867
Alternative Uses
Best Use
Multifamily LT 5
$137.4K
$120.2K – $160.3K
NOI $9,618 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$111.1K
$97.2K – $129.7K
NOI $7,779 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$296.3K
$259.2K – $345.7K
NOI $20,739 @ 7.0% cap · market cap 13.84%
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
424
Businesses Nearby
Explore this area
Business Placement
Demographics for 40211, KY
21,310
Population
11,450
Households
1.9
Avg Household Size
37
Median Age
11%
College-Educated
86%
High-School Grad
7.3 sq mi
ZIP Area
2,919
Density / Sq Mi
$32,598
Median Household Income
$28,245
Median Earnings
$925
Median Rent
$97,900
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 one-bedroom units feature updated bathrooms, newer flooring, fresh paint, and appliances.
Where is this duplex located?
The property is located at 1443 S 32nd St Louisville, KY.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: Two one‑bedroom, one‑bath units in a 1,143‑square‑foot ranch duplex; One unit leased under a 24‑month contract; Updated bathrooms, newer flooring, fresh paint, and appliances
