Two-Unit Duplex with Sky
3928 S 5th St, Louisville, KY 40214
For Sale
New
$350,000
Multi Family, Louisville, KY
Property Size1,800 SF
Lot Size0.03 Acres
Price / SF$194.44
Days on Market1
Property Features for 3928 S 5th St
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Patio and Porch features
Subdivision
Lot features
Directions
Standard status
APN
Size
Lot size
Tenancy & Operations
Currently Operating
Tenant in Place
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
sky deck
rear deck
laundry area
Building Details
Year built
Number of units
Building materials
Roof type
Buildings
Listing Agency:
Kentuckiana Realty Group, LLC
Listed By:
Tina L Campbell · License KY #185037
(502) 550-4593
Added: Nov 14
Last Checked: Nov 14 at 3:06AM
MLS# 1734660
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
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Built in 2018, this 1,800-square-foot, three-story duplex contains two separate units. The first-floor residence has one bedroom, a full bathroom, a living room, kitchen and laundry area. The second unit spans the upper two floors and includes four bedrooms, two full bathrooms, a vaulted great room, kitchen, dining area and laundry room. Both units have washers and dryers. A third-floor deck provides outdoor space, with one private parking space beneath the rear deck. The parcel measures 0.03 acres and has a zero lot line.
The property is on South 5th Street in Louisville, one block from Churchill Downs, with a deck view toward Millionaire’s Row. It is zoned C-1 and is currently configured for multifamily use. The first-floor unit is occupied under a month-to-month lease; the upper unit operates as a single short-term rental.
The property is on South 5th Street in Louisville, one block from Churchill Downs, with a deck view toward Millionaire’s Row. It is zoned C-1 and is currently configured for multifamily use. The first-floor unit is occupied under a month-to-month lease; the upper unit operates as a single short-term rental.
Key Highlights
- Two units across three floors in a 1,800‑square‑foot building
- First‑floor unit has 1 bedroom; upper unit has 4 bedrooms and spans the second and third floors
- C‑1 zoning; property currently configured for multifamily use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,375
Cap Rate
4.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$347,500
$347.5K
Cap Rate 7%
$248,214
$248.2K
Cap Rate 9%
$193,056
$193.1K
Market Conditions
NOI Build-Up for 1,800 SF
Gross rent
$27.0K $15.00/SF
− Vacancy
−$2.2K −$1.21/SF
EGI
$24.8K $13.79/SF
− OpEx
−$7.4K −$4.14/SF
NOI
$17.4K $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%
$347,500
Cap Rate 7%
$248,214
Cap Rate 9%
$193,056
Alternative Uses
Best Use
Multifamily LT 5
$248.2K
$217.2K – $289.6K
NOI $17,375 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$225.2K
$197.0K – $262.7K
NOI $15,762 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$431.3K
$377.4K – $503.2K
NOI $30,192 @ 7.0% cap · market cap 8.63%
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
377
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
$176,700
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Louisville, KY
Properties on Market for Duplexes in Louisville
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - A three-story property pairs a one-bedroom residence with a four-bedroom upper unit and C-1 zoning.
Where is this duplex located?
The property is located at 3928 S 5th St Louisville, KY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two units across three floors in a 1,800‑square‑foot building; First‑floor unit has 1 bedroom; upper unit has 4 bedrooms and spans the second and third floors; C‑1 zoning; property currently configured for multifamily use
