Three-Story Brick
For Sale
$749,000
2114 Bonnycastle Ave, Louisville, KY 40205
Brick multifamily property with varied unit layouts, basement laundry, garages, and fenced outdoor space.
Property Size5,200 SF
Price / SF$144.04
Days on Market45
Property Features for 2114 Bonnycastle Ave
General Information
Standard status
Active
Size
5,200 SF
Property subtype
Multi-Family
Building Details
Year Built
1925
Listing Agency:
Homepage Realty
Listed By:
Amanda Helfrich · License #222813
(502) 807-7319
Source:
Familyrealty
Added: Jul 20
Changed: Aug 29
Last Checked: Sep 1 at 10:35PM
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 constructed in 1925. The property contains four units with layouts ranging from one to three bedrooms, including distinctive interior features such as sunrooms, butler’s pantries, and mudrooms. A full basement provides laundry facilities, while the exterior includes a large fenced backyard and three rear garages.
The oversized first-floor residence measures more than 2,000 square feet and includes three bedrooms and two bathrooms. It is currently vacant, allowing for owner occupancy or renovation before leasing. The property requires updates, and contractor estimates are attached. The building is located at 2114 Bonnycastle Ave in Louisville’s Highlands neighborhood and offers the possibility of conversion to a single-family residence, subject to applicable approvals.
The oversized first-floor residence measures more than 2,000 square feet and includes three bedrooms and two bathrooms. It is currently vacant, allowing for owner occupancy or renovation before leasing. The property requires updates, and contractor estimates are attached. The building is located at 2114 Bonnycastle Ave in Louisville’s Highlands neighborhood and offers the possibility of conversion to a single-family residence, subject to applicable approvals.
Key Highlights
- Four‑unit, three‑story brick property built in 1925
- 5,200 square feet with four units ranging from one to three bedrooms
- First‑floor unit exceeds 2,000 square feet and includes 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
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 - Brick multifamily property with varied unit layouts, basement laundry, garages, and fenced outdoor space.
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: Four‑unit, three‑story brick property built in 1925; 5,200 square feet with four units ranging from one to three bedrooms; First‑floor unit exceeds 2,000 square feet and includes 3 bedrooms and 2 bathrooms
