Vacant
New
For Sale
$190,000
1038 Sylvia St, Louisville, KY 40217
Multi Family, Louisville, KY
Property Size1,615 SF
Lot Size0.08 Acres
Price / SF$117.65
Days on Market3
Property Features for 1038 Sylvia St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 1, Basement, Bathroom 2
Subdivision
GERMANTOWN
Directions
Eastern Pkwy to Burnett ave to left on Hickory st to home on corner of Sylvia st and hickory st
Standard status
Active
APN
09024G01610000
Size
1,615 SF
Lot size
0.08 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1910
Number of units
2
Building materials
Vinyl Siding
Roof type
Flat, Shingle
Architectural style
Shotgun
Listing Agency:
EXP Realty LLC
(888) 624-6448
Listed By:
Ethan J Adams · License #244623
(502) 558-8193
Added: Aug 27
Last Checked: Aug 29 at 11:06PM
MLS# 1727469
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 vacant duplex contains 1,615 square feet on a 0.08-acre lot and was built in 1910 with vinyl siding and a shotgun architectural style. The configuration includes one 1-bedroom, 1-bath unit and one 3-bedroom, 1-bath unit. One side has been updated, while both units remain unoccupied for access during renovation, inspection, or move-in planning.
The property is located at 1038 Sylvia St in Louisville’s Germantown area, within Jefferson County and ZIP Code 40217. Public water and public sewer serve the property. Heating is provided by forced-air natural gas, and cooling is handled by window or wall/window units. The roof includes both flat and shingle sections, and the rooms include a basement along with the bedrooms and bathrooms serving each unit.
The property is located at 1038 Sylvia St in Louisville’s Germantown area, within Jefferson County and ZIP Code 40217. Public water and public sewer serve the property. Heating is provided by forced-air natural gas, and cooling is handled by window or wall/window units. The roof includes both flat and shingle sections, and the rooms include a basement along with the bedrooms and bathrooms serving each unit.
Key Highlights
- Vacant duplex with 1‑bedroom and 3‑bedroom units
- 1,615 square feet on a 0.08‑acre lot
- 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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate units offer one-bedroom and three-bedroom layouts, with one unit already updated.
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: Vacant duplex with 1‑bedroom and 3‑bedroom units; 1,615 square feet on a 0.08‑acre lot; One unit has already been updated
