Three-Unit Residential Income
For Sale
Contact for pricing
1314 Highland Avenue, 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
Price / SF$137.53
Days on Market61
Property Features for 1314 Highland Avenue
General Information
Standard status
Active
Size
3,781 SF
Total Parking Spaces
3
Lot size
0.20 Acres
Property subtype
Multifamily
Zoning
R5B
Occupancy
67%
Additional Details
Cap Rate
5.13%
Multifamily Units
3
Amenities
high ceilings
original millwork
decorative mantels
hardwood floors
bay windows
washer/dryer hookup
Building Details
Year Built
1900
Construction
wood-frame
Tenancy
Multi
Listing Agency:
simpler.realestate
Listed By:
Lesa Seibert · License #296170
Source:
Crexi
Added: Jun 7
Changed: Jul 21
Last Checked: Jul 26 at 2:08PM
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
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 = 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
$31,814
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
6.12%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
Lease Details
3
Residential units
66.7%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,505
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
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 - 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 Avenue 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
