5-Unit Apartment
New
For Sale
$295,000
1121 Garvin Pl, Louisville, KY 40203
Four units have updated finishes, with one unit offering scope for further improvements.
Property Size3,494 SF
Price / SF$84.43
Days on Market6
Property Features for 1121 Garvin Pl
General Information
Standard status
Active
Size
3,494 SF
Property subtype
Multi-Family
Occupancy
40%
Property Condition
Severity
Repairs Needed
Evidence
1 unit (3rd Flr) needs updating
Site & Location
Neighborhood
Limerick
Units
Multifamily Units
5
Individually Metered Utilities
electricity
Additional Details
Gross Income
$21,504
Tenant in Place
Yes
Amenities
hardwood floors
Building Details
Year Built
1900
Listing Agency:
RE/MAX Premier Properties
Listed By:
Mike Hall
(502) 509-5131
Source:
Mlsky
Added: Nov 1
Changed: Nov 5
Last Checked: Nov 6 at 8:23AM
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 RE/MAX Premier Properties
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Investment Insights
Based on property information with market context.
This 3,494-square-foot apartment property contains five units, four of which have been updated. Hardwood flooring runs throughout; refreshed units also feature stainless-steel appliances and tiled bathrooms with new fixtures. The third-floor unit remains in need of updates. Unit 1 includes built-in shelving and in-unit laundry, while Units 1, 2, and 4 have their own exterior entrances. Access to Unit 4 is via recently installed exterior TREX stairs.
The building is at 1121 Garvin Pl in the Limerick area of Old Louisville, blocks from Spaulding University, Downtown, and Our Place Cafe at Ben Washer Park. Electric service is separately metered by unit; gas is not. One furnace installed in 2015 serves all five units, and the owner pays for heat, water, and sewer. Two water heaters, interior basement stairs, and washer-dryer hookups were added in 2025.
The building is at 1121 Garvin Pl in the Limerick area of Old Louisville, blocks from Spaulding University, Downtown, and Our Place Cafe at Ben Washer Park. Electric service is separately metered by unit; gas is not. One furnace installed in 2015 serves all five units, and the owner pays for heat, water, and sewer. Two water heaters, interior basement stairs, and washer-dryer hookups were added in 2025.
Key Highlights
- Five apartments totaling 3,494 square feet
- Four units updated; third‑floor unit needs updating
- Hardwood flooring throughout; updated units have stainless‑steel appliances and tiled baths
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,779
Cap Rate
8.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$475,580
$475.6K
Cap Rate 7%
$339,700
$339.7K
Cap Rate 9%
$264,211
$264.2K
Market Conditions
NOI Build-Up for 3,494 SF
Gross rent
$45.7K $13.08/SF
− Vacancy
−$2.5K −$0.71/SF
EGI
$43.2K $12.37/SF
− OpEx
−$19.5K −$5.57/SF
NOI
$23.8K $6.81/SF
Area
Louisville, KY
Vacancy
5.40%
Lease Rate
$13.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$475,580
Cap Rate 7%
$339,700
Cap Rate 9%
$264,211
Alternative Uses
Best Use
Apartment 5plus
$339.7K
$297.2K – $396.3K
NOI $23,779 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$905.6K
$792.4K – $1.06M
NOI $63,395 @ 7.0% cap · market cap 21.49%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
5
Residential units
40%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,545
Businesses Nearby
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Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Louisville, KY
Properties on Market for Apartment buildings in Louisville
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Four units have updated finishes, with one unit offering scope for further improvements.
Where is this apartment building located?
The property is located at 1121 Garvin Pl Louisville, KY.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Five apartments totaling 3,494 square feet; Four units updated; third‑floor unit needs updating; Hardwood flooring throughout; updated units have stainless‑steel appliances and tiled baths
