Renovated Duplex Near
For Sale
$325,000
113 E Saint Catherine St 1 & 2, Louisville, KY 40203
Two-unit property with varied layouts, updated interiors, a shared fenced yard, and off-street parking.
Property Size3,101 SF
Price / SF$104.80
Days on Market22
Property Features for 113 E Saint Catherine St 1 & 2
General Information
Standard status
Active
Size
3,101 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1900
Listing Agency:
United Real Estate Louisville
(502) 270-5000
Listed By:
Barbara E Jones
Source:
Familyrealty
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 29 at 12:27PM
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 United Real Estate Louisville
Investment Insights
Based on property information with market context.
This 3,101-square-foot duplex, built in 1900, includes two distinct residential units beneath a new roof installed in 2025. Unit 1 was renovated in 2020 and offers two bedrooms, one bathroom, high ceilings, refinished wood floors, granite countertops, a gas range, refrigerator, pantry, and luxury vinyl flooring in the kitchen. Unit 2 spans three stories and includes four bedrooms, a bathroom, living and dining areas, a kitchen with a refrigerator, updated cabinetry, double sink, pantry, and a balcony off one bedroom. New carpet was added to two bedrooms on the third floor.
The property also features a shared fenced backyard and off-street parking. A city-owned 8-space parking pad is located just off the backyard in the alley between 1st and East St Catherine. The address is near UofL, a bus line, and an expressway.
The property also features a shared fenced backyard and off-street parking. A city-owned 8-space parking pad is located just off the backyard in the alley between 1st and East St Catherine. The address is near UofL, a bus line, and an expressway.
Key Highlights
- 3,101‑square‑foot duplex built in 1900
- New roof installed in 2025
- Unit 1 renovated in 2020 with 2 bedrooms, 1 bathroom, granite counters, and refinished wood floors
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
$26,093
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
8.03%
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%
$521,860
$521.9K
Cap Rate 7%
$372,757
$372.8K
Cap Rate 9%
$289,922
$289.9K
Market Conditions
NOI Build-Up for 3,101 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
$39.4K $12.72/SF
− Vacancy
−$2.2K −$0.70/SF
EGI
$37.3K $12.02/SF
− OpEx
−$11.2K −$3.61/SF
NOI
$26.1K $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%
$521,860
Cap Rate 7%
$372,757
Cap Rate 9%
$289,922
Alternative Uses
Best Use
Multifamily LT 5
$372.8K
$326.2K – $434.9K
NOI $26,093 @ 7.0% cap · market cap 8.03%
Second Best
Apartment 5plus
$301.5K
$263.8K – $351.7K
NOI $21,104 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$803.8K
$703.3K – $937.8K
NOI $56,265 @ 7.0% cap · market cap 17.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,808
Businesses Nearby
Explore this area
Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
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-unit property with varied layouts, updated interiors, a shared fenced yard, and off-street parking.
Where is this duplex located?
The property is located at 113 E Saint Catherine St 1 & 2 Louisville, KY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 3,101‑square‑foot duplex built in 1900; New roof installed in 2025; Unit 1 renovated in 2020 with 2 bedrooms, 1 bathroom, granite counters, and refinished wood floors
