Brick Ranch
For Sale
$345,000
3031-3033 Wirth Ave, Louisville, KY 40217
Multi Family, Louisville, KY
Property Size2,164 SF
Lot Size0.24 Acres
Price / SF$159.43
Days on Market19
Property Features for 3031-3033 Wirth Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Dining Room, Bedroom 2, Bathroom 1, Basement, Bedroom 1, Bathroom 2
Patio and Porch features
Patio, Porch
Directions
From I-264 (Watterson Expressway), take Exit 15 for Poplar Level Road and head north. Turn right onto Hess Lane, then right onto Wirth Avenue. The property will be on the left.
Subdivision
02-Butchertwn/Hghlnds/Germantwn
Standard status
Active
APN
084F01910023
Size
2,164 SF
Lot size
0.24 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
hardwood floors
updated eat-in kitchen
1st-floor laundry
unfinished basement
fenced backyard
patio
Building Details
Year built
1910
Number of units
2
Building materials
Vinyl Siding, Brick
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Homepage Realty
(502) 690-6685
Listed By:
Angie Tonini-Rogers
(502) 210-8880
Added: Aug 5
Changed: Aug 21
Last Checked: Aug 23 at 10:06PM
MLS# 1718718
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 side-by-side duplex contains 2,164 square feet across two residences, with a brick and vinyl exterior and ranch-style design. The larger unit includes two bedrooms, one bathroom, hardwood flooring, an updated eat-in kitchen, first-floor laundry, a two-car attached garage, and access to the unfinished basement. It will convey furnished and is currently vacant. The second residence offers one bedroom and one bathroom and is leased through a tenant departure scheduled for September 2026.
Each unit has its own entrance, HVAC system, water heater, and gas and electric meter. The owner currently covers water, sewer, and trash, while tenants pay gas and electric. Recent property updates include an updated roof, double-pane windows, newer exterior doors, and a newer air-conditioning unit. A fenced backyard and patio provide shared outdoor space. The property is near Audubon Park, the Highlands, the University of Louisville, hospitals, shopping, dining, parks, and major expressways in Louisville.
Each unit has its own entrance, HVAC system, water heater, and gas and electric meter. The owner currently covers water, sewer, and trash, while tenants pay gas and electric. Recent property updates include an updated roof, double-pane windows, newer exterior doors, and a newer air-conditioning unit. A fenced backyard and patio provide shared outdoor space. The property is near Audubon Park, the Highlands, the University of Louisville, hospitals, shopping, dining, parks, and major expressways in Louisville.
Key Highlights
- 2,164‑square‑foot side‑by‑side duplex on a 0.24‑acre lot
- Two‑bedroom unit is vacant and conveys fully furnished
- Second unit has 1 bedroom and 1 bathroom and is leased through September 2026
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
$18,209
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
5.28%
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%
$364,180
$364.2K
Cap Rate 7%
$260,129
$260.1K
Cap Rate 9%
$202,322
$202.3K
Market Conditions
NOI Build-Up for 2,164 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
$27.5K $12.72/SF
− Vacancy
−$1.5K −$0.70/SF
EGI
$26.0K $12.02/SF
− OpEx
−$7.8K −$3.61/SF
NOI
$18.2K $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%
$364,180
Cap Rate 7%
$260,129
Cap Rate 9%
$202,322
Alternative Uses
Best Use
Multifamily LT 5
$260.1K
$227.6K – $303.5K
NOI $18,209 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$210.4K
$184.1K – $245.5K
NOI $14,727 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$560.9K
$490.8K – $654.4K
NOI $39,264 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
406
Businesses Nearby
Explore this area
Business Placement
Demographics for 40217, KY
13,061
Population
6,840
Households
1.9
Avg Household Size
36
Median Age
48%
College-Educated
95%
High-School Grad
2.4 sq mi
ZIP Area
5,442
Density / Sq Mi
$68,573
Median Household Income
$48,298
Median Earnings
$1,150
Median Rent
$220,700
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?
Duplex - Side-by-side income property with one furnished unit, shared outdoor space, and separate utility systems for each residence.
Where is this duplex located?
The property is located at 3031-3033 Wirth Ave Louisville, KY.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 2,164‑square‑foot side‑by‑side duplex on a 0.24‑acre lot; Two‑bedroom unit is vacant and conveys fully furnished; Second unit has 1 bedroom and 1 bathroom and is leased through September 2026
