Renovated Two-Unit
For Sale
$180,000
2711 Rodman St, Louisville, KY 40208
Renovated duplex with independently serviced units and leases extending through 2027.
Property Size1,363 SF
Price / SF$132.06
Days on Market15
Property Features for 2711 Rodman St
General Information
Standard status
Active
Size
1,363 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Gross Income
$22,800
Multifamily Units
2
Building Details
Year Built
1905
Listing Agency:
Greater Rough River Realty Group
(502) 219-3500
Listed By:
RE Solutions
(502) 219-3500
Source:
Resolutions
Added: Aug 15
Changed: Aug 28
Last Checked: Aug 29 at 9:02AM
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 Greater Rough River Realty Group
Investment Insights
Based on property information with market context.
This renovated duplex contains two living spaces with separate addresses: 2711 Rodman St Unit 101 and 2711 Rodman St Unit 102. Each unit has its own electric, gas, water, and sewer service, along with an individual HVAC system and water heater. Current leases extend through 2027, and tenants are responsible for establishing and paying for their utility services under the lease terms.
Built in 1905, the property is near Churchill Downs, the University of Louisville, downtown Louisville, and major expressways. The separate utility infrastructure and independently addressed units provide a clearly divided two-unit configuration for continued residential income use. Buyers should verify zoning and intended use.
Built in 1905, the property is near Churchill Downs, the University of Louisville, downtown Louisville, and major expressways. The separate utility infrastructure and independently addressed units provide a clearly divided two-unit configuration for continued residential income use. Buyers should verify zoning and intended use.
Key Highlights
- Two separately addressed units: 2711 Rodman St Unit 101 and 2711 Rodman St Unit 102
- Separate electric, gas, water, and sewer services for each unit
- Individual HVAC systems and water heaters
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
$11,469
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
6.37%
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%
$229,380
$229.4K
Cap Rate 7%
$163,843
$163.8K
Cap Rate 9%
$127,433
$127.4K
Market Conditions
NOI Build-Up for 1,363 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
$17.3K $12.72/SF
− Vacancy
−$954 −$0.70/SF
EGI
$16.4K $12.02/SF
− OpEx
−$4.9K −$3.61/SF
NOI
$11.5K $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%
$229,380
Cap Rate 7%
$163,843
Cap Rate 9%
$127,433
Alternative Uses
Best Use
Multifamily LT 5
$163.8K
$143.4K – $191.2K
NOI $11,469 @ 7.0% cap · market cap 6.37%
Second Best
Apartment 5plus
$132.5K
$116.0K – $154.6K
NOI $9,276 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$353.3K
$309.1K – $412.2K
NOI $24,730 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
773
Businesses Nearby
Explore this area
Business Placement
Demographics for 40208, KY
17,048
Population
6,675
Households
2.6
Avg Household Size
27
Median Age
34%
College-Educated
88%
High-School Grad
2.6 sq mi
ZIP Area
6,557
Density / Sq Mi
$37,714
Median Household Income
$17,255
Median Earnings
$914
Median Rent
$153,100
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?
Duplex - Renovated duplex with independently serviced units and leases extending through 2027.
Where is this duplex located?
The property is located at 2711 Rodman St Louisville, KY.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Two separately addressed units: 2711 Rodman St Unit 101 and 2711 Rodman St Unit 102; Separate electric, gas, water, and sewer services for each unit; Individual HVAC systems and water heaters
