Three-Unit Residential Income
For Sale
$520,000
Pending
1314 Highland Ave, Louisville, KY 40204
Wood-frame triplex offers three separate apartments with off-street parking and washer/dryer hookups in two units.
Property Size3,781 SF
Lot Size0.20 Acres
Days on Market157
Property Features for 1314 Highland Ave
General Information
Standard status
Pending
Size
3,781 SF
Total Parking Spaces
3
Lot size
0.20 Acres
Property subtype
Multifamily
Zoning
R5B
Occupancy
67%
Site & Location
Neighborhood
Highlands
Additional Details
Cap Rate
5.13%
Multifamily Units
3
Amenities
high ceilings
original millwork
decorative mantels
hardwood floors
bay windows
washer/dryer hookup
3 Parking Spaces
Building Details
Year Built
1900
Construction
wood-frame
Tenancy
Multi
Listing Agency:
simpler.realestate
Listed By:
Lesa Seibert · License #296170
(502) 821-2853
Source:
Kcrea.resimplifi
Added: May 25
Changed: Oct 26
Last Checked: Oct 28 at 4:53AM
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 simpler.realestate
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Investment Insights
Based on property information with market context.
1314 Highland Avenue is a three-unit residential income property housed in a wood-frame, approximately 2.5-story building built around 1900. The layout provides one full-floor apartment per level. The property includes three full bathrooms and three off-street parking spaces, with additional street parking on a 0.20-acre lot. Two units feature washer/dryer hookups, while the third-floor apartment is owner-occupied and currently produces no rental income.
The building is located in Louisville’s Original Highlands, described as one of the city’s more walkable rental submarkets, and is a few blocks from the Bardstown Road and Baxter Avenue dining and retail corridor. Per the offering, two of the three units are leased, generating $42,600 in current annual income.
The property is described as a legal nonconforming triplex under R5B zoning. The listing notes that buyers should confirm zoning and rebuild rights with Louisville Metro Planning and Design Services. Offered fee simple by general warranty deed, and a confidential offering memorandum with rent roll, financials, and sales comparables is available to qualified buyers.
The building is located in Louisville’s Original Highlands, described as one of the city’s more walkable rental submarkets, and is a few blocks from the Bardstown Road and Baxter Avenue dining and retail corridor. Per the offering, two of the three units are leased, generating $42,600 in current annual income.
The property is described as a legal nonconforming triplex under R5B zoning. The listing notes that buyers should confirm zoning and rebuild rights with Louisville Metro Planning and Design Services. Offered fee simple by general warranty deed, and a confidential offering memorandum with rent roll, financials, and sales comparables is available to qualified buyers.
Key Highlights
- Three‑unit wood‑frame triplex built around 1900 in Louisville’s Original Highlands with approx. 3,601 SF across 2.5 stories
- 2BR/1BA apartments (Apt 1 and Apt 2) each include washer/dryer hookup; Apt 3 is a 1BR/1BA
- Three full bathrooms total; three off‑street parking spaces plus street parking on a 0.20‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,814
Cap Rate
6.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$636,280
$636.3K
Cap Rate 7%
$454,486
$454.5K
Cap Rate 9%
$353,489
$353.5K
Market Conditions
NOI Build-Up for 3,781 SF
Gross rent
$48.1K $12.72/SF
− Vacancy
−$2.6K −$0.70/SF
EGI
$45.4K $12.02/SF
− OpEx
−$13.6K −$3.61/SF
NOI
$31.8K $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 Rate 5%
$636,280
Cap Rate 7%
$454,486
Cap Rate 9%
$353,489
Alternative Uses
Best Use
Multifamily LT 5
$454.5K
$397.7K – $530.2K
NOI $31,814 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$367.6K
$321.7K – $428.9K
NOI $25,732 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$980.0K
$857.5K – $1.14M
NOI $68,602 @ 7.0% cap · market cap 13.19%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
3
Residential units
66.7%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,505
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Wood-frame triplex offers three separate apartments with off-street parking and washer/dryer hookups in two units.
Where is this triplex located?
The property is located at 1314 Highland Ave Louisville, KY.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Three‑unit wood‑frame triplex built around 1900 in Louisville’s Original Highlands with approx. 3,601 SF across 2.5 stories; 2BR/1BA apartments (Apt 1 and Apt 2) each include washer/dryer hookup; Apt 3 is a 1BR/1BA; Three full bathrooms total; three off‑street parking spaces plus street parking on a 0.20‑acre lot
