6-Unit Apartment Building with Carriage
For Sale
$675,000
1424 St James Ct, Louisville, KY 40208
Multi Family, Louisville, KY
Property Size5,611 SF
Lot Size0.21 Acres
Price / SF$120.30
Days on Market163
Property Features for 1424 St James Ct
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 1, Bedroom 2, Bedroom 7, Bathroom 2, Bedroom 5, Bedroom 6, Bedroom 4, Bathroom 6, Bathroom 3, Basement, Bedroom 3, Bedroom 8, Bathroom 4, Bathroom 1, Bathroom 7, Bathroom 5
Patio and Porch features
Deck, Patio, Porch
Subdivision
ST JAMES
Lot features
Sidewalk
Directions
S 4th St to W Magnolia Ave right on St James Ct
Standard status
Active
APN
08033A00660000
Size
5,611 SF
Lot size
0.21 Acres
Utilities
Sewer type
Public Sewer
Heating system
Radiant
Water source
Public
Building Details
Year built
1900
Number of units
6
Building materials
Brick
Roof type
Shingle
Listing Agency:
Family Realty LLC
(502) 458-4100
Listed By:
Laura Harris · License #242006
(502) 681-6559
Added: Apr 17
Changed: Sep 15
Last Checked: Sep 26 at 3:06PM
MLS# 1713203
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 1900, this 5,611-square-foot brick apartment property occupies 0.21 acres on St. James Court. The six-unit layout includes four apartments in the primary residence and two efficiency units positioned above the carriage house. Radiant heating, a shingle roof, public water, public sewer, and multiple outdoor areas—including a porch, patio, and deck—are part of the improvements. The carriage house contains a garage with two dedicated parking spaces, while the property also has its own private driveway.
The building is in Louisville’s historic Old Louisville area, with Downtown Louisville and the University of Louisville located minutes away. Its residential arrangement combines a large main-house footprint with separate carriage-house accommodations, offering a distinct multifamily configuration within the St. James Court setting.
The building is in Louisville’s historic Old Louisville area, with Downtown Louisville and the University of Louisville located minutes away. Its residential arrangement combines a large main-house footprint with separate carriage-house accommodations, offering a distinct multifamily configuration within the St. James Court setting.
Key Highlights
- 6‑unit configuration with four main‑house apartments and two efficiency units
- 5,611 square feet on a 0.21‑acre lot
- 1900 construction with brick exterior and radiant heating
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
$38,186
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
5.66%
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%
$763,720
$763.7K
Cap Rate 7%
$545,514
$545.5K
Cap Rate 9%
$424,289
$424.3K
Market Conditions
NOI Build-Up for 5,611 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
$73.4K $13.08/SF
− Vacancy
−$4.0K −$0.71/SF
EGI
$69.4K $12.37/SF
− OpEx
−$31.2K −$5.57/SF
NOI
$38.2K $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%
$763,720
Cap Rate 7%
$545,514
Cap Rate 9%
$424,289
Alternative Uses
Best Use
Apartment 5plus
$545.5K
$477.3K – $636.4K
NOI $38,186 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.70M
NOI $101,806 @ 7.0% cap · market cap 15.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,002
Businesses Nearby
Explore this area
Business Placement
Demographics for 40208, KY
17,048
Population
6,675
Households
2.6
Avg Household Size
27
Median Age
34%
College-Educated
88%
High-School Grad
2.6 sq mi
ZIP Area
6,557
Density / Sq Mi
$37,714
Median Household Income
$17,255
Median Earnings
$914
Median Rent
$153,100
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?
Apartment building - Historic brick multifamily property with a private driveway, carriage-house parking, and a six-unit configuration.
Where is this apartment building located?
The property is located at 1424 St James Ct Louisville, KY.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 6‑unit configuration with four main‑house apartments and two efficiency units; 5,611 square feet on a 0.21‑acre lot; 1900 construction with brick exterior and radiant heating
