Brick Triplex with Front
For Sale
$498,000
Pending
1603 Chichester Ave, Louisville, KY 40205
Three-unit property with separate utilities and hardwood flooring throughout.
Property Size3,000 SF
Days on Market90
Property Features for 1603 Chichester Ave
General Information
Standard status
Pending
Size
3,000 SF
Property subtype
Residential Income
Additional Details
Gross Income
$39,300
Multifamily Units
3
Amenities
front porch
hardwood floors
separate utilities
Building Details
Buildings
1
Construction
brick
Listing Agency:
Cowley Realty
(502) 432-6000
Listed By:
Tom Cowley
(502) 432-6000
Source:
Exprealty
Added: May 14
Changed: Aug 5
Last Checked: Aug 11 at 12:18PM
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 Cowley Realty
Investment Insights
Based on property information with market context.
This 3,000-square-foot brick triplex includes three residential units, hardwood flooring throughout, and separate utilities for each unit. A broad front porch adds a defined exterior feature to the building.
The property is located at 1603 Chichester Ave in Louisville’s Highlands area. Its three-unit configuration supports separate occupancy arrangements within one building, while the individual utilities provide distinct service for each residence.
The property is located at 1603 Chichester Ave in Louisville’s Highlands area. Its three-unit configuration supports separate occupancy arrangements within one building, while the individual utilities provide distinct service for each residence.
Key Highlights
- 3,000‑square‑foot brick triplex
- Three residential units in one building
- Separate utilities for each unit
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
$25,243
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
5.07%
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%
$504,860
$504.9K
Cap Rate 7%
$360,614
$360.6K
Cap Rate 9%
$280,478
$280.5K
Market Conditions
NOI Build-Up for 3,000 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
$38.2K $12.72/SF
− Vacancy
−$2.1K −$0.70/SF
EGI
$36.1K $12.02/SF
− OpEx
−$10.8K −$3.61/SF
NOI
$25.2K $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%
$504,860
Cap Rate 7%
$360,614
Cap Rate 9%
$280,478
Alternative Uses
Best Use
Multifamily LT 5
$360.6K
$315.5K – $420.7K
NOI $25,243 @ 7.0% cap · market cap 5.07%
Second Best
Apartment 5plus
$291.7K
$255.2K – $340.3K
NOI $20,417 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$777.6K
$680.4K – $907.2K
NOI $54,432 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
933
Businesses Nearby
Explore this area
Business Placement
Demographics for 40205, KY
24,077
Population
11,021
Households
2.2
Avg Household Size
43
Median Age
65%
College-Educated
97%
High-School Grad
6.9 sq mi
ZIP Area
3,489
Density / Sq Mi
$98,990
Median Household Income
$54,604
Median Earnings
$1,095
Median Rent
$361,900
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 - Three-unit property with separate utilities and hardwood flooring throughout.
Where is this triplex located?
The property is located at 1603 Chichester Ave Louisville, KY.
What is the asking price?
The asking price for this property is $498,000.
What are key features of this property?
This property features: 3,000‑square‑foot brick triplex; Three residential units in one building; Separate utilities for each unit
