Duplex with Covered
New
For Sale
$300,000
4608 S 3rd St, Louisville, KY 40214
Two-bedroom units with separate laundry, outdoor spaces, and rear covered parking supported by alley access.
Property Size2,923 SF
Price / SF$102.63
Days on Market5
Property Features for 4608 S 3rd St
General Information
Standard status
Active
Size
2,923 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$28,200
Road Access
Yes
Amenities
covered front porch
rear covered deck
laundry
decorative fireplace
built-ins
window seat
sun room
recreation room
storage
Building Details
Year Built
1925
Buildings
1
Tenancy
Multi
Listing Agency:
Area One Realty, LLC
Listed By:
Mike Hall
(502) 509-5131
Source:
Mlsky
Added: Aug 30
Changed: Sep 3
Last Checked: Sep 2 at 5:23PM
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 Area One Realty, LLC
Investment Insights
Based on property information with market context.
This 1925 duplex at 4608 S 3rd St includes two two-bedroom apartments within approximately 2,923 finished square feet, including a partially finished basement. The first-floor residence features hardwood and tile flooring, a sun room, 1.5 baths, laundry, a decorative fireplace, built-ins, and access to a covered front porch and rear deck. Its lower level adds a recreation room, half bath, storage, and utility space. The upper apartment has one full bath, in-unit laundry, carpeted living and bedroom areas, and mini-split heating and cooling.
A long driveway leads from S 3rd Street to the rear parking area and four-car covered carport, with additional alley access. The property also includes a separate landlord and storage room beneath the rear deck, along with maintained landscaping.
A long driveway leads from S 3rd Street to the rear parking area and four-car covered carport, with additional alley access. The property also includes a separate landlord and storage room beneath the rear deck, along with maintained landscaping.
Key Highlights
- Two 2‑bedroom rental units
- Approximately 2,923 finished square feet, including a partially finished basement
- Four‑car covered carport with rear parking area
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
$25,595
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
8.53%
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%
$511,900
$511.9K
Cap Rate 7%
$365,643
$365.6K
Cap Rate 9%
$284,389
$284.4K
Market Conditions
NOI Build-Up for 2,923 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
$50.9K $17.40/SF
− Vacancy
−$4.3K −$1.48/SF
EGI
$46.5K $15.92/SF
− OpEx
−$20.9K −$7.16/SF
NOI
$25.6K $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%
$511,900
Cap Rate 7%
$365,643
Cap Rate 9%
$284,389
Alternative Uses
Best Use
Multifamily LT 5
$403.1K
$352.7K – $470.3K
NOI $28,215 @ 7.0% cap · market cap 9.41%
Second Best
Apartment 5plus
$365.6K
$319.9K – $426.6K
NOI $25,595 @ 7.0% cap · market cap 8.53%
Theoretical Best
Office A
$700.4K
$612.9K – $817.1K
NOI $49,028 @ 7.0% cap · market cap 16.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
422
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 - Two-bedroom units with separate laundry, outdoor spaces, and rear covered parking supported by alley access.
Where is this duplex located?
The property is located at 4608 S 3rd St Louisville, KY.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Two 2‑bedroom rental units; Approximately 2,923 finished square feet, including a partially finished basement; Four‑car covered carport with rear parking area
