Historic Triplex with Slate
For Sale
$500,000
920 Cherokee Rd, Louisville, KY 40204
Three-unit property with original architectural details, a cellar, and rear parking pad.
Property Size3,058 SF
Days on Market108
Property Features for 920 Cherokee Rd
General Information
Standard status
Active
Size
3,058 SF
Property subtype
Multi Family Home
Building Details
Building Size
3,058 SF
Year Built
1900
Units
3
Listing Agency:
Realty Advanced
(502) 690-6697
Listed By:
Rachel Touchstone
Source:
Demareeandhubbard
Added: Apr 27
Changed: Aug 6
Last Checked: Aug 11 at 2:05PM
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 Realty Advanced
Investment Insights
Based on property information with market context.
Built in 1900, this three-story triplex contains three separate residences and a cellar. The unit mix includes a first-floor one-bedroom, one-bath unit, a second-floor two-bedroom, one-bath unit, and a third-floor one-bedroom, one-bath unit. Hardwood floors, tall ceilings, and decorative fireplaces contribute to the building’s original character, while a brand-new slate roof has been completed. The property requires updates and improvements, with more than 3,000 square feet of living space available for renovation and repositioning.
Located at 920 Cherokee Rd in Louisville’s Cherokee Triangle, the property sits within a historic neighborhood and includes a rear parking pad. The existing configuration supports continued multifamily use, with the source also identifying potential for conversion to a single-family residence.
Located at 920 Cherokee Rd in Louisville’s Cherokee Triangle, the property sits within a historic neighborhood and includes a rear parking pad. The existing configuration supports continued multifamily use, with the source also identifying potential for conversion to a single-family residence.
Key Highlights
- Three separate units with 1‑bedroom, 1‑bath; 2‑bedroom, 1‑bath; and 1‑bedroom, 1‑bath layouts
- Over 3,000 square feet of living space
- Brand‑new slate roof completed
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
$25,731
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
5.15%
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%
$514,620
$514.6K
Cap Rate 7%
$367,586
$367.6K
Cap Rate 9%
$285,900
$285.9K
Market Conditions
NOI Build-Up for 3,058 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
$38.9K $12.72/SF
− Vacancy
−$2.1K −$0.70/SF
EGI
$36.8K $12.02/SF
− OpEx
−$11.0K −$3.61/SF
NOI
$25.7K $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%
$514,620
Cap Rate 7%
$367,586
Cap Rate 9%
$285,900
Alternative Uses
Best Use
Multifamily LT 5
$367.6K
$321.6K – $428.9K
NOI $25,731 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$297.3K
$260.1K – $346.9K
NOI $20,811 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$792.6K
$693.6K – $924.7K
NOI $55,484 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,514
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
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?
Triplex - Three-unit property with original architectural details, a cellar, and rear parking pad.
Where is this triplex located?
The property is located at 920 Cherokee Rd Louisville, KY.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Three separate units with 1‑bedroom, 1‑bath; 2‑bedroom, 1‑bath; and 1‑bedroom, 1‑bath layouts; Over 3,000 square feet of living space; Brand‑new slate roof completed
