Three-Story Brick
For Sale
$749,000
2114 Bonnycastle Ave, Louisville, KY 40205
Four residential units feature varied layouts, basement laundry, rear garages, and a fenced backyard.
Property Size5,200 SF
Price / SF$144.04
Days on Market122
Property Features for 2114 Bonnycastle Ave
General Information
Standard status
Active
Size
5,200 SF
Total Parking Spaces
3
Property subtype
Residential Income
Additional Details
Multifamily Units
4
Amenities
sunrooms
butler's pantries
mudrooms
full basement with laundry
large fenced backyard
Building Details
Buildings
1
Stories
3
Construction
brick
Listing Agency:
Homepage Realty
(502) 807-7319
Listed By:
Amanda Helfrich · License #222813
(502) 807-7319
Source:
Exprealty
Added: Apr 13
Changed: Aug 11
Last Checked: Aug 11 at 5:21AM
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 5,200-square-foot quadplex occupies a three-story brick building with four residential units ranging from one to three bedrooms. Unit interiors include distinctive features such as sunrooms, butler’s pantries, and mudrooms. The property also includes a full basement with laundry, a fenced backyard, and three garages positioned at the rear.
The first-floor residence spans more than 2,000 square feet and includes three bedrooms and two bathrooms. It is currently vacant, allowing for immediate renovation or future leasing. The building would benefit from updates, and the property’s established use as a rental provides a documented operating history. A conversion to a single-family residence may also be considered, subject to applicable approvals. The property is located at 2114 Bonnycastle Ave in Louisville’s Highlands neighborhood.
The first-floor residence spans more than 2,000 square feet and includes three bedrooms and two bathrooms. It is currently vacant, allowing for immediate renovation or future leasing. The building would benefit from updates, and the property’s established use as a rental provides a documented operating history. A conversion to a single-family residence may also be considered, subject to applicable approvals. The property is located at 2114 Bonnycastle Ave in Louisville’s Highlands neighborhood.
Key Highlights
- 5,200‑square‑foot three‑story brick quadplex
- Four units ranging from one to three bedrooms
- First‑floor unit exceeds 2,000 square feet with 3 bedrooms and 2 bathrooms
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
$43,754
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
5.84%
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%
$875,080
$875.1K
Cap Rate 7%
$625,057
$625.1K
Cap Rate 9%
$486,156
$486.2K
Market Conditions
NOI Build-Up for 5,200 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
$66.1K $12.72/SF
− Vacancy
−$3.6K −$0.70/SF
EGI
$62.5K $12.02/SF
− OpEx
−$18.8K −$3.61/SF
NOI
$43.8K $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%
$875,080
Cap Rate 7%
$625,057
Cap Rate 9%
$486,156
Alternative Uses
Best Use
Multifamily LT 5
$625.1K
$546.9K – $729.2K
NOI $43,754 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$505.6K
$442.4K – $589.8K
NOI $35,389 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,349 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
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?
Quadplex - Four residential units feature varied layouts, basement laundry, rear garages, and a fenced backyard.
Where is this quadplex located?
The property is located at 2114 Bonnycastle Ave Louisville, KY.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 5,200‑square‑foot three‑story brick quadplex; Four units ranging from one to three bedrooms; First‑floor unit exceeds 2,000 square feet with 3 bedrooms and 2 bathrooms
