Updated Two-Unit
For Sale
$245,000
4109 S 3rd St, Louisville, KY 40214
Two separately arranged residences offer flexible living space, with a third-floor area in the upper unit.
Property Size2,380 SF
Price / SF$102.94
Days on Market225
Property Features for 4109 S 3rd St
General Information
Standard status
Active
Size
2,380 SF
Property subtype
Multi Family Home
Site & Location
Neighborhood
Wilder Park
Highway Access
Yes
Additional Details
Multifamily Units
2
Building Details
Building Size
2,380 SF
Year Built
1900
Buildings
1
Units
2
Listing Agency:
Knob & Key Realty, LLC
(502) 904-0494
Listed By:
Erik Hitzelberger · License #213929
(502) 921-3989
Source:
Gstarksrealty
Added: Mar 18
Changed: Oct 27
Last Checked: Oct 26 at 2:13PM
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 Knob & Key Realty, LLC
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Investment Insights
Based on property information with market context.
This 2,380-square-foot duplex contains two updated units. The first-floor residence has two bedrooms and one bathroom. Upstairs, the second unit includes two bedrooms on the second floor plus a third-floor area that can serve as additional living or work space. Both units have received recent updates, including furnaces and air conditioners installed within the past five years.
The property is near Churchill Downs, the University of Louisville, the Watterson and I-65. Built in 1900, it offers two distinct residential layouts within one building.
The property is near Churchill Downs, the University of Louisville, the Watterson and I-65. Built in 1900, it offers two distinct residential layouts within one building.
Key Highlights
- Two‑unit duplex with 2,380 square feet
- Lower unit has 2 bedrooms and 1 bath
- Upper unit includes 2 bedrooms plus a third‑floor flex area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,841
Cap Rate
8.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$416,820
$416.8K
Cap Rate 7%
$297,729
$297.7K
Cap Rate 9%
$231,567
$231.6K
Market Conditions
NOI Build-Up for 2,380 SF
Gross rent
$41.4K $17.40/SF
− Vacancy
−$3.5K −$1.48/SF
EGI
$37.9K $15.92/SF
− OpEx
−$17.1K −$7.16/SF
NOI
$20.8K $8.76/SF
Area
ZIP 40214
Vacancy
8.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$416,820
Cap Rate 7%
$297,729
Cap Rate 9%
$231,567
Alternative Uses
Best Use
Multifamily LT 5
$328.2K
$287.2K – $382.9K
NOI $22,973 @ 7.0% cap · market cap 9.38%
Second Best
Apartment 5plus
$297.7K
$260.5K – $347.4K
NOI $20,841 @ 7.0% cap · market cap 8.51%
Theoretical Best
Office A
$570.3K
$499.0K – $665.3K
NOI $39,920 @ 7.0% cap · market cap 16.29%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
393
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 separately arranged residences offer flexible living space, with a third-floor area in the upper unit.
Where is this duplex located?
The property is located at 4109 S 3rd St Louisville, KY.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,380 square feet; Lower unit has 2 bedrooms and 1 bath; Upper unit includes 2 bedrooms plus a third‑floor flex area
