32-Unit Apartment
For Sale
$2,599,000
1122 Garvin Pl, Louisville, KY 40203
Multi Family, Louisville, KY
Property Size17,404 SF
Lot Size0.48 Acres
Price / SF$149.33
Days on Market59
Property Features for 1122 Garvin Pl
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Basement, Bedroom 2, Bedroom 1
Exterior features
Balcony
Subdivision
OLD LOUISVILLE
Lot features
Sidewalk
Directions
W Oak Street or W St Catherine to the street
Standard status
Active
APN
08029K00260000
Size
17,404 SF
Lot size
0.48 Acres
Utilities
Sewer type
Public Sewer
Heating system
Steam, Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
on-site laundry
Building Details
Year built
1961
Number of units
32
Building materials
Concrete, Block, Stucco
Roof type
Membrane
Listing Agency:
Weichert Realtors - ABG
(502) 893-1900
Listed By:
William M Friel · License #57228
(502) 893-1900
Added: Jun 30
Changed: Aug 26
Last Checked: Aug 27 at 8:06AM
MLS# 1721984
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 17,404-square-foot apartment property at 1122 Garvin Pl. contains 32 one-bedroom apartments, along with a bonus on-site manager’s space in the basement. The 0.48-acre property was built in 1961 and features balconies, basement space, membrane roofing, and concrete, block, and stucco construction. Heating is provided by steam and natural gas, while cooling is served by wall or window units.
The property is in Louisville’s Old Louisville area, with proximity to the University of Louisville, Spalding University, and downtown employment hubs. Public water and public sewer serve the building. On-site laundry facilities provide an additional building amenity for residents.
The property is in Louisville’s Old Louisville area, with proximity to the University of Louisville, Spalding University, and downtown employment hubs. Public water and public sewer serve the building. On-site laundry facilities provide an additional building amenity for residents.
Key Highlights
- 32 one‑bedroom apartments plus a bonus on‑site manager’s space in the basement
- 17,404‑square‑foot apartment property on 0.48 acres
- On‑site laundry facilities
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
$118,443
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
4.56%
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%
$2,368,860
$2.4M
Cap Rate 7%
$1,692,043
$1.7M
Cap Rate 9%
$1,316,033
$1.3M
Market Conditions
NOI Build-Up for 17,404 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
$227.6K $13.08/SF
− Vacancy
−$12.3K −$0.71/SF
EGI
$215.4K $12.37/SF
− OpEx
−$96.9K −$5.57/SF
NOI
$118.4K $6.81/SF
Area
Louisville, KY
Vacancy
5.40%
Lease Rate
$13.08 /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%
$2,368,860
Cap Rate 7%
$1,692,043
Cap Rate 9%
$1,316,033
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,443 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.51M
$3.95M – $5.26M
NOI $315,778 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
1,545
Businesses Nearby
Explore this area
Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
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?
Apartment building - Concrete, block, and stucco construction includes balconies, basement space, and on-site laundry facilities.
Where is this apartment building located?
The property is located at 1122 Garvin Pl Louisville, KY.
What is the asking price?
The asking price for this property is $2,599,000.
What are key features of this property?
This property features: 32 one‑bedroom apartments plus a bonus on‑site manager’s space in the basement; 17,404‑square‑foot apartment property on 0.48 acres; On‑site laundry facilities
