Updated Two-Unit
For Sale
$234,900
922 S 43rd St, Louisville, KY 40211
Two vacant three-bedroom units with refreshed interiors, separate driveways, and individual basement laundry hookups.
Property Size2,340 SF
Price / SF$100.38
Days on Market187
Property Features for 922 S 43rd St
General Information
Standard status
Active
Size
2,340 SF
Total Parking Spaces
2
Property subtype
Multifamily
Zoning
R5
Amenities
Water
Sewer
2 Parking Spaces
Building Details
Year Built
1930
Listing Agency:
Ridgway Real Estate Group
(502) 298-7368
Listed By:
Winona Ridgway
(502) 298-7368
Source:
Kcrea.resimplifi
Added: Feb 23
Changed: Aug 29
Last Checked: Aug 29 at 11:50AM
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 Ridgway Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1930, this 2,340-square-foot duplex contains two three-bedroom, one-bath apartments. Both units are vacant, and each has a separate driveway. The first-floor apartment has new carpet and paint, while the upper unit has also been updated. Kitchens include cabinets installed 3 years ago, and the basement provides distinct washer and dryer hookups for each residence.
Recent property work includes foundation piers installed in 2023 with a transferable lifetime guarantee, replacement of the sewer line in 2023, and reconstruction of the left-side exterior staircase in 2023. The property is zoned R5 and is located close to Chickasaw Park.
Recent property work includes foundation piers installed in 2023 with a transferable lifetime guarantee, replacement of the sewer line in 2023, and reconstruction of the left-side exterior staircase in 2023. The property is zoned R5 and is located close to Chickasaw Park.
Key Highlights
- Two‑unit duplex with 2,340 SF and two 3‑bedroom, 1‑bath apartments
- Both apartments are vacant and include separate driveways
- First‑floor unit renovated with new carpet and paint; upper unit updated
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
$19,689
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
8.38%
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%
$393,780
$393.8K
Cap Rate 7%
$281,271
$281.3K
Cap Rate 9%
$218,767
$218.8K
Market Conditions
NOI Build-Up for 2,340 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
$29.8K $12.72/SF
− Vacancy
−$1.6K −$0.70/SF
EGI
$28.1K $12.02/SF
− OpEx
−$8.4K −$3.61/SF
NOI
$19.7K $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%
$393,780
Cap Rate 7%
$281,271
Cap Rate 9%
$218,767
Alternative Uses
Best Use
Multifamily LT 5
$281.3K
$246.1K – $328.2K
NOI $19,689 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$227.5K
$199.1K – $265.4K
NOI $15,925 @ 7.0% cap · market cap 6.78%
Theoretical Best
Office A
$606.5K
$530.7K – $707.6K
NOI $42,457 @ 7.0% cap · market cap 18.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
Explore this area
Business Placement
Demographics for 40211, KY
21,310
Population
11,450
Households
1.9
Avg Household Size
37
Median Age
11%
College-Educated
86%
High-School Grad
7.3 sq mi
ZIP Area
2,919
Density / Sq Mi
$32,598
Median Household Income
$28,245
Median Earnings
$925
Median Rent
$97,900
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 vacant three-bedroom units with refreshed interiors, separate driveways, and individual basement laundry hookups.
Where is this duplex located?
The property is located at 922 S 43rd St Louisville, KY.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,340 SF and two 3‑bedroom, 1‑bath apartments; Both apartments are vacant and include separate driveways; First‑floor unit renovated with new carpet and paint; upper unit updated
