Historic Triplex with Covered
New
For Sale
$600,000
2063 Sherwood Ave, Louisville, KY 40205
Three separate units include basement laundry and storage space.
Property Size3,768 SF
Price / SF$159.24
Days on Market4
Property Features for 2063 Sherwood Ave
General Information
Standard status
Active
Size
3,768 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Amenities
hardwood floors
detailed woodwork
original fireplaces
laundry
storage space
covered deck
Building Details
Year Built
1904
Listing Agency:
Sell With Hale Realty & Auction
Listed By:
Mike Hall
(502) 509-5131
Source:
Mlsky
Added: Sep 19
Changed: Sep 21
Last Checked: Sep 21 at 6:44AM
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 Sell With Hale Realty & Auction
Investment Insights
Based on property information with market context.
Built in 1904, this 3,768-square-foot triplex contains three separate units with a combined six bedrooms and three full bathrooms. The first-floor residence has two bedrooms, while the second-floor unit includes three; the third-floor unit adds one bedroom. Hardwood floors, original woodwork, fireplaces, doors, and trim preserve the building’s historic character, while abundant natural light and practical updates support everyday use. A basement provides laundry and storage space, and each unit has its own covered deck.
The property sits just off Bardstown Road, with access to nearby restaurants, shops, entertainment, and other amenities. Its three-unit configuration offers flexibility for an owner-occupant or an investor seeking multiple residential spaces.
The property sits just off Bardstown Road, with access to nearby restaurants, shops, entertainment, and other amenities. Its three-unit configuration offers flexibility for an owner-occupant or an investor seeking multiple residential spaces.
Key Highlights
- 3,768 square feet of finished living space across 3 separate units
- 6 bedrooms and 3 full baths with a 2‑bedroom, 3‑bedroom, and 1‑bedroom layout
- Built in 1904 with hardwood floors, original fireplaces, woodwork, doors, and trim
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
$31,705
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
5.28%
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%
$634,100
$634.1K
Cap Rate 7%
$452,929
$452.9K
Cap Rate 9%
$352,278
$352.3K
Market Conditions
NOI Build-Up for 3,768 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
$47.9K $12.72/SF
− Vacancy
−$2.6K −$0.70/SF
EGI
$45.3K $12.02/SF
− OpEx
−$13.6K −$3.61/SF
NOI
$31.7K $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%
$634,100
Cap Rate 7%
$452,929
Cap Rate 9%
$352,278
Alternative Uses
Best Use
Multifamily LT 5
$452.9K
$396.3K – $528.4K
NOI $31,705 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$366.3K
$320.5K – $427.4K
NOI $25,643 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$976.7K
$854.6K – $1.14M
NOI $68,367 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
931
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate units include basement laundry and storage space.
Where is this triplex located?
The property is located at 2063 Sherwood Ave Louisville, KY.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 3,768 square feet of finished living space across 3 separate units; 6 bedrooms and 3 full baths with a 2‑bedroom, 3‑bedroom, and 1‑bedroom layout; Built in 1904 with hardwood floors, original fireplaces, woodwork, doors, and trim
