Triplex with Studio
New
For Sale
$149,999
1031 Queen Ave, Louisville, KY 40215
Multi Family, Louisville, KY
Property Size1,360 SF
Price / SF$110.29
Days on Market5
Property Features for 1031 Queen Ave
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Basement, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 2
Patio and Porch features
Porch, Deck
Subdivision
QUEEN ADD
Directions
From I-264, take exit 9 for Taylor Blvd. Turn right on Taylor Blvd, right on Queen Ave. Destination is on the left.
Standard status
Active
APN
11051C00350000
Size
1,360 SF
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1925
Number of units
3
Building materials
Aluminum Siding
Roof type
Shingle
Listing Agency:
DREAM J P Pirtle REALTORS
(502) 458-2722
Listed By:
Derrick Stewart · License #268301
(502) 314-9868
Added: Nov 2
Last Checked: Nov 6 at 1:06PM
MLS# 1733587
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.
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Investment Insights
Based on property information with market context.
This 1,360-square-foot triplex, built in 1925, contains two one-bedroom apartments and one studio. Flooring and paint work has been completed, and the property is being sold as is. The building has aluminum siding, a porch, and a deck, with public water and public sewer service.
The property is near Churchill Downs. All three units are vacant.
The property is near Churchill Downs. All three units are vacant.
Key Highlights
- Three units: two one‑bedroom apartments and one studio
- 1,360 square feet; built in 1925
- All three apartments are vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,443
Cap Rate
7.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$228,860
$228.9K
Cap Rate 7%
$163,471
$163.5K
Cap Rate 9%
$127,144
$127.1K
Market Conditions
NOI Build-Up for 1,360 SF
Gross rent
$17.3K $12.72/SF
− Vacancy
−$951 −$0.70/SF
EGI
$16.3K $12.02/SF
− OpEx
−$4.9K −$3.61/SF
NOI
$11.4K $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 Rate 5%
$228,860
Cap Rate 7%
$163,471
Cap Rate 9%
$127,144
Alternative Uses
Best Use
Multifamily LT 5
$163.5K
$143.0K – $190.7K
NOI $11,443 @ 7.0% cap · market cap 7.63%
Second Best
Apartment 5plus
$132.2K
$115.7K – $154.3K
NOI $9,256 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$352.5K
$308.5K – $411.3K
NOI $24,676 @ 7.0% cap · market cap 16.45%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
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Business Placement
Demographics for 40215, KY
21,230
Population
9,070
Households
2.3
Avg Household Size
35
Median Age
13%
College-Educated
79%
High-School Grad
3.5 sq mi
ZIP Area
6,066
Density / Sq Mi
$42,762
Median Household Income
$32,815
Median Earnings
$976
Median Rent
$106,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Triplexes in Louisville, KY
Properties on Market for Triplexes in Louisville
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - All three apartments are vacant, with flooring and paint updates completed.
Where is this triplex located?
The property is located at 1031 Queen Ave Louisville, KY.
What is the asking price?
The asking price for this property is $149,999.
What are key features of this property?
This property features: Three units: two one‑bedroom apartments and one studio; 1,360 square feet; built in 1925; All three apartments are vacant
