Duplex with Covered
New
For Sale
$300,000
4608 S 3rd St, Louisville, KY 40214
Multi Family, Louisville, KY
Property Size2,923 SF
Price / SF$102.63
Days on Market2
Property Features for 4608 S 3rd St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 1, Dining Room, Bedroom 4, Bedroom 1, Basement, Bedroom 3, Bathroom 2, Bathroom 3
Patio and Porch features
Deck, Porch
Subdivision
WELLINGTON
Directions
Watterson Expressway (I-264) to S 3rd St. Head south on S 3rd St. Property is located at 4608 S 3rd St.
Standard status
Active
APN
058D00290000
Size
2,923 SF
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating), Natural Gas
Cooling system
Central Air, Ductless
Water source
Public
Building Details
Year built
1925
Number of units
2
Building materials
Vinyl Siding, Wood Frame
Roof type
Shingle
Architectural style
Bungalow
Listing Agency:
Homepage Realty
(502) 690-6685
Listed By:
Angie Tonini-Rogers
(502) 210-8880
Added: Aug 28
Last Checked: Aug 29 at 11:06PM
MLS# 1727612
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 1925 bungalow-style duplex contains two two-bedroom residences totaling approximately 2,923 finished square feet, including a partially finished basement. The first-floor apartment has 1.5 baths, hardwood flooring in several living areas, a sun room, laundry, built-ins, a decorative fireplace, and access to a covered porch and rear deck. Its basement area adds a recreation room, half bath, storage, and utility space. The upper unit includes one full bath, in-unit laundry, carpeted bedrooms and living room, and mini-split heating and cooling.
A long driveway from S 3rd Street leads to rear parking and a 4-car covered carport, with additional alley access. A landlord/storage room is located beneath the rear deck. The property has vinyl siding over a wood-frame structure, a shingle roof, public water and sewer, and both central air and ductless cooling systems. Both residences are currently rented.
A long driveway from S 3rd Street leads to rear parking and a 4-car covered carport, with additional alley access. A landlord/storage room is located beneath the rear deck. The property has vinyl siding over a wood-frame structure, a shingle roof, public water and sewer, and both central air and ductless cooling systems. Both residences are currently rented.
Key Highlights
- Two 2‑bedroom rental units with 1.5 baths in the first‑floor unit and 1 full bath upstairs
- Approximately 2,923 finished square feet, including a partially finished basement
- Rear parking area with 4‑car covered carport, long driveway, and additional alley access
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two two-bedroom units include separate laundry, flexible basement space, and rear parking 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 with 1.5 baths in the first‑floor unit and 1 full bath upstairs; Approximately 2,923 finished square feet, including a partially finished basement; Rear parking area with 4‑car covered carport, long driveway, and additional alley access
