Triplex with In-Unit
For Sale
$380,000
1014 Schiller Ave, Louisville, KY 40204
Three separately metered apartments feature individual laundry and a mix of updated, freshly painted interiors.
Property Size2,311 SF
Price / SF$164.43
Days on Market135
Property Features for 1014 Schiller Ave
General Information
Standard status
Active
Size
2,311 SF
Property subtype
Residential Income
Occupancy
33%
Additional Details
Utilities to Site
Yes
Multifamily Units
3
Amenities
in-unit laundry
Listing Agency:
EXP Realty LLC
(502) 727-9548
Listed By:
Mollie Younger Noe
(502) 727-9548
Source:
Exprealty
Added: Apr 20
Changed: Aug 30
Last Checked: Aug 31 at 5:57PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP Realty LLC
Investment Insights
Based on property information with market context.
This 2,311-square-foot triplex includes three separately metered apartments, with in-unit laundry provided in each residence. The property retains historic character and includes a newer roof, along with HVAC updates in the longest-standing apartment. Two units were updated within the past 10 years and are currently vacant with freshly painted interiors, while a long-term tenant of 20 years occupies the remaining unit.
The property combines 1139 E St. Catherine Street with 1014 and 1016 Schiller Avenue in Louisville’s Germantown area. Its corner position places the residences near local restaurants, coffee shops, and other neighborhood businesses. The existing three-unit configuration offers an established multifamily layout with varied occupancy and improvement histories.
The property combines 1139 E St. Catherine Street with 1014 and 1016 Schiller Avenue in Louisville’s Germantown area. Its corner position places the residences near local restaurants, coffee shops, and other neighborhood businesses. The existing three-unit configuration offers an established multifamily layout with varied occupancy and improvement histories.
Key Highlights
- Three‑unit multifamily property totaling 2,311 square feet
- Three separately metered apartments
- In‑unit laundry in all three units
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
$19,445
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
5.12%
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%
$388,900
$388.9K
Cap Rate 7%
$277,786
$277.8K
Cap Rate 9%
$216,056
$216.1K
Market Conditions
NOI Build-Up for 2,311 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
$29.4K $12.72/SF
− Vacancy
−$1.6K −$0.70/SF
EGI
$27.8K $12.02/SF
− OpEx
−$8.3K −$3.61/SF
NOI
$19.4K $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%
$388,900
Cap Rate 7%
$277,786
Cap Rate 9%
$216,056
Alternative Uses
Best Use
Multifamily LT 5
$277.8K
$243.1K – $324.1K
NOI $19,445 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$224.7K
$196.6K – $262.1K
NOI $15,728 @ 7.0% cap · market cap 4.14%
Theoretical Best
Office A
$599.0K
$524.1K – $698.9K
NOI $41,931 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
33.3%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,301
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
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?
Triplex - Three separately metered apartments feature individual laundry and a mix of updated, freshly painted interiors.
Where is this triplex located?
The property is located at 1014 Schiller Ave Louisville, KY.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 2,311 square feet; Three separately metered apartments; In‑unit laundry in all three units
