2-Unit Duplex with Separate
New
For Sale
$199,900
214 W Collins Ct, Louisville, KY 40214
Each residence includes laundry hookups, walk-in closets, and its own furnace and central air unit.
Property Size1,920 SF
Price / SF$104.11
Days on Market4
Property Features for 214 W Collins Ct
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Amenities
laundry hookups
front deck
rear decks
walk-in closets
Building Details
Year Built
1900
Buildings
1
Listing Agency:
RE/MAX Premier Properties
Listed By:
Kyle Elmore · License #262211
(502) 389-9920
Source:
Whitepicketky
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 7:26AM
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 RE/MAX Premier Properties
Investment Insights
Based on property information with market context.
This 1,920-square-foot duplex, built in 1900, contains two 1-bedroom, 1-bathroom residences of approximately 960 square feet each. Both have laundry hookups and walk-in closets. Each unit is served by a separate electric panel, furnace, and central air unit. Gas and electric are separately metered; water is on one meter, with the cost divided evenly and billed to tenants. The roof is approximately 3 years old.
Outdoor features include a large front deck, two smaller rear decks, and a sizable rear yard. The property is near the University of Louisville, Churchill Downs, and expressways. City trash collection is provided.
Outdoor features include a large front deck, two smaller rear decks, and a sizable rear yard. The property is near the University of Louisville, Churchill Downs, and expressways. City trash collection is provided.
Key Highlights
- Two 1‑bedroom, 1‑bathroom units, each approximately 960 square feet
- Separate electric panels, furnaces, central air units, and gas and electric meters for each unit
- Water is on a shared meter; costs are divided evenly and billed to tenants
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
$16,813
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
8.41%
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%
$336,260
$336.3K
Cap Rate 7%
$240,186
$240.2K
Cap Rate 9%
$186,811
$186.8K
Market Conditions
NOI Build-Up for 1,920 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
$33.4K $17.40/SF
− Vacancy
−$2.8K −$1.48/SF
EGI
$30.6K $15.92/SF
− OpEx
−$13.8K −$7.16/SF
NOI
$16.8K $8.76/SF
Area
ZIP 40214
Vacancy
8.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$336,260
Cap Rate 7%
$240,186
Cap Rate 9%
$186,811
Alternative Uses
Best Use
Multifamily LT 5
$264.8K
$231.7K – $308.9K
NOI $18,533 @ 7.0% cap · market cap 9.27%
Second Best
Apartment 5plus
$240.2K
$210.2K – $280.2K
NOI $16,813 @ 7.0% cap · market cap 8.41%
Theoretical Best
Office A
$460.1K
$402.6K – $536.7K
NOI $32,204 @ 7.0% cap · market cap 16.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
652
Businesses Nearby
Explore this area
Business Placement
Demographics for 40214, KY
46,220
Population
20,459
Households
2.3
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
15.0 sq mi
ZIP Area
3,081
Density / Sq Mi
$53,563
Median Household Income
$37,121
Median Earnings
$950
Median Rent
$176,700
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?
Duplex - Each residence includes laundry hookups, walk-in closets, and its own furnace and central air unit.
Where is this duplex located?
The property is located at 214 W Collins Ct Louisville, KY.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bathroom units, each approximately 960 square feet; Separate electric panels, furnaces, central air units, and gas and electric meters for each unit; Water is on a shared meter; costs are divided evenly and billed to tenants
