Two-Unit Duplex with Separate
New
For Sale
$199,900
214 W Collins Ct, Louisville, KY 40214
Multi Family, Louisville, KY
Property Size1,920 SF
Lot Size0.15 Acres
Price / SF$104.11
Days on Market2
Property Features for 214 W Collins Ct
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 1
Patio and Porch features
Deck
Subdivision
WILDER PARK
Directions
Southern Parkway to Collins Court, home on Right between 3rd and 2nd Streets
Standard status
Active
APN
12055E00620000
Size
1,920 SF
Lot size
0.15 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
laundry hookups
front deck
rear decks
walk-in closets
central air
city trash collection
large rear yard
Building Details
Year built
1900
Number of units
2
Building materials
Wood Frame, Aluminum Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX Premier Properties · RE/MAX International
(502) 384-5944
Listed By:
Matthew Hoagland · License #218854
(502) 297-1797
Added: Sep 22
Last Checked: Sep 23 at 12:06AM
MLS# 1729815
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,920 square feet, with each one-bedroom, one-bath residence measuring approximately 960 square feet. Both units include laundry hookups and walk-in closets, while separate electric panels, furnaces, central air units, and electric and gas meters support independent utility service. Water is shared on one meter and divided evenly between the tenants.
The property sits on a 0.15-acre lot with a large front deck, two smaller rear decks, and a sizable backyard. The shingle roof is approximately 3 years old, and the building uses forced-air heating, central air, public water, and public sewer. One unit is vacant for showings. The property is near the University of Louisville, Churchill Downs, and expressways, with city trash collection.
The property sits on a 0.15-acre lot with a large front deck, two smaller rear decks, and a sizable backyard. The shingle roof is approximately 3 years old, and the building uses forced-air heating, central air, public water, and public sewer. One unit is vacant for showings. The property is near the University of Louisville, Churchill Downs, and expressways, with city trash collection.
Key Highlights
- Two 1‑bedroom, 1‑bath units totaling 1,920 square feet
- Approximately 960 square feet per unit
- Separate electric and gas meters, panels, furnaces, and central air units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Income property with private outdoor areas, laundry hookups, and a spacious rear yard near major local destinations.
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‑bath units totaling 1,920 square feet; Approximately 960 square feet per unit; Separate electric and gas meters, panels, furnaces, and central air units
