Two-Home Duplex
For Sale
$258,999
3011 Blevins Gap Rd, Louisville, KY 40272
Separate three-bedroom residences provide immediate occupancy in one home and renovation potential in the other.
Property Size2,210 SF
Price / SF$117.19
Days on Market9
Property Features for 3011 Blevins Gap Rd
General Information
Standard status
Active
Size
2,210 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
value-add opportunity for renovation
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1950
Buildings
2
Listing Agency:
United Real Estate Louisville
(812) 686-3268
Listed By:
Key Associates Signature Realty
(812) 686-3268
Source:
Keyassociates
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 29 at 5:06PM
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 United Real Estate Louisville
Investment Insights
Based on property information with market context.
Built in 1950, this duplex property includes two separate homes on a single parcel. Each residence offers three bedrooms and one bathroom, creating a two-home configuration with distinct living spaces.
The primary residence contains 1,020 square feet and is move-in ready for immediate occupancy. The second home requires renovation, providing an additional residential space that can be improved for future use. The property contains 2,210 square feet overall and is located at 3011 Blevins Gap Rd in Louisville, Kentucky.
The primary residence contains 1,020 square feet and is move-in ready for immediate occupancy. The second home requires renovation, providing an additional residential space that can be improved for future use. The property contains 2,210 square feet overall and is located at 3011 Blevins Gap Rd in Louisville, Kentucky.
Key Highlights
- Two separate 3‑bedroom, 1‑bath homes on one parcel
- Main residence measures 1,020 square feet and is move‑in ready
- Second residence offers a renovation opportunity
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
$18,596
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
7.18%
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%
$371,920
$371.9K
Cap Rate 7%
$265,657
$265.7K
Cap Rate 9%
$206,622
$206.6K
Market Conditions
NOI Build-Up for 2,210 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
$28.1K $12.72/SF
− Vacancy
−$1.5K −$0.70/SF
EGI
$26.6K $12.02/SF
− OpEx
−$8.0K −$3.61/SF
NOI
$18.6K $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%
$371,920
Cap Rate 7%
$265,657
Cap Rate 9%
$206,622
Alternative Uses
Best Use
Multifamily LT 5
$265.7K
$232.5K – $309.9K
NOI $18,596 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$214.9K
$188.0K – $250.7K
NOI $15,040 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$572.8K
$501.2K – $668.3K
NOI $40,098 @ 7.0% cap · market cap 15.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Explore this area
Business Placement
Demographics for 40272, KY
37,747
Population
15,469
Households
2.4
Avg Household Size
39
Median Age
19%
College-Educated
90%
High-School Grad
33.3 sq mi
ZIP Area
1,134
Density / Sq Mi
$66,382
Median Household Income
$37,644
Median Earnings
$1,147
Median Rent
$169,700
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?
Duplex - Separate three-bedroom residences provide immediate occupancy in one home and renovation potential in the other.
Where is this duplex located?
The property is located at 3011 Blevins Gap Rd Louisville, KY.
What is the asking price?
The asking price for this property is $258,999.
What are key features of this property?
This property features: Two separate 3‑bedroom, 1‑bath homes on one parcel; Main residence measures 1,020 square feet and is move‑in ready; Second residence offers a renovation opportunity
