Building Details

Year Built 1961

Buildings 1

Listing Agency: Weichert Realtors - ABG

Listed By: William Friel · License #57228 Show Phone

Source: Kcrea.resimplifi

Added: Jul 2 Changed: Oct 12 Last Checked: Oct 16 at 5:43AM

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Investment Insights

Based on property information with market context.

Located at 1122 Garvin Pl in Louisville’s Old Louisville area, this 13,908-square-foot apartment building was constructed in 1961. The property contains 32 one-bedroom apartments, along with an on-site manager’s space in the basement.

Residents have access to on-site laundry facilities. The property is positioned near the University of Louisville, Spalding University, and downtown employment hubs, within an area recognized for its concentration of Victorian architecture. TNZD zoning applies to the property.

Key Highlights

• 32 one‑bedroom apartments plus one on‑site manager’s space in the basement
• 13,908 square feet constructed in 1961
• On‑site laundry facilities

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$94,651

Cap Rate

3.64%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,893,020 $1.9M

Cap Rate 7%

$1,352,157 $1.4M

Cap Rate 9%

$1,051,678 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,908 SF

Gross rent

$181.9K $13.08/SF

− Vacancy

−$9.8K −$0.71/SF

EGI

$172.1K $12.37/SF

− OpEx

−$77.4K −$5.57/SF

NOI

$94.7K $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%

$1,893,020

Cap Rate 7%

$1,352,157

Cap Rate 9%

$1,051,678

Alternative Uses

Best Use

Apartment 5plus

$1.35M

$1.18M – $1.58M (±1% cap)

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 (±1% cap)

NOI $252,347 @ 7.0% cap · market cap 9.71%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Travel Agency (Bike/Boat/Book/etc) Store Locksmith Home Appliance Store Fish Market Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

32

Residential units

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

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - One-bedroom residences include basement management space and on-site laundry facilities.

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 one‑bedroom apartments plus one on‑site manager’s space in the basement; 13,908 square feet constructed in 1961; On‑site laundry facilities