Updated Two-Unit
For Sale
$245,000
4109 S 3rd St, Louisville, KY 40214
Multi Family, Louisville, KY
Property Size2,380 SF
Lot Size0.15 Acres
Price / SF$102.94
Days on Market189
Property Features for 4109 S 3rd St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2
Patio and Porch features
Porch
Subdivision
WILDER PARK
Lot features
Sidewalk
Directions
Watterson or Central to Third St. Home is located between Evelyn and Fairmont. Park in back via the alley.
Standard status
Active
APN
12055G00900000
Size
2,380 SF
Lot size
0.15 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Number of units
2
Building materials
Wood Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Knob & Key Realty, LLC
(502) 904-0494
Listed By:
Erik Hitzelberger · License #213929
(502) 921-3989
Added: Mar 18
Changed: Sep 15
Last Checked: Sep 22 at 2:06PM
MLS# 1712034
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.
Investment Insights
Based on property information with market context.
This 2,380-square-foot wood-frame duplex, built in 1900, contains two residential units. The lower unit offers 2 bedrooms and 1 bathroom. Upstairs, the second unit includes 2 bedrooms on the second floor plus third-floor space suited to a bedroom, office, or play area. Both units have received recent updates, including furnaces and air-conditioning systems installed within the last 5 years.
Set on a 0.15-acre lot at 4109 S 3rd St in Louisville, the property is near Churchill Downs, the University of Louisville, the Watterson, and I-65. Public water and public sewer serve the property. Additional features include forced-air natural-gas heating, central air, asphalt roofing, and a porch.
Set on a 0.15-acre lot at 4109 S 3rd St in Louisville, the property is near Churchill Downs, the University of Louisville, the Watterson, and I-65. Public water and public sewer serve the property. Additional features include forced-air natural-gas heating, central air, asphalt roofing, and a porch.
Key Highlights
- Two‑unit duplex with 2,380 square feet of building area
- Lower unit includes 2 bedrooms and 1 bathroom
- Upper unit has 2 bedrooms plus third‑floor flex space
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
$20,841
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
8.51%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
393
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 updated residences support owner-occupancy, rental use, or a combination of both.
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 of building area; Lower unit includes 2 bedrooms and 1 bathroom; Upper unit has 2 bedrooms plus third‑floor flex space
