Brick Duplex with Covered
For Sale
$575,000
2217 Grinstead Dr, Louisville, KY 40204
Updated two-unit property with current tenants, flexible occupancy options, and convenient access to Louisville destinations.
Property Size1,950 SF
Price / SF$294.87
Days on Market41
Property Features for 2217 Grinstead Dr
General Information
Standard status
Active
Size
1,950 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1911
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Homepage Realty
(812) 686-3268
Listed By:
Kristy Barbour
Source:
Familyrealty
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 25 at 4:31AM
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 Homepage Realty
Investment Insights
Based on property information with market context.
This all-brick duplex contains 1,950 square feet across two residential units. The first-floor apartment has 2 bedrooms and 1 full bath, while the second-floor unit includes 3 bedrooms and 2 full baths. Built in 1911, the property has been updated and includes two new furnaces. Two tenants are currently in place, supporting immediate rental occupancy or an owner-occupant arrangement.
The property includes a 4-car covered carport, additional off-street parking, and an oversized rear lot. Its Louisville setting places the duplex near Cherokee Park, Seneca Golf Course, restaurants, boutiques, nightlife, downtown Louisville, and the airport. The address is 2217 Grinstead Dr, Louisville, KY 40204.
The property includes a 4-car covered carport, additional off-street parking, and an oversized rear lot. Its Louisville setting places the duplex near Cherokee Park, Seneca Golf Course, restaurants, boutiques, nightlife, downtown Louisville, and the airport. The address is 2217 Grinstead Dr, Louisville, KY 40204.
Key Highlights
- Two‑unit duplex with 1,950 square feet and current tenant occupancy
- First‑floor unit: 2 bedrooms and 1 full bath
- Second‑floor unit: 3 bedrooms and 2 full baths
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
$16,408
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
2.85%
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%
$328,160
$328.2K
Cap Rate 7%
$234,400
$234.4K
Cap Rate 9%
$182,311
$182.3K
Market Conditions
NOI Build-Up for 1,950 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
$24.8K $12.72/SF
− Vacancy
−$1.4K −$0.70/SF
EGI
$23.4K $12.02/SF
− OpEx
−$7.0K −$3.61/SF
NOI
$16.4K $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%
$328,160
Cap Rate 7%
$234,400
Cap Rate 9%
$182,311
Alternative Uses
Best Use
Multifamily LT 5
$234.4K
$205.1K – $273.5K
NOI $16,408 @ 7.0% cap · market cap 2.85%
Second Best
Apartment 5plus
$189.6K
$165.9K – $221.2K
NOI $13,271 @ 7.0% cap · market cap 2.31%
Theoretical Best
Office A
$505.4K
$442.3K – $589.7K
NOI $35,381 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,173
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?
Duplex - Updated two-unit property with current tenants, flexible occupancy options, and convenient access to Louisville destinations.
Where is this duplex located?
The property is located at 2217 Grinstead Dr Louisville, KY.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,950 square feet and current tenant occupancy; First‑floor unit: 2 bedrooms and 1 full bath; Second‑floor unit: 3 bedrooms and 2 full baths
