Renovated Triplex with Central
New
For Sale
$369,999
1853 Bank St, Louisville, KY 40203
Multi Family, Louisville, KY
Property Size2,747 SF
Price / SF$134.69
Days on Market2
Property Features for 1853 Bank St
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
8
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 5, Bedroom 7, Bedroom 4, Bedroom 6, Bedroom 8, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1
Subdivision
CAMPBELLS WESTERN
Directions
Take I-64 to Exit 3 toward 22nd Street/US-150 E. Continue on N 22nd St., turn left onto Bank St., then left onto N 19th St., Property is at the northeast corner of Bank St. and N 19th St.
Standard status
Active
APN
02015G00010000
Size
2,747 SF
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Wall/Window Unit(s), Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1890
Number of units
3
Building materials
Vinyl Siding, Wood Frame
Roof type
Shingle
Listing Agency:
Weichert Realtors - ABG
(502) 893-1900
Listed By:
Hunter Gann · License #269860
(502) 694-4667
Added: Aug 28
Last Checked: Aug 29 at 6:06PM
MLS# 1727654
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated triplex contains 2,747 square feet and was built in 1890. The room schedule identifies eight bedrooms and one bathroom across the property. Construction includes vinyl siding and wood-frame components, with a shingle roof. Heating is provided by forced air, while cooling includes central air and wall or window units.
The property is served by public water and public sewer. It is located in Louisville’s 40203 ZIP code, with the Portland area, Downtown Louisville, and the Watterson Expressway identified as nearby destinations. The address is 1853 Bank St.
The property is served by public water and public sewer. It is located in Louisville’s 40203 ZIP code, with the Portland area, Downtown Louisville, and the Watterson Expressway identified as nearby destinations. The address is 1853 Bank St.
Key Highlights
- Triplex with 2,747 square feet of building area
- Eight bedrooms and one bathroom identified in the room schedule
- Renovated property originally built in 1890
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
$23,114
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
6.25%
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%
$462,280
$462.3K
Cap Rate 7%
$330,200
$330.2K
Cap Rate 9%
$256,822
$256.8K
Market Conditions
NOI Build-Up for 2,747 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
$34.9K $12.72/SF
− Vacancy
−$1.9K −$0.70/SF
EGI
$33.0K $12.02/SF
− OpEx
−$9.9K −$3.61/SF
NOI
$23.1K $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%
$462,280
Cap Rate 7%
$330,200
Cap Rate 9%
$256,822
Alternative Uses
Best Use
Multifamily LT 5
$330.2K
$288.9K – $385.2K
NOI $23,114 @ 7.0% cap · market cap 6.25%
Second Best
Apartment 5plus
$267.1K
$233.7K – $311.6K
NOI $18,695 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$712.0K
$623.0K – $830.7K
NOI $49,842 @ 7.0% cap · market cap 13.47%
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
813
Businesses Nearby
Explore this area
Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
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 - Renovated triplex with public utilities, forced-air heat, and multiple cooling systems.
Where is this triplex located?
The property is located at 1853 Bank St Louisville, KY.
What is the asking price?
The asking price for this property is $369,999.
What are key features of this property?
This property features: Triplex with 2,747 square feet of building area; Eight bedrooms and one bathroom identified in the room schedule; Renovated property originally built in 1890
