Eight-Unit Apartment
For Sale
$1,079,900
1646 Beechwood Ave, Louisville, KY 40204
Multi Family, Louisville, KY
Property Size6,909 SF
Lot Size0.16 Acres
Price / SF$156.30
Days on Market93
Property Features for 1646 Beechwood Ave
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
16
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 10, Bedroom 14, Bedroom 13, Bedroom 11, Bedroom 3, Bathroom 4, Bedroom 5, Bedroom 9, Bathroom 3, Bedroom 7, Bedroom 15, Bedroom 1, Bedroom 8, Bedroom 16, Basement, Bathroom 2, Bedroom 12, Bedroom 6, Bedroom 2, Bathroom 1
Exterior features
Balcony
Subdivision
HIGHLANDS
Lot features
Sidewalk
Directions
Bardstown Road to Street
Standard status
Active
APN
10075B00070000
Size
6,909 SF
Lot size
0.16 Acres
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Natural Gas
Cooling system
Window Unit(s), Central Air, Wall/Window Unit(s), Heat Pump
Water source
Public
Building Details
Year built
1905
Number of units
8
Building materials
Synthetic Stucco, Brick, Stone
Roof type
Shingle
Architectural style
Other
Listing Agency:
Weichert Realtors - ABG
(502) 893-1900
Listed By:
William M Friel · License #57228
(502) 893-1900
Added: May 27
Changed: Aug 26
Last Checked: Aug 27 at 8:06AM
MLS# 1718598
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 6,909-square-foot apartment property contains eight units, with four three-bedroom residences and four one-bedroom/studio units. The 1905 building includes balconies and an asphalt parking area, with synthetic stucco, brick, and stone among the exterior materials. Recent improvements include the roof and HVAC systems in 2018, followed by windows, a water heater, and the parking lot in 2020. Gas and electric service are separately metered.
The property is located at 1646 Beechwood Ave in Louisville’s 40204 postal area, directly behind Mid City Mall. Bellarmine University, the University of Louisville, and Downtown Louisville are identified as nearby destinations. Public water and public sewer serve the property, while heating is provided by natural gas and heat pumps; cooling includes heat pumps, wall/window units, and central air.
The property is located at 1646 Beechwood Ave in Louisville’s 40204 postal area, directly behind Mid City Mall. Bellarmine University, the University of Louisville, and Downtown Louisville are identified as nearby destinations. Public water and public sewer serve the property, while heating is provided by natural gas and heat pumps; cooling includes heat pumps, wall/window units, and central air.
Key Highlights
- Eight units: four 3BR residences and four 1BR/studio units
- 6,909 SF apartment property on 0.16 acres
- Roof and HVAC updated in 2018
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
$47,019
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
4.35%
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%
$940,380
$940.4K
Cap Rate 7%
$671,700
$671.7K
Cap Rate 9%
$522,433
$522.4K
Market Conditions
NOI Build-Up for 6,909 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
$90.4K $13.08/SF
− Vacancy
−$4.9K −$0.71/SF
EGI
$85.5K $12.37/SF
− OpEx
−$38.5K −$5.57/SF
NOI
$47.0K $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%
$940,380
Cap Rate 7%
$671,700
Cap Rate 9%
$522,433
Alternative Uses
Best Use
Apartment 5plus
$671.7K
$587.7K – $783.7K
NOI $47,019 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,357 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,085
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
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 - Updated multifamily property with separately metered gas and electric service.
Where is this apartment building located?
The property is located at 1646 Beechwood Ave Louisville, KY.
What is the asking price?
The asking price for this property is $1,079,900.
What are key features of this property?
This property features: Eight units: four 3BR residences and four 1BR/studio units; 6,909 SF apartment property on 0.16 acres; Roof and HVAC updated in 2018
