Duplex With Porch and Two Updated
For Sale
$245,000
4109 S 3rd St, Louisville, KY 40214
MULTI_FAMILY - Other - Louisville, KY
Property Size2,380 SF
Lot Size0.15 Acres
Price / SF$102.94
Days on Market142
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 2, Bedroom 3, Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 1
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
Forced Air, Natural Gas
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: Aug 4
Last Checked: Aug 6 at 1:06PM
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 duplex on a 0.15-acre lot includes two separate units with space for flexible living areas. The lower unit has 2 bedrooms and 1 bath. The upper unit has 2 bedrooms on the second floor plus space on the third floor that could be used as a bedroom, office, or play area. Both units have been recently updated, including new furnaces and air conditioners installed within the last 5 years. The property features wood-frame construction, central air conditioning, natural gas forced-air heating, and an asphalt roof. Public water and public sewer service are available, and the home has a porch.
Located at 4109 S 3rd St in Louisville, Kentucky 40214, the property is described as being convenient to Churchill Downs, University of Louisville, the Watterson, and I-65.
Located at 4109 S 3rd St in Louisville, Kentucky 40214, the property is described as being convenient to Churchill Downs, University of Louisville, the Watterson, and I-65.
Key Highlights
- Two separate units: lower has 2 bedrooms, 1 bath; upper has 2 bedrooms plus third‑floor flex space
- New furnaces and air conditioners installed within the last 5 years
- Central air and natural gas forced‑air heating
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
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 - Duplex with a porch and two updated units, each with 2 bedrooms and 1 bathroom, plus gas HVAC and central air.
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 separate units: lower has 2 bedrooms, 1 bath; upper has 2 bedrooms plus third‑floor flex space; New furnaces and air conditioners installed within the last 5 years; Central air and natural gas forced‑air heating
