Victorian Triplex With Carriage
For Sale
$850,000
104 S Birchwood Ave, Louisville, KY 40206
Multi Family, Louisville, KY
Property Size5,590 SF
Lot Size0.36 Acres
Price / SF$152.06
Days on Market102
Property Features for 104 S Birchwood Ave
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
9
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 1, Bathroom 5, Bedroom 9, Bathroom 2, Basement, Bedroom 6, Bathroom 3, Bedroom 5, Bathroom 4, Bedroom 2, Bedroom 7, Bedroom 4, Bathroom 1, Bedroom 3, Bedroom 8
Patio and Porch features
Deck, Porch
Subdivision
CRESCENT HILL
Directions
I-64 to Mellwood Ave, right on Frankfort Ave, right on S Birchwood Ave
Standard status
Active
APN
05071E00300000
Size
5,590 SF
Lot size
0.36 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
soaring ceilings
hardwood floors
transoms above doors
wraparound porch
private deck
updated kitchens and bathrooms
Building Details
Year built
1900
Number of units
3
Building materials
Aluminum Siding
Roof type
Rolled Hot Mop, Shingle
Additional Structures
Guest House
Listing Agency:
RE/MAX Premier Properties · RE/MAX International
(502) 384-5944
Listed By:
Jay Pitts · License #63303
(502) 384-5944
Added: May 15
Changed: Aug 19
Last Checked: Aug 24 at 3:06AM
MLS# 1717576
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.
Built in 1900, this 5,590-square-foot Victorian triplex contains three residences totaling 9 bedrooms and 5 bathrooms. The primary structure includes two apartments, one with 2 bedrooms and 1 bathroom and another with 4 bedrooms and 2 bathrooms. A connected carriage house provides a separate 3-bedroom, 2-bathroom residence with its own entrance and deck. Hardwood floors, high ceilings, door transoms, and porch access carry throughout the property, while updated kitchens and bathrooms add modern functionality.
The 0.36-acre property is fully occupied and located in Louisville’s Crescent Hill area. A new roof, gutters, attic and basement spray foam, and plumbing and electrical work are among the reported improvements. The building has aluminum siding, natural-gas forced-air heat, central air, public water, and public sewer.
The 0.36-acre property is fully occupied and located in Louisville’s Crescent Hill area. A new roof, gutters, attic and basement spray foam, and plumbing and electrical work are among the reported improvements. The building has aluminum siding, natural-gas forced-air heat, central air, public water, and public sewer.
Key Highlights
- Three‑residence triplex with 9 bedrooms and 5 bathrooms
- 5,590 SF building on a 0.36‑acre lot
- Unit mix includes 2BR/1BA, 4BR/2BA, and 3BR/2BA residences
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
$47,036
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
5.53%
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%
$940,720
$940.7K
Cap Rate 7%
$671,943
$671.9K
Cap Rate 9%
$522,622
$522.6K
Market Conditions
NOI Build-Up for 5,590 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
$71.1K $12.72/SF
− Vacancy
−$3.9K −$0.70/SF
EGI
$67.2K $12.02/SF
− OpEx
−$20.2K −$3.61/SF
NOI
$47.0K $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%
$940,720
Cap Rate 7%
$671,943
Cap Rate 9%
$522,622
Alternative Uses
Best Use
Multifamily LT 5
$671.9K
$588.0K – $783.9K
NOI $47,036 @ 7.0% cap · market cap 5.53%
Second Best
Apartment 5plus
$543.5K
$475.5K – $634.1K
NOI $38,043 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,425 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
499
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
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 - Fully occupied property with three distinct residences, refreshed kitchens and baths, and a wraparound porch.
Where is this triplex located?
The property is located at 104 S Birchwood Ave Louisville, KY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Three‑residence triplex with 9 bedrooms and 5 bathrooms; 5,590 SF building on a 0.36‑acre lot; Unit mix includes 2BR/1BA, 4BR/2BA, and 3BR/2BA residences
