Renovated Duplex with
For Sale
$415,000
307 S Hite Ave, Louisville, KY 40206
Two two-bedroom units feature eat-in kitchens, separate utility meters, and access to a wooded rear yard.
Property Size2,583 SF
Price / SF$160.67
Days on Market28
Property Features for 307 S Hite Ave
General Information
Standard status
Active
Size
2,583 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
deck
laundry room
Building Details
Buildings
1
Construction
brick
Listing Agency:
Tassie Parker Properties
(502) 807-0177
Listed By:
T. Tassie Parker
(502) 807-0177
Source:
Exprealty
Added: Jul 31
Changed: Aug 22
Last Checked: Aug 26 at 11:56AM
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 Tassie Parker Properties
Investment Insights
Based on property information with market context.
This duplex contains two renovated units, each with two bedrooms, a large living room, and an eat-in kitchen. Both residences include a deck overlooking the wooded backyard. One unit is fully furnished, and both are currently rented with established rental history.
The walkout basement is presently configured for storage and laundry. It is framed, partially drywalled, and has most electrical and plumbing work completed. Separate gas, water, and electric meters serve the units. The exterior features maintenance-free brick construction with vinyl soffits.
The walkout basement is presently configured for storage and laundry. It is framed, partially drywalled, and has most electrical and plumbing work completed. Separate gas, water, and electric meters serve the units. The exterior features maintenance-free brick construction with vinyl soffits.
Key Highlights
- Two renovated units, each with 2 bedrooms
- Large living rooms and eat‑in kitchens in both units
- Private decks overlook the wooded backyard
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
$21,734
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
5.24%
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%
$434,680
$434.7K
Cap Rate 7%
$310,486
$310.5K
Cap Rate 9%
$241,489
$241.5K
Market Conditions
NOI Build-Up for 2,583 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
$32.9K $12.72/SF
− Vacancy
−$1.8K −$0.70/SF
EGI
$31.0K $12.02/SF
− OpEx
−$9.3K −$3.61/SF
NOI
$21.7K $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%
$434,680
Cap Rate 7%
$310,486
Cap Rate 9%
$241,489
Alternative Uses
Best Use
Multifamily LT 5
$310.5K
$271.7K – $362.2K
NOI $21,734 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$251.1K
$219.7K – $293.0K
NOI $17,579 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$669.5K
$585.8K – $781.1K
NOI $46,866 @ 7.0% cap · market cap 11.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
542
Businesses Nearby
Explore this area
Business Placement
Demographics for 40206, KY
20,196
Population
11,637
Households
1.7
Avg Household Size
38
Median Age
55%
College-Educated
95%
High-School Grad
5.8 sq mi
ZIP Area
3,482
Density / Sq Mi
$72,543
Median Household Income
$48,506
Median Earnings
$1,142
Median Rent
$276,100
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 - Two two-bedroom units feature eat-in kitchens, separate utility meters, and access to a wooded rear yard.
Where is this duplex located?
The property is located at 307 S Hite Ave Louisville, KY.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Two renovated units, each with 2 bedrooms; Large living rooms and eat‑in kitchens in both units; Private decks overlook the wooded backyard
