Renovated Duplex with
For Sale
$349,000
903 Franklin St, Louisville, KY 40206
Multi Family, Louisville, KY
Property Size1,742 SF
Lot Size0.10 Acres
Price / SF$200.34
Days on Market96
Property Features for 903 Franklin St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 2
Patio and Porch features
Deck
Subdivision
BUTCHERTOWN
Lot features
Sidewalk
Directions
I-64 W/Louisville and merge onto I-64 W, Follow I-64 W to Mellwood Ave in Louisville. Take exit 7 from I-64 W, Turn left onto Frankfort Ave, urn left onto Story Ave,Turn right onto E Main St,Turn right onto N Wenzel St,Turn left onto Franklin St. Home on right.
Standard status
Active
APN
04019E00420000
Size
1,742 SF
Lot size
0.10 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Electric (Heating), Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Number of units
2
Building materials
Vinyl Siding, Aluminum Siding, Brick
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
EXP Realty LLC
(888) 624-6448
Listed By:
Cassandra Chapman
(502) 295-5668
Added: Jun 19
Changed: Sep 16
Last Checked: Sep 22 at 2:06PM
MLS# 1720975
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 renovated duplex at 903 Franklin St in Louisville includes two residential units, each with 1 bedroom, 1 full bath, and approximately 870 square feet of living space. The 1,742-square-foot property sits on 0.1 acres and features 12-ft ceilings, quartz countertops, updated appliances, refreshed flooring and fixtures, central air, forced-air heating, and a deck. Renovation work was completed in 2023, followed by a new shingle roof in 2025.
The property includes off-street parking and is served by public water and public sewer. Its Butchertown location places the duplex near Lynn Family Stadium, restaurants, breweries, coffee shops, and entertainment. The ranch-style structure was built in 1900 and has vinyl siding, aluminum siding, and brick construction materials.
The property includes off-street parking and is served by public water and public sewer. Its Butchertown location places the duplex near Lynn Family Stadium, restaurants, breweries, coffee shops, and entertainment. The ranch-style structure was built in 1900 and has vinyl siding, aluminum siding, and brick construction materials.
Key Highlights
- Two‑unit duplex with 1 bedroom and 1 full bath per unit
- Approximately 1,742 square feet on a 0.1‑acre lot
- Renovated in 2023 with updated appliances, flooring, fixtures, and finishes
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
$14,658
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
4.20%
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%
$293,160
$293.2K
Cap Rate 7%
$209,400
$209.4K
Cap Rate 9%
$162,867
$162.9K
Market Conditions
NOI Build-Up for 1,742 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
$22.2K $12.72/SF
− Vacancy
−$1.2K −$0.70/SF
EGI
$20.9K $12.02/SF
− OpEx
−$6.3K −$3.61/SF
NOI
$14.7K $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%
$293,160
Cap Rate 7%
$209,400
Cap Rate 9%
$162,867
Alternative Uses
Best Use
Multifamily LT 5
$209.4K
$183.2K – $244.3K
NOI $14,658 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$169.4K
$148.2K – $197.6K
NOI $11,855 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$451.5K
$395.1K – $526.8K
NOI $31,607 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,235
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated residential units offer flexible occupancy options with private off-street parking and modern interior finishes.
Where is this duplex located?
The property is located at 903 Franklin St Louisville, KY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two‑unit duplex with 1 bedroom and 1 full bath per unit; Approximately 1,742 square feet on a 0.1‑acre lot; Renovated in 2023 with updated appliances, flooring, fixtures, and finishes
