32-Unit Apartment
For Sale
$2,599,000
1122 Garvin Pl, Louisville, KY 40203
One-bedroom residences include basement management space and on-site laundry facilities.
Property Size13,908 SF
Price / SF$186.87
Days on Market63
Property Features for 1122 Garvin Pl
General Information
Standard status
Active
Size
13,908 SF
Property subtype
Multifamily
Zoning
TNZD
Units
Unit Mix
32 x 1BR
Multifamily Units
32
Amenities
on-site laundry
Power
Water
Sewer
Natural Gas
Building Details
Year Built
1961
Buildings
1
Listing Agency:
Weichert Realtors - ABG
Listed By:
William Friel · License #57228
(502) 609-4778
Source:
Kcrea.resimplifi
Added: Jul 2
Changed: Aug 27
Last Checked: Sep 1 at 3:12PM
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 Realtors - ABG
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.
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 = 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
$94,651
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
3.64%
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%
$1,893,020
$1.9M
Cap Rate 7%
$1,352,157
$1.4M
Cap Rate 9%
$1,051,678
$1.1M
Market Conditions
NOI Build-Up for 13,908 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
$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 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%
$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
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 authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
