Updated
New
For Sale
$175,000
4141 W Market St, Louisville, KY 40212
Multi Family, Louisville, KY
Property Size1,543 SF
Lot Size0.10 Acres
Price / SF$113.42
Days on Market6
Property Features for 4141 W Market St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 4
Patio and Porch features
Porch
Lot features
Sidewalk
Directions
Muhammad Ali Blvd to Louis Coleman Jr Dr to W Market
Subdivision
01-Dtwn Old Louisville/Shively/West Lou
Standard status
Active
APN
009H0050000
Size
1,543 SF
Lot size
0.10 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1920
Number of units
2
Building materials
Vinyl Siding, Wood Frame
Roof type
Shingle, Composition
Architectural style
Bungalow
Listing Agency:
Homepage Realty
(502) 690-6685
Listed By:
Rebecca L O'Toole
(502) 974-0510
Added: Sep 14
Changed: Sep 18
Last Checked: Sep 19 at 9:06PM
MLS# 1729054
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 1,543-square-foot duplex contains two 2-bedroom, 1-bath units within a 1920 bungalow-style building. Both residences have received modern updates while retaining the building’s established character, and each includes living space, a kitchen, and closet storage. Vinyl siding, wood-frame construction, forced-air heat, and a porch are among the property’s physical features.
The 0.1-acre property is served by public water and public sewer. Both units are fully rented to long-term tenants, providing an existing residential income profile for the next owner. The property is located at 4141 W Market St in Louisville, Kentucky 40212.
The 0.1-acre property is served by public water and public sewer. Both units are fully rented to long-term tenants, providing an existing residential income profile for the next owner. The property is located at 4141 W Market St in Louisville, Kentucky 40212.
Key Highlights
- Two 2‑bedroom, 1‑bath residential units
- 1,543 square feet in a 1920 bungalow‑style building
- Both units have received modern updates
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
$12,983
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
7.42%
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%
$259,660
$259.7K
Cap Rate 7%
$185,471
$185.5K
Cap Rate 9%
$144,256
$144.3K
Market Conditions
NOI Build-Up for 1,543 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
$19.6K $12.72/SF
− Vacancy
−$1.1K −$0.70/SF
EGI
$18.5K $12.02/SF
− OpEx
−$5.6K −$3.61/SF
NOI
$13.0K $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%
$259,660
Cap Rate 7%
$185,471
Cap Rate 9%
$144,256
Alternative Uses
Best Use
Multifamily LT 5
$185.5K
$162.3K – $216.4K
NOI $12,983 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$150.0K
$131.3K – $175.0K
NOI $10,501 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$399.9K
$350.0K – $466.6K
NOI $27,996 @ 7.0% cap · market cap 16.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
318
Businesses Nearby
Explore this area
Business Placement
Demographics for 40212, KY
16,360
Population
8,061
Households
2
Avg Household Size
38
Median Age
13%
College-Educated
81%
High-School Grad
3.8 sq mi
ZIP Area
4,305
Density / Sq Mi
$35,389
Median Household Income
$28,506
Median Earnings
$917
Median Rent
$78,100
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 - Bungalow-style property with two leased residential units and public water and sewer service.
Where is this duplex located?
The property is located at 4141 W Market St Louisville, KY.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath residential units; 1,543 square feet in a 1920 bungalow‑style building; Both units have received modern updates
