Brick Ranch
For Sale
$345,000
3031-3033 Wirth Ave, Louisville, KY 40217
Multi Family, Louisville, KY
Property Size2,164 SF
Lot Size0.24 Acres
Price / SF$159.43
Days on Market53
Property Features for 3031-3033 Wirth Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 3, Basement, Bathroom 2, Dining Room, Bedroom 1
Patio and Porch features
Patio, Porch
Directions
From I-264 (Watterson Expressway), take Exit 15 for Poplar Level Road and head north. Turn right onto Hess Lane, then right onto Wirth Avenue. The property will be on the left.
Subdivision
02-Butchertwn/Hghlnds/Germantwn
Standard status
Active
APN
084F01910023
Size
2,164 SF
Lot size
0.24 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
fenced backyard
patio
in-unit laundry
Building Details
Year built
1910
Number of units
2
Building materials
Vinyl Siding, Brick
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Homepage Realty
(502) 690-6685
Listed By:
Angie Tonini-Rogers
(502) 210-8880
Added: Aug 5
Changed: Sep 18
Last Checked: Sep 26 at 1:06PM
MLS# 1718718
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 side-by-side brick ranch duplex contains two separately entered residences within a 2,164-square-foot property built in 1910. One unit offers two bedrooms and one bath and conveys furnished, with hardwood floors, an updated eat-in kitchen, first-floor laundry, an attached two-car garage, and unfinished basement access. The second residence includes one bedroom and one bath. Both units have separate HVAC systems, water heaters, and gas and electric meters. The owner pays water, sewer, and trash, while tenants pay their own gas and electric.
Exterior improvements include double-pane windows, an updated shingle roof, newer exterior doors, central air, and a shared patio with a large fenced backyard. The property sits on a 0.24-acre lot at 3031-3033 Wirth Ave in Louisville, near Audubon Park, the Highlands, the University of Louisville, hospitals, shopping, dining, parks, and major expressways. Public water and public sewer serve the property.
Exterior improvements include double-pane windows, an updated shingle roof, newer exterior doors, central air, and a shared patio with a large fenced backyard. The property sits on a 0.24-acre lot at 3031-3033 Wirth Ave in Louisville, near Audubon Park, the Highlands, the University of Louisville, hospitals, shopping, dining, parks, and major expressways. Public water and public sewer serve the property.
Key Highlights
- Side‑by‑side duplex with 2,164 square feet on a 0.24‑acre lot
- Unit mix includes 2 bedrooms/1 bath and 1 bedroom/1 bath
- Separate HVAC, water heaters, gas meters, electric meters, and entrances
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
$18,209
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
5.28%
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%
$364,180
$364.2K
Cap Rate 7%
$260,129
$260.1K
Cap Rate 9%
$202,322
$202.3K
Market Conditions
NOI Build-Up for 2,164 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
$27.5K $12.72/SF
− Vacancy
−$1.5K −$0.70/SF
EGI
$26.0K $12.02/SF
− OpEx
−$7.8K −$3.61/SF
NOI
$18.2K $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%
$364,180
Cap Rate 7%
$260,129
Cap Rate 9%
$202,322
Alternative Uses
Best Use
Multifamily LT 5
$260.1K
$227.6K – $303.5K
NOI $18,209 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$210.4K
$184.1K – $245.5K
NOI $14,727 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$560.9K
$490.8K – $654.4K
NOI $39,264 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
406
Businesses Nearby
Explore this area
Business Placement
Demographics for 40217, KY
13,061
Population
6,840
Households
1.9
Avg Household Size
36
Median Age
48%
College-Educated
95%
High-School Grad
2.4 sq mi
ZIP Area
5,442
Density / Sq Mi
$68,573
Median Household Income
$48,298
Median Earnings
$1,150
Median Rent
$220,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Two separate residences with independent systems, a furnished two-bedroom unit, and shared fenced outdoor space.
Where is this duplex located?
The property is located at 3031-3033 Wirth Ave Louisville, KY.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Side‑by‑side duplex with 2,164 square feet on a 0.24‑acre lot; Unit mix includes 2 bedrooms/1 bath and 1 bedroom/1 bath; Separate HVAC, water heaters, gas meters, electric meters, and entrances
