Brick Ranch Duplex with
For Sale
$345,000
30313033 3031-3033 Wirth Ave, Louisville, KY 40217
Side-by-side duplex with separate systems, one furnished vacant unit, and shared fenced outdoor space.
Property Size2,164 SF
Price / SF$159.43
Days on Market12
Property Features for 30313033 3031-3033 Wirth Ave
General Information
Standard status
Active
Size
2,164 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Amenities
fenced backyard
patio
Building Details
Year Built
1910
Buildings
1
Construction
brick ranch
Tenancy
Single
Listing Agency:
Homepage Realty
(502) 210-8880
Listed By:
Angie Tonini-Rogers
Source:
Familyrealty
Added: Aug 21
Changed: Aug 30
Last Checked: Aug 31 at 7:28PM
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 Homepage Realty
Investment Insights
Based on property information with market context.
This 2,164-square-foot duplex was built in 1910 and is arranged as two side-by-side brick ranch units. The vacant two-bedroom, one-bath residence is furnished and includes hardwood flooring, an updated eat-in kitchen, first-floor laundry, an attached two-car garage, and access to an unfinished basement. The second unit has one bedroom and one bath and is leased through September 2026, subject to the tenant’s scheduled departure.
Each residence has its own entrance, HVAC system, water heater, and gas and electric meters. Tenants pay gas and electric, while the owner currently covers water, sewer, and trash. A fenced backyard and patio provide shared exterior space. Improvements include double-pane windows, an updated roof, newer exterior doors, and a newer air-conditioning unit. The property is near Audubon Park, the Highlands, the University of Louisville, hospitals, shopping, dining, parks, and major expressways.
Each residence has its own entrance, HVAC system, water heater, and gas and electric meters. Tenants pay gas and electric, while the owner currently covers water, sewer, and trash. A fenced backyard and patio provide shared exterior space. Improvements include double-pane windows, an updated roof, newer exterior doors, and a newer air-conditioning unit. The property is near Audubon Park, the Highlands, the University of Louisville, hospitals, shopping, dining, parks, and major expressways.
Key Highlights
- 2,164‑square‑foot duplex built in 1910
- Two‑bedroom, one‑bath unit is vacant and conveys fully furnished
- One‑bedroom, one‑bath unit leased with tenant scheduled to vacate in September 2026
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
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
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
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 - Side-by-side duplex with separate systems, one furnished vacant unit, and shared fenced outdoor space.
Where is this duplex located?
The property is located at 30313033 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: 2,164‑square‑foot duplex built in 1910; Two‑bedroom, one‑bath unit is vacant and conveys fully furnished; One‑bedroom, one‑bath unit leased with tenant scheduled to vacate in September 2026
