Good Morning,
This is Multifamily Monday, my weekly look at property with 2 or more units (2+ units) around Louisville. Anything with 2 or more units counts as commercial real estate, even a duplex. Every number below comes from our Multiple Listing Service (MLS), the database agents use to list and sell property.
What came on the market
8 new 2+ unit listings hit the MLS in the last 7 days, adding 28 units in total. Seven are in Louisville and one is outside the county.
The median list price per unit was about $166,000. Price per unit is the asking price divided by the number of units. Median means the middle value, so one very cheap or very pricey building doesn't throw it off.
The mix: 4 duplexes, 2 triplexes, 1 fourplex and one 10-unit building. Asking prices ran from about $42,000 a unit to $350,000 a unit.
What actually sold
18 sales of 2+ unit property closed in the last 30 days, totaling 97 units.
Average sale price per unit: about $89,900 (total sale dollars divided by total units)
Sale-to-list ratio: 93% overall. Buyers paid about 93 cents for every dollar of the final asking price. Only 4 of the 18 sold at or above list.
Median cumulative days on market: 50 days. Cumulative counts every day a property was listed, including earlier listing periods before it was relisted. When I ran the same numbers a week ago, it was about 36.
One 38-unit building made up more than a third of the units that sold, at about $65,500 a unit. Take it out and the other 17 sales averaged about $105,700 a unit. The 7 duplexes that sold averaged about $121,000 a unit.
What that means for you
The 4 new duplexes are asking a median of about $177,500 a unit. The 7 duplexes that closed in the last 30 days averaged about $121,000 a unit. One is a median asking price and the other is an average sale price, so it's not a perfect match. Know both numbers before you write an offer.
The middle sale had 50 cumulative days on market, and 13 of the 18 had more than 30.
If you're buying, run your numbers on what closed, not what's listed. When a building has been listed longer than that 50-day middle mark, it's fair to ask what the seller would take.
If you own a 2 to 4 unit building and you're thinking about selling, price it close to what's closing, not what the building down the street is asking. Only 4 of the last 18 sales got full price or better. Reply and I'll show you what similar buildings actually sold for.
None of mine on the market this week
I don't have an active 2+ unit listing of my own right now. When I do, it'll show up here.
Want the hand-picked list?
MLS rules keep me from naming other brokers' listings in an email like this, but I can send them to you one-to-one. Reply MULTI with your price range and how many units you want, and the Winner Realty team and I will send you the ones I'd actually look at. Or grab a time that works for you: https://robbergeron.youcanbook.me
Text or email me anytime. See you next Monday.
Warmly,
Rob Bergeron
Owner–Realtor at Award-Winning Winner Realty
Winner Realty: (502) 305-8915
Winner Realty | OffMarket.deals | Property Partner Data Company
Schedule time to discuss your goals, bottlenecks, or whatever’s on your mind — book me here.
PS — When you open a listing, check the days on market before you look at the price. It tells you how many days that building has been listed in total, including earlier listing periods, and that should shape your offer. Know someone shopping for their first duplex? Forward this to them.