Four-Unit Apartment
For Sale
$510,000
106 Crestwood Ave, Louisville, KY 40206
Fully occupied fourplex with staggered leases extending through 2027.
Property Size2,584 SF
Days on Market94
Property Features for 106 Crestwood Ave
General Information
Standard status
Active
Size
2,584 SF
Property subtype
Multi Family Home
Occupancy
100%
Financials
Asking Price
$510,000
Gross Income
$43,620
Gross Rent Multiplier
11.7
Units
Unit Mix
4 x 1BD/1BA
Multifamily Units
4
Building Details
Building Size
2,584 SF
Year Built
1938
Units
4
Listing Agency:
Sun Residential
(502) 216-5069
Listed By:
Lucy Peterson
(502) 216-5069
Source:
Demareeandhubbard
Added: May 11
Changed: Aug 7
Last Checked: Aug 11 at 1:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Sun Residential
Investment Insights
Based on property information with market context.
This fourplex contains four one-bedroom, one-bath apartments, with each unit measuring 622 square feet. The property was built in 1938 and is currently 100% occupied, providing an established residential income configuration. Lease expirations are distributed through 2027 rather than concentrated at a single date.
The property is located at 106 Crestwood Ave in Louisville’s Crescent Hill area, with Frankfort Avenue’s restaurants and shops and Cherokee Park identified as nearby destinations. The asset carries a 11.7 GRM and offers four similarly configured units within one apartment building.
The property is located at 106 Crestwood Ave in Louisville’s Crescent Hill area, with Frankfort Avenue’s restaurants and shops and Cherokee Park identified as nearby destinations. The asset carries a 11.7 GRM and offers four similarly configured units within one apartment building.
Key Highlights
- Four 1BD/1BA units, each measuring 622 sq ft
- 100% occupied residential income property
- Staggered lease dates extend through 2027
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
$21,742
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
4.26%
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%
$434,840
$434.8K
Cap Rate 7%
$310,600
$310.6K
Cap Rate 9%
$241,578
$241.6K
Market Conditions
NOI Build-Up for 2,584 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
$32.9K $12.72/SF
− Vacancy
−$1.8K −$0.70/SF
EGI
$31.1K $12.02/SF
− OpEx
−$9.3K −$3.61/SF
NOI
$21.7K $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%
$434,840
Cap Rate 7%
$310,600
Cap Rate 9%
$241,578
Alternative Uses
Best Use
Multifamily LT 5
$310.6K
$271.8K – $362.4K
NOI $21,742 @ 7.0% cap · market cap 4.26%
Second Best
Apartment 5plus
$251.2K
$219.8K – $293.1K
NOI $17,585 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$669.8K
$586.1K – $781.4K
NOI $46,884 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
431
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied fourplex with staggered leases extending through 2027.
Where is this quadplex located?
The property is located at 106 Crestwood Ave Louisville, KY.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Four 1BD/1BA units, each measuring 622 sq ft; 100% occupied residential income property; Staggered lease dates extend through 2027
