Updated Triplex with Rear
New
For Sale
$500,000
1313 Highland Ave, Louisville, KY 40204
Three-unit property with refreshed windows and utility improvements in Louisville’s Highlands area.
Property Size2,060 SF
Price / SF$242.72
Days on Market4
Property Features for 1313 Highland Ave
General Information
Standard status
Active
Size
2,060 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
Sell With Hale Realty & Auction
Listed By:
Mike Hall
(502) 509-5131
Source:
Mlsky
Added: Sep 9
Changed: Sep 11
Last Checked: Sep 11 at 8:43AM
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 Sell With Hale Realty & Auction
Investment Insights
Based on property information with market context.
This three-unit residential income property contains 2,060 square feet and was built in 1900. The configuration includes a primary residence and a separate cottage positioned behind the main dwelling, supporting a flexible multi-unit arrangement.
Recent improvements include replacement windows throughout and updated utilities. The property is located at 1313 Highland Ave in Louisville’s Highlands area, providing a defined urban setting for a residential rental asset. Its three-unit layout and updated building components offer a practical starting point for continued rental use.
Recent improvements include replacement windows throughout and updated utilities. The property is located at 1313 Highland Ave in Louisville’s Highlands area, providing a defined urban setting for a residential rental asset. Its three-unit layout and updated building components offer a practical starting point for continued rental use.
Key Highlights
- Triplex configuration with 2,060 square feet
- Separate cottage located behind the main residence
- All‑new windows throughout
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
$17,333
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
3.47%
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%
$346,660
$346.7K
Cap Rate 7%
$247,614
$247.6K
Cap Rate 9%
$192,589
$192.6K
Market Conditions
NOI Build-Up for 2,060 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
$26.2K $12.72/SF
− Vacancy
−$1.4K −$0.70/SF
EGI
$24.8K $12.02/SF
− OpEx
−$7.4K −$3.61/SF
NOI
$17.3K $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%
$346,660
Cap Rate 7%
$247,614
Cap Rate 9%
$192,589
Alternative Uses
Best Use
Multifamily LT 5
$247.6K
$216.7K – $288.9K
NOI $17,333 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$200.3K
$175.2K – $233.7K
NOI $14,019 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$534.0K
$467.2K – $623.0K
NOI $37,377 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,621
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with refreshed windows and utility improvements in Louisville’s Highlands area.
Where is this triplex located?
The property is located at 1313 Highland Ave Louisville, KY.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Triplex configuration with 2,060 square feet; Separate cottage located behind the main residence; All‑new windows throughout
