Updated Separately Metered
New
For Sale
$259,900
3155 S 3rd St, Louisville, KY 40214
Two residential units feature refreshed interiors, rebuilt outdoor space, and separate utility metering.
Property Size1,810 SF
Price / SF$143.59
Days on Market4
Property Features for 3155 S 3rd St
General Information
Standard status
Active
Size
1,810 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1899
Buildings
1
Listing Agency:
Pollard Realty
(502) 509-5131
Listed By:
Mike Hall
(502) 509-5131
Source:
Mlsky
Added: Aug 30
Changed: Aug 31
Last Checked: Sep 1 at 6:30PM
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 Pollard Realty
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 = 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
$17,471
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
6.72%
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%
$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
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
$27.2K $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 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%
$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 6.72%
Second Best
Apartment 5plus
$226.4K
$198.1K – $264.2K
NOI $15,849 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$433.7K
$379.5K – $506.0K
NOI $30,359 @ 7.0% cap · market cap 11.68%
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
712
Businesses Nearby
Explore this area
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
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 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 $259,900.
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
