Brick Duplex with Detached
For Sale
$334,900
2124 Sherwood Ave, Louisville, KY 40205
Vacant residential income property offers hardwood floors, basement laundry, storage, and a level backyard.
Property Size2,744 SF
Price / SF$122.05
Days on Market36
Property Features for 2124 Sherwood Ave
General Information
Standard status
Active
Size
2,744 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
laundry facilities
storage closet
Building Details
Building Size
2,744 SF
Year Built
1920
Buildings
1
Units
2
Construction
brick
Listing Agency:
Fry Realty Collective
(502) 291-0587
Listed By:
Zach Fry
(502) 291-0587
Source:
Demareeandhubbard
Added: Jul 9
Changed: Aug 12
Last Checked: Aug 12 at 1:26PM
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 Fry Realty Collective
Investment Insights
Based on property information with market context.
Built in 1920, this vacant brick duplex contains two separate units, each with two bedrooms, one full bath, hardwood flooring, and generous closet space. The units provide 2,744 square feet above grade, while a shared 1,372-square-foot unfinished basement adds laundry facilities, storage, and a lockable storage closet. A detached two-car garage requires repair; garage and street parking are also available. The backyard is level. Recent work includes roof replacement and soffit repairs within the past three years, and one unit has an updated gas forced-air furnace. Cosmetic updates and structural repairs remain.
The property is located at 2124 Sherwood Ave in Louisville’s 40205 ZIP code, with access to Cherokee Park, Seneca Park, and the restaurants, coffee shops, breweries, boutiques, entertainment, and nightlife along Bardstown Road. Cherokee Park includes walking and running loops, mountain biking trails, picnic areas, playgrounds, open green space, horseback riding trails, and Big Rock. Seneca Park offers an 18-hole golf course, tennis and basketball courts, athletic fields, walking paths, playgrounds, and additional green space.
The property is located at 2124 Sherwood Ave in Louisville’s 40205 ZIP code, with access to Cherokee Park, Seneca Park, and the restaurants, coffee shops, breweries, boutiques, entertainment, and nightlife along Bardstown Road. Cherokee Park includes walking and running loops, mountain biking trails, picnic areas, playgrounds, open green space, horseback riding trails, and Big Rock. Seneca Park offers an 18-hole golf course, tennis and basketball courts, athletic fields, walking paths, playgrounds, and additional green space.
Key Highlights
- Two‑unit brick duplex at 2124 Sherwood Ave, Louisville, KY 40205
- Each unit includes 2 bedrooms and 1 full bath
- 2,744 square feet above grade
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
$23,089
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
6.89%
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%
$461,780
$461.8K
Cap Rate 7%
$329,843
$329.8K
Cap Rate 9%
$256,544
$256.5K
Market Conditions
NOI Build-Up for 2,744 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%
$461,780
Cap Rate 7%
$329,843
Cap Rate 9%
$256,544
Alternative Uses
Best Use
Multifamily LT 5
$329.8K
$288.6K – $384.8K
NOI $23,089 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$266.8K
$233.4K – $311.2K
NOI $18,674 @ 7.0% cap · market cap 5.58%
Theoretical Best
Office A
$711.2K
$622.3K – $829.8K
NOI $49,787 @ 7.0% cap · market cap 14.87%
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
865
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 - Vacant residential income property offers hardwood floors, basement laundry, storage, and a level backyard.
Where is this duplex located?
The property is located at 2124 Sherwood Ave Louisville, KY.
What is the asking price?
The asking price for this property is $334,900.
What are key features of this property?
This property features: Two‑unit brick duplex at 2124 Sherwood Ave, Louisville, KY 40205; Each unit includes 2 bedrooms and 1 full bath; 2,744 square feet above grade
