Updated Duplex with Off-Street
New
For Sale
$265,000
123 Harlan Ave, Louisville, KY 40214
Multi Family, Louisville, KY
Property Size1,938 SF
Lot Size0.07 Acres
Price / SF$136.74
Days on Market3
Property Features for 123 Harlan Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2
Patio and Porch features
Porch, Deck
Subdivision
WILDER PARK
Lot features
Sidewalk
Directions
S Brook St, left on Harland Ave, or, S 3rd St to Harlan Ave
Standard status
Active
APN
12055D00510000
Size
1,938 SF
Lot size
0.07 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
off-street parking
Building Details
Year built
2008
Number of units
2
Building materials
Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Redfin
(502) 251-7147
Listed By:
Mark Naber
(502) 220-1829
Added: Aug 27
Changed: Aug 28
Last Checked: Aug 29 at 6:06PM
MLS# 1727558
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 duplex contains 1,938 square feet on a 0.07-acre parcel and was built in 2008. The property has vinyl siding, a shingle roof, forced-air heating with natural gas, central air, and separate public water and sewer service. Outdoor features include a porch and deck, while off-street parking supports both units.
Updates completed within the last two years include refrigerators, dishwashers, washers, and dryers. The upper unit also received a new HVAC system, while the lower unit has a new water heater and stove. The property is located steps from the University of Louisville and Churchill Downs in Louisville, Kentucky.
Updates completed within the last two years include refrigerators, dishwashers, washers, and dryers. The upper unit also received a new HVAC system, while the lower unit has a new water heater and stove. The property is located steps from the University of Louisville and Churchill Downs in Louisville, Kentucky.
Key Highlights
- Duplex with 1,938 square feet on a 0.07‑acre lot
- Built in 2008 with vinyl siding and shingle roofing
- Updates completed within the last two years
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
$18,707
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
7.06%
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%
$374,140
$374.1K
Cap Rate 7%
$267,243
$267.2K
Cap Rate 9%
$207,856
$207.9K
Market Conditions
NOI Build-Up for 1,938 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
$29.1K $15.00/SF
− Vacancy
−$2.3K −$1.21/SF
EGI
$26.7K $13.79/SF
− OpEx
−$8.0K −$4.14/SF
NOI
$18.7K $9.65/SF
Area
ZIP 40214
Vacancy
8.07%
Lease Rate
$15.00 /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%
$374,140
Cap Rate 7%
$267,243
Cap Rate 9%
$207,856
Alternative Uses
Best Use
Multifamily LT 5
$267.2K
$233.8K – $311.8K
NOI $18,707 @ 7.0% cap · market cap 7.06%
Second Best
Apartment 5plus
$242.4K
$212.1K – $282.8K
NOI $16,970 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$464.4K
$406.3K – $541.8K
NOI $32,506 @ 7.0% cap · market cap 12.27%
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
688
Businesses Nearby
Explore this area
Business Placement
Demographics for 40214, KY
46,220
Population
20,459
Households
2.3
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
15.0 sq mi
ZIP Area
3,081
Density / Sq Mi
$53,563
Median Household Income
$37,121
Median Earnings
$950
Median Rent
$176,700
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-unit property with recent system and appliance updates, public utilities, and porch and deck areas.
Where is this duplex located?
The property is located at 123 Harlan Ave Louisville, KY.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Duplex with 1,938 square feet on a 0.07‑acre lot; Built in 2008 with vinyl siding and shingle roofing; Updates completed within the last two years
