Updated Historic
New
For Sale
$449,000
925 E Washington St, Louisville, KY 40206
Three residences feature refreshed kitchens, private outdoor areas, loft spaces, and off-street parking in an urban Louisville setting.
Property Size2,815 SF
Price / SF$159.50
Days on Market2
Property Features for 925 E Washington St
General Information
Standard status
Active
Size
2,815 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Weichert Realtors Lawson Collective
Listed By:
RE Solutions
(502) 219-3500
Source:
Resolutions
Added: Sep 11
Last Checked: Sep 11 at 6:23AM
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 Weichert Realtors Lawson Collective
Investment Insights
Based on property information with market context.
This historic triplex, built in 1900, contains three distinct residences with open main living areas and individual interior character. Each unit has a newly installed high-end kitchen, fresh interior paint, private outdoor space, decorative fireplaces, original hardwood floors, pocket doors, and a loft suitable for flexible use. Custom metal balcony railings and off-street parking add further functionality to the property.
The property is located at 925 E Washington St in Louisville, with access to NuLu, Lynn Family Soccer Stadium, Butchertown, downtown Louisville, restaurants, entertainment, shopping, and major employers. Its combination of historic architectural elements and recent interior improvements supports both multifamily ownership and owner-occupant use.
The property is located at 925 E Washington St in Louisville, with access to NuLu, Lynn Family Soccer Stadium, Butchertown, downtown Louisville, restaurants, entertainment, shopping, and major employers. Its combination of historic architectural elements and recent interior improvements supports both multifamily ownership and owner-occupant use.
Key Highlights
- Three‑unit multifamily property built in 1900
- New high‑end kitchens installed in all 3 units
- Private outdoor spaces with custom metal balcony railings
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
$23,686
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
5.28%
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%
$473,720
$473.7K
Cap Rate 7%
$338,371
$338.4K
Cap Rate 9%
$263,178
$263.2K
Market Conditions
NOI Build-Up for 2,815 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
$35.8K $12.72/SF
− Vacancy
−$2.0K −$0.70/SF
EGI
$33.8K $12.02/SF
− OpEx
−$10.2K −$3.61/SF
NOI
$23.7K $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%
$473,720
Cap Rate 7%
$338,371
Cap Rate 9%
$263,178
Alternative Uses
Best Use
Multifamily LT 5
$338.4K
$296.1K – $394.8K
NOI $23,686 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$273.7K
$239.5K – $319.3K
NOI $19,158 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$729.6K
$638.4K – $851.3K
NOI $51,075 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,235
Businesses Nearby
Explore this area
Business Placement
Demographics for 40206, KY
20,196
Population
11,637
Households
1.7
Avg Household Size
38
Median Age
55%
College-Educated
95%
High-School Grad
5.8 sq mi
ZIP Area
3,482
Density / Sq Mi
$72,543
Median Household Income
$48,506
Median Earnings
$1,142
Median Rent
$276,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three residences feature refreshed kitchens, private outdoor areas, loft spaces, and off-street parking in an urban Louisville setting.
Where is this triplex located?
The property is located at 925 E Washington St Louisville, KY.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Three‑unit multifamily property built in 1900; New high‑end kitchens installed in all 3 units; Private outdoor spaces with custom metal balcony railings
