7-Unit Apartment Building with Carriage
For Sale
$1,290,000
1271 Cherokee Rd, Louisville, KY 40204
Multi Family, Louisville, KY
Property Size6,285 SF
Lot Size0.24 Acres
Price / SF$205.25
Days on Market106
Property Features for 1271 Cherokee Rd
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
8
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 3, Bathroom 6, Bedroom 1, Bathroom 2, Bathroom 8, Bathroom 5, Bathroom 7, Bedroom 6, Bedroom 4, Bedroom 8, Bathroom 9, Bedroom 7, Bedroom 2, Bathroom 4, Bedroom 3, Bedroom 5, Bathroom 10, Basement, Bathroom 1
Patio and Porch features
Porch
Exterior features
Balcony
Subdivision
CHEROKEE TRIANGLE
Directions
Between Longest Ave and Patterson Ave
Standard status
Active
APN
075E00840000
Size
6,285 SF
Lot size
0.24 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
Building Details
Year built
1890
Number of units
7
Building materials
Wood Frame, Stone
Roof type
Composition
Architectural style
Other
Listing Agency:
Homepage Realty
(502) 690-6685
Listed By:
Amanda Helfrich · License #222813
(502) 807-7319
Added: Jun 24
Changed: Sep 16
Last Checked: Oct 7 at 3:06PM
MLS# 1721382
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.
Built in 1890, this 6,285-square-foot apartment property includes five units in the main residence and two more in a detached carriage house. The secondary structure offers both front street entry and rear alley access. Property features include wood-frame and stone construction, a composition roof, porch, balcony, forced-air heating, central air, public water, and public sewer. Open on-site parking serves residents and guests.
Two units are vacant and have received fresh paint, new bedroom carpeting, and professional cleaning. Other unit improvements include updated kitchens, in-unit laundry, multiple bathrooms, spacious living areas, and refreshed finishes. Original architectural details include leaded and stained-glass windows and varied unit layouts.
The property occupies 0.24 acres at 1271 Cherokee Rd in Louisville, Kentucky, within the Cherokee Triangle area. Local context described for the property includes walkable access to restaurants, coffee shops, Cherokee Park, and neighborhood amenities.
Two units are vacant and have received fresh paint, new bedroom carpeting, and professional cleaning. Other unit improvements include updated kitchens, in-unit laundry, multiple bathrooms, spacious living areas, and refreshed finishes. Original architectural details include leaded and stained-glass windows and varied unit layouts.
The property occupies 0.24 acres at 1271 Cherokee Rd in Louisville, Kentucky, within the Cherokee Triangle area. Local context described for the property includes walkable access to restaurants, coffee shops, Cherokee Park, and neighborhood amenities.
Key Highlights
- 7 units: five in the main residence and two in a separate carriage house
- 6,285 square feet on 0.24 acres; built in 1890
- Carriage house has front street access and rear alley access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,773
Cap Rate
3.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$855,460
$855.5K
Cap Rate 7%
$611,043
$611.0K
Cap Rate 9%
$475,256
$475.3K
Market Conditions
NOI Build-Up for 6,285 SF
Gross rent
$82.2K $13.08/SF
− Vacancy
−$4.4K −$0.71/SF
EGI
$77.8K $12.37/SF
− OpEx
−$35.0K −$5.57/SF
NOI
$42.8K $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 Rate 5%
$855,460
Cap Rate 7%
$611,043
Cap Rate 9%
$475,256
Alternative Uses
Best Use
Apartment 5plus
$611.0K
$534.7K – $712.9K
NOI $42,773 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,035 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,030
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Apartment building - Historic multifamily property with a separate carriage house, open parking, and two recently improved vacant units.
Where is this apartment building located?
The property is located at 1271 Cherokee Rd Louisville, KY.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: 7 units: five in the main residence and two in a separate carriage house; 6,285 square feet on 0.24 acres; built in 1890; Carriage house has front street access and rear alley access
