Triplex with Strong Rental
For Sale
$399,900
2322 Sycamore Ave, Louisville, KY 40206
R4-zoned multifamily property near Frankfort Avenue’s dining, retail, and entertainment corridor.
Property Size2,520 SF
Price / SF$158.69
Days on Market96
Property Features for 2322 Sycamore Ave
General Information
Standard status
Active
Size
2,520 SF
Property subtype
Multifamily
Zoning
R4
Additional Details
Multifamily Units
3
Building Details
Year Built
1955
Listing Agency:
Weichert Realtors - ABG
(502) 609-4778
Listed By:
William Friel · License #57228
(502) 609-4778
Source:
Kcrea.resimplifi
Added: May 27
Changed: Aug 30
Last Checked: Aug 30 at 1:30PM
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 Weichert Realtors - ABG
Investment Insights
Based on property information with market context.
This triplex contains 2,520 square feet and was built in 1955. The property is zoned R4 and has an established rental record with historically low vacancy. Existing rental performance provides a documented operating history for multifamily ownership.
Located on Sycamore Ave in Louisville’s Crescent Hill area, the property is near Frankfort Avenue, a corridor offering dining, retail, and entertainment. The three-unit configuration and proximity to this commercial destination define the asset’s primary operating and location characteristics.
Located on Sycamore Ave in Louisville’s Crescent Hill area, the property is near Frankfort Avenue, a corridor offering dining, retail, and entertainment. The three-unit configuration and proximity to this commercial destination define the asset’s primary operating and location characteristics.
Key Highlights
- Three‑unit multifamily property
- 2,520 square feet
- R4 zoning
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
$21,204
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
5.30%
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%
$424,080
$424.1K
Cap Rate 7%
$302,914
$302.9K
Cap Rate 9%
$235,600
$235.6K
Market Conditions
NOI Build-Up for 2,520 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
$32.1K $12.72/SF
− Vacancy
−$1.8K −$0.70/SF
EGI
$30.3K $12.02/SF
− OpEx
−$9.1K −$3.61/SF
NOI
$21.2K $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%
$424,080
Cap Rate 7%
$302,914
Cap Rate 9%
$235,600
Alternative Uses
Best Use
Multifamily LT 5
$302.9K
$265.1K – $353.4K
NOI $21,204 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$245.0K
$214.4K – $285.8K
NOI $17,150 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$653.2K
$571.5K – $762.1K
NOI $45,723 @ 7.0% cap · market cap 11.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
748
Businesses Nearby
Explore this area
Business Placement
Demographics for 40206, KY
20,196
Population
11,637
Households
1.7
Avg Household Size
38
Median Age
55%
College-Educated
95%
High-School Grad
5.8 sq mi
ZIP Area
3,482
Density / Sq Mi
$72,543
Median Household Income
$48,506
Median Earnings
$1,142
Median Rent
$276,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - R4-zoned multifamily property near Frankfort Avenue’s dining, retail, and entertainment corridor.
Where is this triplex located?
The property is located at 2322 Sycamore Ave Louisville, KY.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Three‑unit multifamily property; 2,520 square feet; R4 zoning
