Duplex with Covered
For Sale
$550,000
2217 Grinstead Dr, Louisville, KY 40204
Multi Family, Louisville, KY
Property Size2,950 SF
Lot Size0.23 Acres
Price / SF$186.44
Days on Market48
Property Features for 2217 Grinstead Dr
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Basement, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 3, Bedroom 5
Patio and Porch features
Porch
Subdivision
CHEROKEE TRIANGLE
Lot features
Sidewalk
Directions
64 to Grinstead
Standard status
Active
APN
075C01480000
Size
2,950 SF
Lot size
0.23 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1911
Number of units
2
Building materials
Vinyl Siding, Wood Frame, Brick
Roof type
Asphalt, Shingle
Additional Structures
Outbuilding
Listing Agency:
Homepage Realty
(502) 690-6685
Listed By:
Kristy Barbour · License #240922
(502) 744-1131
Added: Jul 17
Changed: Aug 26
Last Checked: Sep 2 at 12:06PM
MLS# 1723724
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 residential income property contains 2,950 square feet and was built in 1911. The lower residence includes two bedrooms and one full bathroom, while the upper residence provides three bedrooms and two full bathrooms. Both units are occupied, and recent improvements include two new furnaces. The property also features central air, forced-air natural-gas heating, a porch, basement, asphalt shingle roof, and public water and sewer.
Set on a 0.23-acre lot in Louisville, the property includes a four-car covered carport along with additional off-street parking. Its location provides access to Cherokee Park, Seneca Golf Course, restaurants, boutiques, nightlife, downtown Louisville, and the airport. The rear portion of the lot is described as expansive and may accommodate future expansion or additional development, subject to applicable approvals.
Set on a 0.23-acre lot in Louisville, the property includes a four-car covered carport along with additional off-street parking. Its location provides access to Cherokee Park, Seneca Golf Course, restaurants, boutiques, nightlife, downtown Louisville, and the airport. The rear portion of the lot is described as expansive and may accommodate future expansion or additional development, subject to applicable approvals.
Key Highlights
- 2,950‑square‑foot duplex on a 0.23‑acre lot
- Two residences: 2 bedrooms and 1 full bath downstairs; 3 bedrooms and 2 full baths upstairs
- Four‑car covered carport plus additional off‑street parking
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
$24,822
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
4.51%
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%
$496,440
$496.4K
Cap Rate 7%
$354,600
$354.6K
Cap Rate 9%
$275,800
$275.8K
Market Conditions
NOI Build-Up for 2,950 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
$37.5K $12.72/SF
− Vacancy
−$2.1K −$0.70/SF
EGI
$35.5K $12.02/SF
− OpEx
−$10.6K −$3.61/SF
NOI
$24.8K $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%
$496,440
Cap Rate 7%
$354,600
Cap Rate 9%
$275,800
Alternative Uses
Best Use
Multifamily LT 5
$354.6K
$310.3K – $413.7K
NOI $24,822 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$286.8K
$251.0K – $334.6K
NOI $20,076 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$764.6K
$669.1K – $892.1K
NOI $53,525 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,173
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
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 - Updated two-unit property with occupied residences, flexible bedroom layouts, and substantial off-street parking.
Where is this duplex located?
The property is located at 2217 Grinstead Dr Louisville, KY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,950‑square‑foot duplex on a 0.23‑acre lot; Two residences: 2 bedrooms and 1 full bath downstairs; 3 bedrooms and 2 full baths upstairs; Four‑car covered carport plus additional off‑street parking
