5-Unit Apartment
For Sale
$340,000
4925 Southside Dr, Louisville, KY 40214
Multi Family, Louisville, KY
Property Size2,982 SF
Price / SF$114.02
Days on Market87
Property Features for 4925 Southside Dr
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
8
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 4, Bedroom 3, Bathroom 4, Dining Room, Bedroom 5, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 3, Bedroom 7, Basement, Bedroom 1, Bathroom 5, Bathroom 2, Bedroom 8
Patio and Porch features
Porch
Subdivision
ST LEO PLACE
Directions
Watterson to S 3Rd Street, left on Tenny, right on Southside
Standard status
Active
APN
059B01610000
Size
2,982 SF
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1906
Number of units
5
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
BERKSHIRE HATHAWAY HomeServices, Parks & Weisberg Realtors
(502) 897-3321
Listed By:
Kiara A Harriott · License #274248
(502) 416-3681
Added: Jun 2
Changed: Aug 26
Last Checked: Aug 27 at 6:06AM
MLS# 1719213
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 2,982-square-foot apartment property contains five residential units within a building constructed in 1906. The improvements feature vinyl siding, a shingle roof, central air, and a porch. One unit is identified as vacant, while tenant notification requires 48 hours before showing requests.
Public water and public sewer serve the property. The unit layout includes multiple bedrooms and bathrooms, along with dining and basement areas. The property is located in Louisville, Kentucky, within ZIP Code 40214.
Public water and public sewer serve the property. The unit layout includes multiple bedrooms and bathrooms, along with dining and basement areas. The property is located in Louisville, Kentucky, within ZIP Code 40214.
Key Highlights
- Five‑unit apartment property
- 2,982 square feet of building area
- Constructed in 1906
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
$26,112
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
7.68%
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%
$522,240
$522.2K
Cap Rate 7%
$373,029
$373.0K
Cap Rate 9%
$290,133
$290.1K
Market Conditions
NOI Build-Up for 2,982 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
$51.9K $17.40/SF
− Vacancy
−$4.4K −$1.48/SF
EGI
$47.5K $15.92/SF
− OpEx
−$21.4K −$7.16/SF
NOI
$26.1K $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%
$522,240
Cap Rate 7%
$373,029
Cap Rate 9%
$290,133
Alternative Uses
Best Use
Apartment 5plus
$373.0K
$326.4K – $435.2K
NOI $26,112 @ 7.0% cap · market cap 7.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$714.5K
$625.2K – $833.6K
NOI $50,017 @ 7.0% cap · market cap 14.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
593
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Income-producing multifamily property with central air, public utilities, and a covered porch.
Where is this apartment building located?
The property is located at 4925 Southside Dr Louisville, KY.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Five‑unit apartment property; 2,982 square feet of building area; Constructed in 1906
