Value-Add Triplex
For Sale
Contact for pricing
2332 SYCAMORE AVE, Louisville, KY 40206
A three-unit rental property configured for income-focused ownership near Frankfort Avenue’s retail corridor.
Property Size2,520 SF
Price / SF$158.69
Days on Market96
Property Features for 2332 SYCAMORE AVE
General Information
Standard status
Active
Size
2,520 SF
Property subtype
Multifamily
Zoning
R6
Building Details
Year Built
1955
Buildings
1
Stories
2
Units
3
Listing Agency:
Weichert Commercial Brokerage Inc Louisville
Listed By:
William Friel · License #KY 57228
(502) 609-4778
Source:
Crexi
Added: Jun 2
Changed: Aug 23
Last Checked: Aug 31 at 7:43AM
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 Commercial Brokerage Inc Louisville
Investment Insights
Based on property information with market context.
This Crescent Hill triplex is offered as a value-add multifamily investment with three residential units under one ownership structure. The property size is listed at 2,520 square feet, supporting a compact, manageable footprint for operators looking for a three-unit setup.
The address is 2332 Sycamore Ave in Louisville, Kentucky, with the seller describing the area as a tight rental market. The property is positioned just minutes from Frankfort Avenue’s dining, retail, and entertainment strip, which can be a practical consideration for tenant demand in the surrounding sub-market.
For investors and owner-operators, the three-unit configuration offers multiple income-producing units within a single asset rather than spreading the investment across separate buildings. This can simplify property management decisions while keeping the ownership strategy centered on a neighborhood triplex format. Prospective buyers should review unit-level details, current rents, and expenses as part of underwriting to fully assess the value-add opportunity referenced in the offering materials.
The address is 2332 Sycamore Ave in Louisville, Kentucky, with the seller describing the area as a tight rental market. The property is positioned just minutes from Frankfort Avenue’s dining, retail, and entertainment strip, which can be a practical consideration for tenant demand in the surrounding sub-market.
For investors and owner-operators, the three-unit configuration offers multiple income-producing units within a single asset rather than spreading the investment across separate buildings. This can simplify property management decisions while keeping the ownership strategy centered on a neighborhood triplex format. Prospective buyers should review unit-level details, current rents, and expenses as part of underwriting to fully assess the value-add opportunity referenced in the offering materials.
Key Highlights
- 3‑unit rental triplex near Frankfort Avenue’s retail corridor
- Year built: 1955
- Value‑add opportunity with rents described as below‑market, offering a path to increased cash flow
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
Property Profile
Current Use
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
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Frequently Asked Questions
What type of property is this?
Triplex - A three-unit rental property configured for income-focused ownership near Frankfort Avenue’s retail corridor.
Where is this triplex located?
The property is located at 2332 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: 3‑unit rental triplex near Frankfort Avenue’s retail corridor; Year built: 1955; Value‑add opportunity with rents described as below‑market, offering a path to increased cash flow
