32-Unit Apartment
1122 GARVIN PL Louisville, KY 40203
1122 GARVIN PL, Louisville, KY, 40203
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For Sale
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32 one-bedroom units with an on-site manager’s space and basement laundry facilities in a residential income property.
Property Size13,908 SF
Price / SF$186.87
Days on Market17
Property Features for 1122 GARVIN PL
General Information
- Standard status
- Active
- Size
- 13,908 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1961
Listing agency
Weichert Commercial Brokerage Inc Louisville
(502) 609-4778
Listed by
William Friel · License #KY 57228
Source
Crexi
Added: Jul 6 Updated: Jul 21 at 5:40PM Checked: Jul 22 at 4:08PM
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 Weichert Commercial Brokerage Inc Louisville
Investment Insights
Based on property information with market context.
The Old Louisville Flats is a 32-unit apartment building offering 32 one-bedroom apartments plus one bonus on-site manager’s space located in the basement. The property includes on-site laundry facilities, supporting tenant convenience as well as additional building income potential.
Set in the historic Old Louisville area, the building is described as benefiting from strong tenant demand tied to proximity to the University of Louisville, Spalding University, and downtown employment hubs.
As a residential income property, it’s positioned as a family-owned asset that is characterized in the remarks as well-cared-for and pride-of-ownership.
Set in the historic Old Louisville area, the building is described as benefiting from strong tenant demand tied to proximity to the University of Louisville, Spalding University, and downtown employment hubs.
As a residential income property, it’s positioned as a family-owned asset that is characterized in the remarks as well-cared-for and pride-of-ownership.
Key Highlights
- 32‑unit apartment building with 32 one‑bedroom apartments plus 1 bonus on‑site manager’s space in the basement
- Year built: 1961
- On‑site laundry facilities provide auxiliary income for tenants
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $181.9k | $13.08 |
| − Vacancy | −$9.8k | −$0.71 |
| EGI | $172.1k | $12.37 |
| − OpEx | −$77.4k | −$5.57 |
| NOI | $94.7k | $6.81 |
13,908 SF · lease $13.08/SF/yr · vacancy 5.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.58M
NOI $94,651 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.60M
$3.15M – $4.21M
NOI $252,347 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - 32 one-bedroom units with an on-site manager’s space and basement laundry facilities in a residential income property.
Where is this apartment building located?
The property is located at 1122 GARVIN PL Louisville, KY.
What is the asking price?
The asking price for this property is $2,599,000.
What are key features of this property?
This property features: 32‑unit apartment building with 32 one‑bedroom apartments plus 1 bonus on‑site manager’s space in the basement; Year built: 1961; On‑site laundry facilities provide auxiliary income for tenants
