Three-Story Brick
For Sale
$749,000
2114 Bonnycastle Ave, Louisville, KY 40205
Multi Family, Louisville, KY
Property Size5,200 SF
Lot Size0.21 Acres
Price / SF$144.04
Days on Market133
Property Features for 2114 Bonnycastle Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 8, Basement, Bedroom 4, Bathroom 4, Bedroom 7, Bathroom 2, Bathroom 5, Bedroom 5, Bathroom 1, Bedroom 6, Bathroom 3, Dining Room, Bedroom 3, Bedroom 1, Bedroom 2
Patio and Porch features
Deck
Lot features
Sidewalk
Directions
East of Bardstown Road between Chichester Ave. and Cowling Ave.
Subdivision
02-Butchertwn/Hghlnds/Germantwn
Standard status
Active
APN
077E00500000
Size
5,200 SF
Lot size
0.21 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Ductless (Heating)
Cooling system
Central Air
Water source
Public
Amenities
sunrooms
butler's pantries
mudrooms
full basement with laundry
large fenced backyard
Building Details
Year built
1925
Number of units
4
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Homepage Realty
(502) 690-6685
Listed By:
Amanda Helfrich · License #222813
(502) 807-7319
Added: Apr 13
Changed: Aug 19
Last Checked: Aug 23 at 7:06PM
MLS# 1714238
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.
Three-story brick four-plex built in 1925 offering four units with a mix of one- to three-bedroom layouts. The property includes a full basement with laundry and a large fenced backyard, plus a deck and three rear garages. Heating is provided by a combination of forced air and ductless systems, and cooling is central air.
The first-floor unit is an oversized layout with three bedrooms and two bathrooms, measuring more than 2,000 square feet, and it is currently vacant. Other unit features mentioned include sunrooms, butler’s pantries, and mudrooms. The seller has limited historical knowledge beyond its long-standing use as a stable, income-producing rental with very low vacancy, and the property has been identified as benefiting from updates.
With four independent living spaces, this configuration can support a straightforward income approach while also offering flexibility for an owner-occupant. The property is also described as potentially convertible back to a grand single-family residence, subject to applicable approvals.
The first-floor unit is an oversized layout with three bedrooms and two bathrooms, measuring more than 2,000 square feet, and it is currently vacant. Other unit features mentioned include sunrooms, butler’s pantries, and mudrooms. The seller has limited historical knowledge beyond its long-standing use as a stable, income-producing rental with very low vacancy, and the property has been identified as benefiting from updates.
With four independent living spaces, this configuration can support a straightforward income approach while also offering flexibility for an owner-occupant. The property is also described as potentially convertible back to a grand single-family residence, subject to applicable approvals.
Key Highlights
- 0.21‑acre lot with fenced backyard and deck
- Four‑unit four‑plex with one- to three‑bedroom layouts
- Oversized first‑floor unit with three bedrooms, two bathrooms, and more than 2,000 SF (currently vacant)
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
$43,754
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
5.84%
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%
$875,080
$875.1K
Cap Rate 7%
$625,057
$625.1K
Cap Rate 9%
$486,156
$486.2K
Market Conditions
NOI Build-Up for 5,200 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
$66.1K $12.72/SF
− Vacancy
−$3.6K −$0.70/SF
EGI
$62.5K $12.02/SF
− OpEx
−$18.8K −$3.61/SF
NOI
$43.8K $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%
$875,080
Cap Rate 7%
$625,057
Cap Rate 9%
$486,156
Alternative Uses
Best Use
Multifamily LT 5
$625.1K
$546.9K – $729.2K
NOI $43,754 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$505.6K
$442.4K – $589.8K
NOI $35,389 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,349 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
933
Businesses Nearby
Explore this area
Business Placement
Demographics for 40205, KY
24,077
Population
11,021
Households
2.2
Avg Household Size
43
Median Age
65%
College-Educated
97%
High-School Grad
6.9 sq mi
ZIP Area
3,489
Density / Sq Mi
$98,990
Median Household Income
$54,604
Median Earnings
$1,095
Median Rent
$361,900
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?
Quadplex - Three-story brick four-plex on a 0.21-acre lot with four rental units, central air, deck, and three rear garages.
Where is this quadplex located?
The property is located at 2114 Bonnycastle Ave Louisville, KY.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 0.21‑acre lot with fenced backyard and deck; Four‑unit four‑plex with one- to three‑bedroom layouts; Oversized first‑floor unit with three bedrooms, two bathrooms, and more than 2,000 SF (currently vacant)
