Two-Unit Duplex with
For Sale
$350,000
1908 Bonnycastle Ave, Louisville, KY 40205
Separate entrances, rear parking, and a two-bedroom layout in each residence.
Property Size1,924 SF
Days on Market20
Property Features for 1908 Bonnycastle Ave
General Information
Standard status
Active
Size
1,924 SF
Total Parking Spaces
3
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Building Size
1,924 SF
Year Built
1910
Units
2
Listing Agency:
Coldwell Banker McMahan
(502) 232-5322
Listed By:
Tiffany Stewart
(502) 232-5322
Source:
Demareeandhubbard
Added: Jul 23
Changed: Aug 10
Last Checked: Aug 10 at 3:32AM
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 Coldwell Banker McMahan
Investment Insights
Based on property information with market context.
Built in 1910, this two-unit duplex offers separate entrances and distinct living spaces across its first and second floors. Each unit includes two bedrooms and one full bathroom. The lower residence features hardwood flooring, while the upper residence adds an enclosed sunroom that expands its usable space.
The property includes rear parking for 3 spaces and is located in Louisville’s Highlands at 1908 Bonnycastle Ave. Its duplex configuration, unit separation, and established residential setting support both owner-occupant and rental-use considerations.
The property includes rear parking for 3 spaces and is located in Louisville’s Highlands at 1908 Bonnycastle Ave. Its duplex configuration, unit separation, and established residential setting support both owner-occupant and rental-use considerations.
Key Highlights
- Two‑unit duplex with separate entrances for each residence
- Each unit includes 2 bedrooms and 1 full bathroom
- Enclosed sunroom attached to the second‑floor 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
$16,189
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
4.63%
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%
$323,780
$323.8K
Cap Rate 7%
$231,271
$231.3K
Cap Rate 9%
$179,878
$179.9K
Market Conditions
NOI Build-Up for 1,924 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
$24.5K $12.72/SF
− Vacancy
−$1.3K −$0.70/SF
EGI
$23.1K $12.02/SF
− OpEx
−$6.9K −$3.61/SF
NOI
$16.2K $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%
$323,780
Cap Rate 7%
$231,271
Cap Rate 9%
$179,878
Alternative Uses
Best Use
Multifamily LT 5
$231.3K
$202.4K – $269.8K
NOI $16,189 @ 7.0% cap · market cap 4.63%
Second Best
Apartment 5plus
$187.1K
$163.7K – $218.2K
NOI $13,094 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$498.7K
$436.4K – $581.8K
NOI $34,909 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
921
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?
Duplex - Separate entrances, rear parking, and a two-bedroom layout in each residence.
Where is this duplex located?
The property is located at 1908 Bonnycastle Ave Louisville, KY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit duplex with separate entrances for each residence; Each unit includes 2 bedrooms and 1 full bathroom; Enclosed sunroom attached to the second‑floor unit
