Renovated Triplex with
For Sale
$475,000
Pending
2901 S 4th St, Louisville, KY 40208
C-2 zoning accommodates long-term rentals, potential short-term use, and live-work configurations.
Property Size4,960 SF
Lot Size0.15 Acres
Days on Market227
Property Features for 2901 S 4th St
General Information
Standard status
Pending
Size
4,960 SF
Total Parking Spaces
16
Lot size
0.15 Acres
Property subtype
Multifamily
Zoning
C2
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Additional Details
Road Access
Yes
Amenities
fireplace
in-unit laundry
Power
Water
Sewer
Natural Gas
16 Parking Spaces
Building Details
Year Built
1915
Year Renovated
2025
Tenancy
Multiple Tenants
Listing Agency:
Nexus Commercial Advisors
(502) 724-7325
Listed By:
Charlotte Hollkamp
(502) 724-7325
Source:
Kcrea.resimplifi
Added: Jan 15
Changed: Aug 29
Last Checked: Aug 26 at 12:18PM
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 Nexus Commercial Advisors
Investment Insights
Based on property information with market context.
This triplex contains approximately 4,960 square feet across three residential units. The first floor includes one 1-bedroom, 1-bathroom residence and one 2-bedroom, 1-bathroom residence. A larger 3-bedroom, 2-bathroom unit occupies the second floor. Renovation and reconfiguration work was completed in Q4 2025, with separate unit layouts and multiple ingress and egress points. Features in the upper residence include an original wood-burning fireplace, decorative molding, paneled doors, hardwood floors, granite kitchen countertops, and private in-unit laundry. A built-in fireplace serves one of the first-floor units.
The property occupies approximately 0.1498 acres at the corner of South 4th Street and Iowa Avenue in Louisville. The University of Louisville, L&N Federal Credit Union Stadium, Churchill Downs, and Jim Patterson Stadium are within walking distance. Rear parking accommodates up to 16 vehicles, with additional on-street parking available.
An approximately 2,960-square-foot unfinished basement and unfinished attic provide storage, expansion, or owner-use options. C-2 zoning allows long-term rental, potential short-term rental, and live-work configurations.
The property occupies approximately 0.1498 acres at the corner of South 4th Street and Iowa Avenue in Louisville. The University of Louisville, L&N Federal Credit Union Stadium, Churchill Downs, and Jim Patterson Stadium are within walking distance. Rear parking accommodates up to 16 vehicles, with additional on-street parking available.
An approximately 2,960-square-foot unfinished basement and unfinished attic provide storage, expansion, or owner-use options. C-2 zoning allows long-term rental, potential short-term rental, and live-work configurations.
Key Highlights
- Three‑unit property totaling ±4,960 SF, with 1‑bedroom, 2‑bedroom, and 3‑bedroom residences
- Renovated and reconfigured in Q4 2025
- Up to sixteen (16) off‑street parking spaces at the rear
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
$41,735
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
8.79%
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%
$834,700
$834.7K
Cap Rate 7%
$596,214
$596.2K
Cap Rate 9%
$463,722
$463.7K
Market Conditions
NOI Build-Up for 4,960 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
$63.1K $12.72/SF
− Vacancy
−$3.5K −$0.70/SF
EGI
$59.6K $12.02/SF
− OpEx
−$17.9K −$3.61/SF
NOI
$41.7K $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%
$834,700
Cap Rate 7%
$596,214
Cap Rate 9%
$463,722
Alternative Uses
Best Use
Multifamily LT 5
$596.2K
$521.7K – $695.6K
NOI $41,735 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$482.2K
$421.9K – $562.6K
NOI $33,755 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$1.29M
$1.12M – $1.50M
NOI $89,994 @ 7.0% cap · market cap 18.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
797
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?
Triplex - C-2 zoning accommodates long-term rentals, potential short-term use, and live-work configurations.
Where is this triplex located?
The property is located at 2901 S 4th St Louisville, KY.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Three‑unit property totaling ±4,960 SF, with 1‑bedroom, 2‑bedroom, and 3‑bedroom residences; Renovated and reconfigured in Q4 2025; Up to sixteen (16) off‑street parking spaces at the rear
