Three-Unit Residential
For Sale
$698,000
1079 Cherokee Rd, Louisville, KY 40204
Income-producing triplex with flexible month-to-month tenancy and individually metered electric service.
Property Size2,804 SF
Price / SF$248.93
Days on Market82
Property Features for 1079 Cherokee Rd
General Information
Standard status
Active
Size
2,804 SF
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
R5B
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA, 1 x 2BR/1.5BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Amenities
Power
Water
Sewer
4 Parking Spaces
Building Details
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Grisanti Group Commercial Real Estate
(502) 644-0264
Listed By:
Joe Grisanti · License #58974
(502) 644-0264
Source:
Kcrea.resimplifi
Added: Jun 11
Changed: Aug 29
Last Checked: Aug 30 at 1:26PM
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 Grisanti Group Commercial Real Estate
Investment Insights
Based on property information with market context.
This three-unit residential property at 1079 Cherokee Rd includes a two-bedroom, one-bath unit, a one-bedroom, one-bath unit, and a two-bedroom unit with 1.5 bathrooms. Built in 1900 and zoned R5B, the property offers a compact multifamily configuration with three separate residences.
All units are occupied by long-term, month-to-month residents, providing flexible lease arrangements. LG&E service is individually metered, while water costs are billed back to tenants. The property is located in Louisville’s Cherokee Triangle neighborhood within The Highlands.
All units are occupied by long-term, month-to-month residents, providing flexible lease arrangements. LG&E service is individually metered, while water costs are billed back to tenants. The property is located in Louisville’s Cherokee Triangle neighborhood within The Highlands.
Key Highlights
- Three residential units totaling 2,804 SF
- Unit mix includes two 2‑bedroom units and one 1‑bedroom unit
- Bathrooms include 1, 1, and 1.5 baths across the units
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
$23,594
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
3.38%
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%
$471,880
$471.9K
Cap Rate 7%
$337,057
$337.1K
Cap Rate 9%
$262,156
$262.2K
Market Conditions
NOI Build-Up for 2,804 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
$35.7K $12.72/SF
− Vacancy
−$2.0K −$0.70/SF
EGI
$33.7K $12.02/SF
− OpEx
−$10.1K −$3.61/SF
NOI
$23.6K $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%
$471,880
Cap Rate 7%
$337,057
Cap Rate 9%
$262,156
Alternative Uses
Best Use
Multifamily LT 5
$337.1K
$294.9K – $393.2K
NOI $23,594 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$272.6K
$238.5K – $318.1K
NOI $19,083 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$726.8K
$636.0K – $847.9K
NOI $50,876 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,173
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Income-producing triplex with flexible month-to-month tenancy and individually metered electric service.
Where is this triplex located?
The property is located at 1079 Cherokee Rd Louisville, KY.
What is the asking price?
The asking price for this property is $698,000.
What are key features of this property?
This property features: Three residential units totaling 2,804 SF; Unit mix includes two 2‑bedroom units and one 1‑bedroom unit; Bathrooms include 1, 1, and 1.5 baths across the units
