Smoketown Triplex Income
For Sale
$289,900
704 Roselane St, Louisville, KY 40203
MULTI_FAMILY - Louisville, KY
Property Size2,494 SF
Price / SF$116.24
Days on Market58
Property Features for 704 Roselane St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 6, Bathroom 2, Bathroom 1, Bedroom 5
Subdivision
SMOKETOWN
Directions
From E. Broadway, onto S. Clay St. and head south. then turn left onto Roselane. The building will be on your Right.
Standard status
Active
APN
021G01720000
Size
2,494 SF
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1957
Number of units
3
Building materials
Block
Roof type
Flat, Shingle
Listing Agency:
United Real Estate Louisville
(502) 509-4498
Listed By:
Jayme S Burden · License #251824
(270) 769-8359
Added: Jun 10
Changed: Aug 3
Last Checked: Aug 6 at 4:06PM
MLS# 1720103
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 Smoketown triplex contains three separately metered residential units. The unit mix includes one 3-bedroom, 1-bath unit, one 1-bedroom, 1-bath unit, and one 2-bedroom, 1-bath unit. Two of the units are currently rented, while one unit is vacant, giving buyers immediate visibility into both occupied and turn-ready living space.
The property is located in central Louisville, with access to downtown Louisville and surrounding amenities. The offering is for sale at 704 Roselane St, Louisville, KY 40203 in Jefferson County.
For tenants and owner-occupants, the layout supports living in one unit while renting the others. For investors, the separately metered configuration and existing rental status may simplify operating across multiple households within a single building. Buyers should verify any lease terms and occupancy details during due diligence, particularly given that one unit is currently vacant.
The property is located in central Louisville, with access to downtown Louisville and surrounding amenities. The offering is for sale at 704 Roselane St, Louisville, KY 40203 in Jefferson County.
For tenants and owner-occupants, the layout supports living in one unit while renting the others. For investors, the separately metered configuration and existing rental status may simplify operating across multiple households within a single building. Buyers should verify any lease terms and occupancy details during due diligence, particularly given that one unit is currently vacant.
Key Highlights
- Smoketown triplex with three separately metered units
- 2 units currently rented and 1 unit vacant
- Unit mix: 3BR/1BA, 1BR/1BA, and 2BR/1BA
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
$20,985
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
7.24%
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%
$419,700
$419.7K
Cap Rate 7%
$299,786
$299.8K
Cap Rate 9%
$233,167
$233.2K
Market Conditions
NOI Build-Up for 2,494 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
$31.7K $12.72/SF
− Vacancy
−$1.7K −$0.70/SF
EGI
$30.0K $12.02/SF
− OpEx
−$9.0K −$3.61/SF
NOI
$21.0K $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%
$419,700
Cap Rate 7%
$299,786
Cap Rate 9%
$233,167
Alternative Uses
Best Use
Multifamily LT 5
$299.8K
$262.3K – $349.8K
NOI $20,985 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$242.5K
$212.2K – $282.9K
NOI $16,973 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$646.4K
$565.6K – $754.2K
NOI $45,251 @ 7.0% cap · market cap 15.61%
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
6,356
Businesses Nearby
Explore this area
Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
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?
Triplex - Triplex with three separately metered units, including two currently rented and one vacant, offering flexible owner-occupant or investor use.
Where is this triplex located?
The property is located at 704 Roselane St Louisville, KY.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Smoketown triplex with three separately metered units; 2 units currently rented and 1 unit vacant; Unit mix: 3BR/1BA, 1BR/1BA, and 2BR/1BA
