Apartment Building on Corner
For Sale
$720,000
3944 S 3rd St, Louisville, KY 40214
MULTI_FAMILY - Louisville, KY
Property Size4,944 SF
Lot Size0.12 Acres
Price / SF$145.63
Days on Market20
Property Features for 3944 S 3rd St
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 3, Bedroom 6, Bathroom 7, Bedroom 5, Bathroom 1, Bedroom 3, Bedroom 8, Bathroom 2, Bedroom 1, Bedroom 7, Bathroom 4, Bedroom 4, Bathroom 6, Bathroom 5, Bedroom 2, Bathroom 8
Exterior features
Balcony
Subdivision
OAKDALE
Lot features
Corner Lot
Directions
I-65 to I-264W, Exit to S 3rd St, right on S 3rd St
Standard status
Active
APN
12055E00160000
Size
4,944 SF
Lot size
0.12 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air, Heat Pump (Heating)
Cooling system
Wall/Window Unit(s), Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1900
Number of units
8
Building materials
Block
Roof type
Shingle
Listing Agency:
RE/MAX Premier Properties · RE/MAX International
(502) 384-5944
Listed By:
Jay Pitts · License #63303
(502) 384-5944
Added: Jul 21
Changed: Aug 3
Last Checked: Aug 9 at 7:06PM
MLS# 1723957
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 apartment building at 3944 S 3rd St, Louisville, KY 40214 offers eight one-bedroom, one-bath units on a corner lot. Each unit is metered separately, and all units are currently occupied except the unit shown in photos, which is expected to be occupied in September. The property includes off-street parking, with on-street parking also available, and exterior features include balconies.
The building sits on a 0.12-acre lot with a total property size of 4,944 square feet. Constructed with block materials and topped with a shingle roof, the property was built in 1900. Heating options include natural gas, heat pump (heating), and forced air. Cooling is provided via central air plus window and wall/window units. Public water and public sewer services are available.
The location provides easy access to the Watterson Expressway and is close to Churchill Downs, the fairgrounds, and the University of Louisville.
The building sits on a 0.12-acre lot with a total property size of 4,944 square feet. Constructed with block materials and topped with a shingle roof, the property was built in 1900. Heating options include natural gas, heat pump (heating), and forced air. Cooling is provided via central air plus window and wall/window units. Public water and public sewer services are available.
The location provides easy access to the Watterson Expressway and is close to Churchill Downs, the fairgrounds, and the University of Louisville.
Key Highlights
- Corner lot apartment building with eight separately metered one‑bedroom, one‑bath units
- Off‑street parking with on‑street parking available
- 0.12‑acre lot and 4,944 SF building area
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
$43,292
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
6.01%
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%
$865,840
$865.8K
Cap Rate 7%
$618,457
$618.5K
Cap Rate 9%
$481,022
$481.0K
Market Conditions
NOI Build-Up for 4,944 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
$86.0K $17.40/SF
− Vacancy
−$7.3K −$1.48/SF
EGI
$78.7K $15.92/SF
− OpEx
−$35.4K −$7.16/SF
NOI
$43.3K $8.76/SF
Area
ZIP 40214
Vacancy
8.50%
Lease Rate
$17.40 /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%
$865,840
Cap Rate 7%
$618,457
Cap Rate 9%
$481,022
Alternative Uses
Best Use
Apartment 5plus
$618.5K
$541.2K – $721.5K
NOI $43,292 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.04M – $1.38M
NOI $82,926 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
605
Businesses Nearby
Explore this area
Business Placement
Demographics for 40214, KY
46,220
Population
20,459
Households
2.3
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
15.0 sq mi
ZIP Area
3,081
Density / Sq Mi
$53,563
Median Household Income
$37,121
Median Earnings
$950
Median Rent
$176,700
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 - Corner-lot apartment building with eight separately metered one-bedroom units, off-street parking, and all units occupied except a September turnover.
Where is this apartment building located?
The property is located at 3944 S 3rd St Louisville, KY.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: Corner lot apartment building with eight separately metered one‑bedroom, one‑bath units; Off‑street parking with on‑street parking available; 0.12‑acre lot and 4,944 SF building area
