Updated Separately Metered
For Sale
$239,900
Pending
3155 S 3rd St, Louisville, KY 40214
Two residential units feature refreshed interiors, rebuilt outdoor space, and separate utility metering.
Property Size1,810 SF
Days on Market53
Property Features for 3155 S 3rd St
General Information
Standard status
Pending
Size
1,810 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1899
Buildings
1
Listing Agency:
Exp Realty LLC
Listed By:
Mike Hall
(502) 509-5131
Source:
Mlsky
Added: Aug 30
Changed: Oct 21
Last Checked: Oct 20 at 7:56PM
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 Exp Realty LLC
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Investment Insights
Based on property information with market context.
Built in 1899, this 1,810-square-foot duplex contains two residential units with separate utility meters. Both units have received updates that include cabinets, appliances, and bathroom fixtures, creating refreshed interiors suited to immediate occupancy. A front porch was reconstructed, while new concrete sidewalks and patios improve the property's exterior spaces.
The property is located at 3155 S 3rd St in Louisville, Kentucky. The University of Louisville is less than a mile away, Churchill Downs is two blocks west, and Central Station Shopping Center is nearby. These surrounding destinations provide established context for the two-unit residential asset.
The property is located at 3155 S 3rd St in Louisville, Kentucky. The University of Louisville is less than a mile away, Churchill Downs is two blocks west, and Central Station Shopping Center is nearby. These surrounding destinations provide established context for the two-unit residential asset.
Key Highlights
- Two‑unit duplex with separate utility metering
- 1,810 square feet; built in 1899
- Both units updated with new cabinets, appliances, and bathroom fixtures
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,471
Cap Rate
7.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$349,420
$349.4K
Cap Rate 7%
$249,586
$249.6K
Cap Rate 9%
$194,122
$194.1K
Market Conditions
NOI Build-Up for 1,810 SF
Gross rent
$27.2K $15.00/SF
− Vacancy
−$2.2K −$1.21/SF
EGI
$25.0K $13.79/SF
− OpEx
−$7.5K −$4.14/SF
NOI
$17.5K $9.65/SF
Area
ZIP 40214
Vacancy
8.07%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$349,420
Cap Rate 7%
$249,586
Cap Rate 9%
$194,122
Alternative Uses
Best Use
Multifamily LT 5
$249.6K
$218.4K – $291.2K
NOI $17,471 @ 7.0% cap · market cap 7.28%
Second Best
Apartment 5plus
$226.4K
$198.1K – $264.2K
NOI $15,849 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$433.7K
$379.5K – $506.0K
NOI $30,359 @ 7.0% cap · market cap 12.65%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
712
Businesses Nearby
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Business Placement
Demographics for 40214, KY
46,220
Population
20,459
Households
2.3
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
15.0 sq mi
ZIP Area
3,081
Density / Sq Mi
$53,563
Median Household Income
$37,121
Median Earnings
$950
Median Rent
$176,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature refreshed interiors, rebuilt outdoor space, and separate utility metering.
Where is this duplex located?
The property is located at 3155 S 3rd St Louisville, KY.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Two‑unit duplex with separate utility metering; 1,810 square feet; built in 1899; Both units updated with new cabinets, appliances, and bathroom fixtures
