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    Cherokee Road Apartment Building

    1224 Cherokee Rd Louisville, KY 40204

    Claim this Listing
    For Sale
    $1,000,000

    MULTI_FAMILY - Other - Louisville, KY

    Type:Apartment
    Property size:
    8,550 SF
    Price / SF:
    $116/SF
    Added:
    May 27, 2026
    Days on Market:
    47
    Last Refresh:
    Jul 12 at 12:06 am

    Property Features for 1224 Cherokee Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Rooms
    Basement
    Patio and Porch features
    Deck
    Standard status
    Active
    APN
    10075E00440000
    Size
    8,550 SF

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1960
    Number of units
    6
    Building materials
    Wood Frame, Brick Veneer
    Roof type
    Shingle
    Architectural style
    Other

    Listing agent William M Friel License #57228

    Listing office Weichert Realtors - ABG 252 Whittington Pkwy S-A, Louisville, KY

    Listing date May 27, 2026

    MLS# 1718600 Listing URL

    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.

    Located on Cherokee Road in the Cherokee Triangle of Louisville, this property features six units. The Appleton Apartments offer a generational acquisition opportunity in a high-appreciating sub-market. The property includes large two-bedroom, one-bathroom and three-bedroom, one-bathroom units with historic charm. Tenant amenities include rear egress to a shared backyard, plus select in-unit laundry hookups. There are four vacant on-site garages ready to rent. The building is separately metered for LG&E. The property contains 8,550 square feet.

    Key Highlights

    • Rare generational acquisition opportunity in the highly desirable Cherokee Triangle.
    • Six large units with premium 2BR/1BA and 3BR/1BA layouts featuring historic charm.
    • Value‑add potential with four vacant on‑site garages ready to rent.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $111.8k $13.08
    − Vacancy −$6.0k −$0.71
    EGI $105.8k $12.37
    − OpEx −$47.6k −$5.57
    NOI $58.2k $6.81
    8,550 SF · lease $13.08/SF/yr · vacancy 5.40% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $831.2K
    $727.3K – $969.8K (±1% cap)
    NOI $58,187 @ 7.0% cap · market cap 5.82%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $2.22M
    $1.94M – $2.59M (±1% cap)
    NOI $155,131 @ 7.0% cap · market cap 15.51%
    Zoning and permitted uses should be independently verified with local authorities.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Daycare Center HVAC Service Electrical Service (Bike/Boat/Book/etc) Store Plumbing Service Auto Parts Store (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Home Appliance Store (Bike/Boat/Book/etc) Store

    Zoning and permitted uses should be independently verified with local authorities.

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    FAQs

    What type of property is this?
    Apartment building - Six-unit apartment building in Louisville's Cherokee Triangle.
    Where is this apartment building located?
    The property is located at 1224 Cherokee Rd Louisville, KY.
    What is the asking price?
    The asking price for this property is $1,000,000.
    What are key features of this property?
    This property features: Rare generational acquisition opportunity in the highly desirable Cherokee Triangle.; Six large units with premium 2BR/1BA and 3BR/1BA layouts featuring historic charm.; Value‑add potential with four vacant on‑site garages ready to rent.
    Contact an agent
    (502) 893-1900
    We can help!
    Contact an agent
    William M Friel
    William M Friel
    Real Estate License ID: 57228
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