Renovated Triplex with Duplex and
For Sale
$438,900
3202 Rudd Ave, Louisville, KY 40212
Renovated three-unit property with a duplex and single-family home under lease through 2027.
Property Size4,026 SF
Price / SF$109.02
Days on Market41
Property Features for 3202 Rudd Ave
General Information
Standard status
Active
Size
4,026 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
BellMan Realty LLC
(502) 777-8627
Listed By:
Sharon Y Gazaway-Bell
Source:
Familyrealty
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 4:31AM
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 BellMan Realty LLC
Investment Insights
Based on property information with market context.
This triplex combines a two-story single-family residence with a separate duplex at 3202 Rudd Ave. The home at 3206 Rudd Ave includes 4 bedrooms and 2 full baths. The duplex provides one 3-bedroom, 2-bath unit and one 2-bedroom, 1-bath unit. Renovations have been completed across all three residences, and the property is leased through 2027.
The improvements occupy a double lot in Louisville, Kentucky. The three-unit configuration offers a mix of single-family and duplex housing within one multifamily property, with separate addresses identified for the home and duplex.
The improvements occupy a double lot in Louisville, Kentucky. The three-unit configuration offers a mix of single-family and duplex housing within one multifamily property, with separate addresses identified for the home and duplex.
Key Highlights
- Three‑unit multifamily property with a single‑family home and duplex
- 3206 Rudd Ave home includes 4 bedrooms and 2 full baths
- 3202 Rudd Ave duplex has 3‑bedroom/2‑bath and 2‑bedroom/1‑bath units
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
$33,876
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
7.72%
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%
$677,520
$677.5K
Cap Rate 7%
$483,943
$483.9K
Cap Rate 9%
$376,400
$376.4K
Market Conditions
NOI Build-Up for 4,026 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
$51.2K $12.72/SF
− Vacancy
−$2.8K −$0.70/SF
EGI
$48.4K $12.02/SF
− OpEx
−$14.5K −$3.61/SF
NOI
$33.9K $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%
$677,520
Cap Rate 7%
$483,943
Cap Rate 9%
$376,400
Alternative Uses
Best Use
Multifamily LT 5
$483.9K
$423.5K – $564.6K
NOI $33,876 @ 7.0% cap · market cap 7.72%
Second Best
Apartment 5plus
$391.4K
$342.5K – $456.7K
NOI $27,399 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$1.04M
$913.1K – $1.22M
NOI $73,048 @ 7.0% cap · market cap 16.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Explore this area
Business Placement
Demographics for 40212, KY
16,360
Population
8,061
Households
2
Avg Household Size
38
Median Age
13%
College-Educated
81%
High-School Grad
3.8 sq mi
ZIP Area
4,305
Density / Sq Mi
$35,389
Median Household Income
$28,506
Median Earnings
$917
Median Rent
$78,100
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?
Triplex - Renovated three-unit property with a duplex and single-family home under lease through 2027.
Where is this triplex located?
The property is located at 3202 Rudd Ave Louisville, KY.
What is the asking price?
The asking price for this property is $438,900.
What are key features of this property?
This property features: Three‑unit multifamily property with a single‑family home and duplex; 3206 Rudd Ave home includes 4 bedrooms and 2 full baths; 3202 Rudd Ave duplex has 3‑bedroom/2‑bath and 2‑bedroom/1‑bath units
