Brick Quadplex with
New
For Sale
$399,000
306 Ridgedale Rd, Louisville, KY 40206
Multi Family, Louisville, KY
Property Size3,275 SF
Lot Size0.36 Acres
Price / SF$121.83
Days on Market6
Property Features for 306 Ridgedale Rd
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 4, Dining Room, Bathroom 2, Bathroom 1, Basement, Bedroom 5, Bedroom 6, Bedroom 4
Patio and Porch features
Porch
Directions
I-264 East (Henry Watterson Expressway) to Exit 22 (Brownsboro Road - 42 West). Turn left onto Brownsboro Road (U.S. 42). Continue driving straight taking a right onto Ridgedale Rd. Property located on left side of street.
Subdivision
03-Clifton/Crescent Hill/St Matthews
Standard status
Active
APN
05088D00950000
Size
3,275 SF
Lot size
0.36 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas, Ductless (Heating)
Cooling system
Ductless, Wall/Window Unit(s), Window Unit(s), Central Air
Water source
Public
Amenities
laundry hookups
storage areas
Building Details
Year built
1953
Number of units
4
Building materials
Brick Veneer
Roof type
Shingle
Listing Agency:
Keller Williams Collective · Keller Williams Realty
(502) 554-9500
Listed By:
Linda K Hill
(502) 554-9497
Added: Sep 7
Changed: Sep 11
Last Checked: Sep 12 at 6:06AM
MLS# 1718006
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 3275-square-foot quadplex, built in 1953, contains four residential units with a mix of two 2-bedroom/1-bath units and two 1-bedroom/1-bath units. The basement provides designated laundry hookups, water heaters, and additional storage areas. Brick veneer construction, a shingle roof, and a porch complete the main improvements.
Parking includes an attached 2-car garage and a detached brick carport. The property sits on a 0.36-acre lot and is served by public water and public sewer. Heating systems include ductless, natural gas, and forced air, while cooling includes central air, ductless, and wall/window units.
Parking includes an attached 2-car garage and a detached brick carport. The property sits on a 0.36-acre lot and is served by public water and public sewer. Heating systems include ductless, natural gas, and forced air, while cooling includes central air, ductless, and wall/window units.
Key Highlights
- 3275‑square‑foot quadplex with four residential units
- Unit mix includes two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units
- Attached 2‑car garage plus detached brick carport
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
$27,557
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
6.91%
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%
$551,140
$551.1K
Cap Rate 7%
$393,671
$393.7K
Cap Rate 9%
$306,189
$306.2K
Market Conditions
NOI Build-Up for 3,275 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
$41.7K $12.72/SF
− Vacancy
−$2.3K −$0.70/SF
EGI
$39.4K $12.02/SF
− OpEx
−$11.8K −$3.61/SF
NOI
$27.6K $8.41/SF
Area
Louisville, KY
Vacancy
5.50%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
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%
$551,140
Cap Rate 7%
$393,671
Cap Rate 9%
$306,189
Alternative Uses
Best Use
Multifamily LT 5
$393.7K
$344.5K – $459.3K
NOI $27,557 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$318.4K
$278.6K – $371.5K
NOI $22,288 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$848.9K
$742.8K – $990.4K
NOI $59,422 @ 7.0% cap · market cap 14.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
778
Businesses Nearby
Explore this area
Business Placement
Demographics for 40206, KY
20,196
Population
11,637
Households
1.7
Avg Household Size
38
Median Age
55%
College-Educated
95%
High-School Grad
5.8 sq mi
ZIP Area
3,482
Density / Sq Mi
$72,543
Median Household Income
$48,506
Median Earnings
$1,142
Median Rent
$276,100
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?
Quadplex - Four-unit property with one- and two-bedroom layouts, basement storage, and off-street parking.
Where is this quadplex located?
The property is located at 306 Ridgedale Rd Louisville, KY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 3275‑square‑foot quadplex with four residential units; Unit mix includes two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units; Attached 2‑car garage plus detached brick carport
