Brick Apartment
For Sale
$1,000,000
1136 S 3rd St, Louisville, KY 40203
Multi Family, Louisville, KY
Property Size11,174 SF
Price / SF$89.49
Days on Market106
Property Features for 1136 S 3rd St
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Rooms
Basement
Subdivision
OLD LOUISVILLE
Directions
3rd St between E St Catherine and Oak
Standard status
Active
APN
08029K00980000
Size
11,174 SF
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1927
Number of units
14
Building materials
Brick
Architectural style
High Rise
Additional Structures
Outbuilding
Listing Agency:
United Real Estate Louisville
(502) 509-4498
Listed By:
Vijay Addala · License #265343
(302) 897-9899
Added: May 20
Changed: Aug 26
Last Checked: Sep 2 at 5:06AM
MLS# 1717886
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.
Investment Insights
Based on property information with market context.
This multifamily apartment building contains approximately 11,174 square feet and was constructed in 1927. Brick construction, a high-rise architectural style, and a basement define the physical profile of the property. Heating is provided through electric and natural gas systems, while cooling is handled by window or wall/window units.
The building is served by public water and public sewer. Located at 1136 S 3rd St in Louisville, the property is positioned within ZIP Code 40203 in Jefferson County. Buyers should verify the approximate square footage.
The building is served by public water and public sewer. Located at 1136 S 3rd St in Louisville, the property is positioned within ZIP Code 40203 in Jefferson County. Buyers should verify the approximate square footage.
Key Highlights
- Approximately 11,174 square feet of multifamily space
- 1927 construction with brick exterior
- High‑rise architectural style
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
$76,045
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
7.60%
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%
$1,520,900
$1.5M
Cap Rate 7%
$1,086,357
$1.1M
Cap Rate 9%
$844,944
$844.9K
Market Conditions
NOI Build-Up for 11,174 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
$146.2K $13.08/SF
− Vacancy
−$7.9K −$0.71/SF
EGI
$138.3K $12.37/SF
− OpEx
−$62.2K −$5.57/SF
NOI
$76.0K $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%
$1,520,900
Cap Rate 7%
$1,086,357
Cap Rate 9%
$844,944
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$950.6K – $1.27M
NOI $76,045 @ 7.0% cap · market cap 7.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.90M
$2.53M – $3.38M
NOI $202,741 @ 7.0% cap · market cap 20.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,727
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic multifamily property with a basement, public utilities, and a combination of electric and natural gas heating.
Where is this apartment building located?
The property is located at 1136 S 3rd St Louisville, KY.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Approximately 11,174 square feet of multifamily space; 1927 construction with brick exterior; High‑rise architectural style
