Brick
For Sale
$399,900
2332 Sycamore Ave, Louisville, KY 40206
Multi Family, Louisville, KY
Property Size2,520 SF
Lot Size0.21 Acres
Price / SF$158.69
Days on Market93
Property Features for 2332 Sycamore Ave
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 3
Subdivision
CLIFTON HEIGHTS
Lot features
Corner Lot
Directions
Frankfort Ave to North Ewing to Street.
Standard status
Active
APN
05072B00610000
Size
2,520 SF
Lot size
0.21 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1955
Number of units
3
Building materials
Brick
Roof type
Asphalt
Architectural style
Other
Additional Structures
Outbuilding
Listing Agency:
Weichert Realtors - ABG
(502) 893-1900
Listed By:
William M Friel · License #57228
(502) 893-1900
Added: May 27
Changed: Aug 26
Last Checked: Aug 27 at 9:06AM
MLS# 1718597
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 2,520-square-foot triplex is constructed of brick and dates to 1955. The property includes four bedrooms and three bathrooms, with electric and natural-gas heating plus wall, window, and central air-conditioning systems. An asphalt roof serves the building.
Set on 0.21 acres at 2332 Sycamore Ave in Louisville, the property is connected to public water and public sewer. Frankfort Avenue’s dining, retail, and entertainment offerings are located nearby. The asset is classified as a triplex within the multifamily and residential income property categories.
Set on 0.21 acres at 2332 Sycamore Ave in Louisville, the property is connected to public water and public sewer. Frankfort Avenue’s dining, retail, and entertainment offerings are located nearby. The asset is classified as a triplex within the multifamily and residential income property categories.
Key Highlights
- 2,520‑square‑foot triplex on 0.21 acres
- Four bedrooms and three bathrooms
- Brick construction completed in 1955
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
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 - Three-unit residential income property with public water and sewer service.
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: 2,520‑square‑foot triplex on 0.21 acres; Four bedrooms and three bathrooms; Brick construction completed in 1955
