Vacant Duplex with Updated
New
For Sale
$190,000
1038 Sylvia St, Louisville, KY 40217
Two vacant units allow immediate occupancy, renovation, or flexible owner-occupant use.
Property Size1,615 SF
Price / SF$117.65
Days on Market7
Property Features for 1038 Sylvia St
General Information
Standard status
Active
Size
1,615 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Listing Agency:
EXP Realty LLC
(888) 624-6448
Listed By:
Ethan J Adams · License #244623
(502) 558-8193
Source:
Exprealty
Added: Aug 27
Changed: Aug 31
Last Checked: Sep 1 at 9:31PM
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 vacant duplex contains 1,615 square feet across two separate residences. The unit mix includes one one-bedroom, one-bath layout and one three-bedroom, one-bath layout. One residence has been updated, while both units remain available for renovation, inspection, or immediate move-in without coordinating with tenants.
The property is located in Germantown at 1038 Sylvia St in Louisville, Kentucky. The surrounding neighborhood is described as walkable, with local restaurants and a close-knit community character.
The property is located in Germantown at 1038 Sylvia St in Louisville, Kentucky. The surrounding neighborhood is described as walkable, with local restaurants and a close-knit community character.
Key Highlights
- 1,615‑square‑foot duplex with two residential units
- Unit mix includes 1 bed/1 bath and 3 bed/1 bath layouts
- One unit has already been updated
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
$13,589
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
7.15%
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%
$271,780
$271.8K
Cap Rate 7%
$194,129
$194.1K
Cap Rate 9%
$150,989
$151.0K
Market Conditions
NOI Build-Up for 1,615 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
$20.5K $12.72/SF
− Vacancy
−$1.1K −$0.70/SF
EGI
$19.4K $12.02/SF
− OpEx
−$5.8K −$3.61/SF
NOI
$13.6K $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%
$271,780
Cap Rate 7%
$194,129
Cap Rate 9%
$150,989
Alternative Uses
Best Use
Multifamily LT 5
$194.1K
$169.9K – $226.5K
NOI $13,589 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$157.0K
$137.4K – $183.2K
NOI $10,991 @ 7.0% cap · market cap 5.78%
Theoretical Best
Office A
$418.6K
$366.3K – $488.4K
NOI $29,303 @ 7.0% cap · market cap 15.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
724
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two vacant units allow immediate occupancy, renovation, or flexible owner-occupant use.
Where is this duplex located?
The property is located at 1038 Sylvia St Louisville, KY.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: 1,615‑square‑foot duplex with two residential units; Unit mix includes 1 bed/1 bath and 3 bed/1 bath layouts; One unit has already been updated
