5-Unit Brick Apartment
New
For Sale
$295,000
1121 Garvin Pl, Louisville, KY 40203
Multi Family, Louisville, KY
Property Size3,494 SF
Lot Size0.15 Acres
Price / SF$84.43
Days on Market2
Property Features for 1121 Garvin Pl
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bathroom 2, Bedroom 4, Bathroom 5, Bedroom 3, Basement, Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 4
Subdivision
OLD LOUISVILLE
Lot features
Sidewalk
Directions
S 2nd St or 3rd St to W Oak St or W St Catherine to street (property is between W St Catherine and W Oak St)
Standard status
Active
APN
08029K00540000
Size
3,494 SF
Lot size
0.15 Acres
Additional Details
Tenant in Place
Yes
Individually Metered Utilities
electric
Utilities
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1900
Number of units
5
Building materials
Brick
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Eagan Realty Group
Listed By:
Christopher R Eagan
(502) 649-8381
Added: Oct 30
Last Checked: Oct 31 at 7:06AM
MLS# 1733409
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.
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Investment Insights
Based on property information with market context.
This 3,494-square-foot, five-unit apartment property was built in 1900 and sits on a 0.15-acre lot. Four units have refreshed interiors, including stainless-steel appliances, tiled bathrooms, updated fixtures, and some granite countertops. Hardwood flooring runs throughout the apartments. The third-floor unit remains in need of updating. Unit 1 includes built-in shelving and in-unit laundry; units 1, 2, and 4 have separate exterior entrances, with access to unit 4 provided by exterior TREX stairs.
The property is in Louisville’s Limerick area of Old Louisville, near Spaulding University, Downtown, and Our Place Cafe at Ben Washer Park. Electricity is separately metered by apartment, while gas is not. Tenants pay their own electric service; the owner covers heat, water, and sewer. A single furnace, installed in 2015, serves all five units. Two water heaters, interior basement stairs, and washer-dryer hookups were added in 2025.
The property is in Louisville’s Limerick area of Old Louisville, near Spaulding University, Downtown, and Our Place Cafe at Ben Washer Park. Electricity is separately metered by apartment, while gas is not. Tenants pay their own electric service; the owner covers heat, water, and sewer. A single furnace, installed in 2015, serves all five units. Two water heaters, interior basement stairs, and washer-dryer hookups were added in 2025.
Key Highlights
- Five apartments in a 3,494‑square‑foot brick building on 0.15 acres
- Four of five apartments have updated finishes; the third‑floor unit needs updating
- Hardwood floors throughout; stainless‑steel appliances and tiled baths in four updated units
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,545
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Four apartments have updated finishes; the remaining unit requires renovation.
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 in a 3,494‑square‑foot brick building on 0.15 acres; Four of five apartments have updated finishes; the third‑floor unit needs updating; Hardwood floors throughout; stainless‑steel appliances and tiled baths in four updated units
