Updated Four-Unit
For Sale
$420,000
1153 S 1st St, Louisville, KY 40203
Four-unit multifamily property with varied apartment layouts and professional management in Louisville’s historic Old Louisville neighborhood.
Property Size3,346 SF
Price / SF$125.52
Days on Market29
Property Features for 1153 S 1st St
General Information
Standard status
Active
Size
3,346 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 2 x 1BR/1BA, 1 x studio
Multifamily Units
4
Listing Agency:
PML Real Estate Group LLC
(502) 895-9136
Listed By:
Joe Barnett
(502) 895-9136
Source:
Exprealty
Added: Jul 30
Changed: Aug 23
Last Checked: Aug 26 at 10:10AM
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 PML Real Estate Group LLC
Investment Insights
Based on property information with market context.
This updated quadplex contains 3,346 square feet across four residential units. The configuration includes one two-bedroom, one-bath apartment; two one-bedroom, one-bath apartments; and one studio, providing a range of unit sizes within a single property. The building has undergone extensive updates and is professionally managed.
Located at 1153 S 1st St in Louisville’s Old Louisville neighborhood, the property offers an established multifamily configuration with a mix of apartment layouts. Its four-unit design and existing management structure provide a straightforward format for residential income ownership.
Located at 1153 S 1st St in Louisville’s Old Louisville neighborhood, the property offers an established multifamily configuration with a mix of apartment layouts. Its four-unit design and existing management structure provide a straightforward format for residential income ownership.
Key Highlights
- Four residential units totaling 3,346 square feet
- Unit mix includes one 2‑bedroom, 1‑bath apartment
- Two 1‑bedroom, 1‑bath apartments plus one studio
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
$28,154
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
6.70%
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%
$563,080
$563.1K
Cap Rate 7%
$402,200
$402.2K
Cap Rate 9%
$312,822
$312.8K
Market Conditions
NOI Build-Up for 3,346 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
$42.6K $12.72/SF
− Vacancy
−$2.3K −$0.70/SF
EGI
$40.2K $12.02/SF
− OpEx
−$12.1K −$3.61/SF
NOI
$28.2K $8.41/SF
Area
Louisville, KY
Vacancy
5.50%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
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%
$563,080
Cap Rate 7%
$402,200
Cap Rate 9%
$312,822
Alternative Uses
Best Use
Multifamily LT 5
$402.2K
$351.9K – $469.2K
NOI $28,154 @ 7.0% cap · market cap 6.70%
Second Best
Apartment 5plus
$325.3K
$284.6K – $379.5K
NOI $22,771 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$867.3K
$758.9K – $1.01M
NOI $60,710 @ 7.0% cap · market cap 14.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,410
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?
Quadplex - Four-unit multifamily property with varied apartment layouts and professional management in Louisville’s historic Old Louisville neighborhood.
Where is this quadplex located?
The property is located at 1153 S 1st St Louisville, KY.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Four residential units totaling 3,346 square feet; Unit mix includes one 2‑bedroom, 1‑bath apartment; Two 1‑bedroom, 1‑bath apartments plus one studio
