Six-Bedroom Duplex with
For Sale
$279,500
4534 Lake Dreamland Rd, Louisville, KY 40216
Multi Family, Louisville, KY
Property Size2,592 SF
Lot Size0.35 Acres
Price / SF$107.83
Days on Market59
Property Features for 4534 Lake Dreamland Rd
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bedroom 5, Bedroom 6, Bedroom 2, Bathroom 1, Basement, Bedroom 1, Bathroom 2
Patio and Porch features
Porch
Exterior features
Handic Prov
Subdivision
LAKE DREAMLAND
Lot features
Sidewalk
Directions
Cane Run road to Senn. Senn to Lake Dreamland. Then to
Standard status
Active
APN
25100600820000
Size
2,592 SF
Lot size
0.35 Acres
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Natural Gas, Electric (Heating)
Water source
Public
Building Details
Year built
1938
Floors in Building
2
Number of units
2
Building materials
Vinyl Siding, Wood Frame, Concrete, Block
Roof type
Shingle
Listing Agency:
Keller Williams Louisville · Keller Williams Realty
(502) 459-5509
Listed By:
Anna Johnson · License #221997
(502) 459-5509
Added: Jun 30
Changed: Aug 26
Last Checked: Aug 27 at 5:06AM
MLS# 1722004
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 at 4534 Lake Dreamland Rd features 2,592 square feet across upper and lower levels, with six bedrooms, two bathrooms, and a basement. The 1938 property has vinyl siding over wood-frame construction with concrete and block elements, plus a shingle roof and porch. Heating sources include natural gas, heat pump, and electric systems.
The property occupies 0.35 acres in Louisville and includes access to a river and lake. Public water and public sewer serve the site. Its upper-and-lower duplex arrangement provides a defined residential income property format with substantial bedroom and basement space.
The property occupies 0.35 acres in Louisville and includes access to a river and lake. Public water and public sewer serve the site. Its upper-and-lower duplex arrangement provides a defined residential income property format with substantial bedroom and basement space.
Key Highlights
- 2,592‑square‑foot duplex with upper and lower levels
- Six bedrooms and two bathrooms
- Basement and porch included
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
$25,620
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
9.17%
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%
$512,400
$512.4K
Cap Rate 7%
$366,000
$366.0K
Cap Rate 9%
$284,667
$284.7K
Market Conditions
NOI Build-Up for 2,592 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
$39.8K $15.36/SF
− Vacancy
−$3.2K −$1.24/SF
EGI
$36.6K $14.12/SF
− OpEx
−$11.0K −$4.24/SF
NOI
$25.6K $9.88/SF
Area
ZIP 40216
Vacancy
8.07%
Lease Rate
$15.36 /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%
$512,400
Cap Rate 7%
$366,000
Cap Rate 9%
$284,667
Alternative Uses
Best Use
Multifamily LT 5
$366.0K
$320.3K – $427.0K
NOI $25,620 @ 7.0% cap · market cap 9.17%
Second Best
Apartment 5plus
$335.4K
$293.5K – $391.3K
NOI $23,480 @ 7.0% cap · market cap 8.40%
Theoretical Best
Office A
$664.7K
$581.7K – $775.5K
NOI $46,532 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 40216, KY
43,434
Population
19,257
Households
2.3
Avg Household Size
40
Median Age
14%
College-Educated
87%
High-School Grad
15.7 sq mi
ZIP Area
2,766
Density / Sq Mi
$50,211
Median Household Income
$35,503
Median Earnings
$883
Median Rent
$154,500
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 - Upper- and lower-level configuration includes a basement, porch, and access to a river and lake.
Where is this duplex located?
The property is located at 4534 Lake Dreamland Rd Louisville, KY.
What is the asking price?
The asking price for this property is $279,500.
What are key features of this property?
This property features: 2,592‑square‑foot duplex with upper and lower levels; Six bedrooms and two bathrooms; Basement and porch included
