Triplex with Hardwood
For Sale
$490,000
409 Fountain Ct, Louisville, KY 40208
The property features boiler heat and central air conditioning in the first-floor unit.
Property Size1,800 SF
Price / SF$272.22
Days on Market43
Property Features for 409 Fountain Ct
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1926
Tenancy
Multi
Listing Agency:
Broadway Management Group
(502) 709-1693
Listed By:
Jonathan L Schenkenfelder · License #220889
Source:
Familyrealty
Added: Jul 21
Changed: Aug 31
Last Checked: Aug 30 at 8:05PM
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 Broadway Management Group
Investment Insights
Based on property information with market context.
This three-unit residential income property at 409 Fountain Ct includes approximately 1,800 square feet and dates to 1926. Hardwood flooring extends throughout the building, while boiler heat serves the property. Central air conditioning is installed in the first-floor unit; the remaining two units do not have central AC.
The triplex is located in Old Louisville adjacent to St. James Court. Rent status is current for all residents. The property is offered as a three-unit configuration with differing HVAC features among the units.
The triplex is located in Old Louisville adjacent to St. James Court. Rent status is current for all residents. The property is offered as a three-unit configuration with differing HVAC features among the units.
Key Highlights
- Three‑unit property at 409 Fountain Ct in Louisville, KY 40208
- Approximately 1,800 square feet built in 1926
- Hardwood flooring throughout the property
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
$15,146
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
3.09%
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%
$302,920
$302.9K
Cap Rate 7%
$216,371
$216.4K
Cap Rate 9%
$168,289
$168.3K
Market Conditions
NOI Build-Up for 1,800 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
$22.9K $12.72/SF
− Vacancy
−$1.3K −$0.70/SF
EGI
$21.6K $12.02/SF
− OpEx
−$6.5K −$3.61/SF
NOI
$15.1K $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%
$302,920
Cap Rate 7%
$216,371
Cap Rate 9%
$168,289
Alternative Uses
Best Use
Multifamily LT 5
$216.4K
$189.3K – $252.4K
NOI $15,146 @ 7.0% cap · market cap 3.09%
Second Best
Apartment 5plus
$175.0K
$153.1K – $204.2K
NOI $12,250 @ 7.0% cap · market cap 2.50%
Theoretical Best
Office A
$466.6K
$408.2K – $544.3K
NOI $32,659 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,030
Businesses Nearby
Explore this area
Business Placement
Demographics for 40208, KY
17,048
Population
6,675
Households
2.6
Avg Household Size
27
Median Age
34%
College-Educated
88%
High-School Grad
2.6 sq mi
ZIP Area
6,557
Density / Sq Mi
$37,714
Median Household Income
$17,255
Median Earnings
$914
Median Rent
$153,100
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 - The property features boiler heat and central air conditioning in the first-floor unit.
Where is this triplex located?
The property is located at 409 Fountain Ct Louisville, KY.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: Three‑unit property at 409 Fountain Ct in Louisville, KY 40208; Approximately 1,800 square feet built in 1926; Hardwood flooring throughout the property
