6-Unit Apartment
For Sale
$799,000
1155 S 28th St, Louisville, KY 40211
Three-bedroom apartments feature separate gas and electric metering, with tenants responsible for those utilities.
Property Size7,959 SF
Price / SF$100.39
Days on Market49
Property Features for 1155 S 28th St
General Information
Standard status
Active
Size
7,959 SF
Property subtype
Residential Income
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
6 x 3BR
Multifamily Units
6
Listing Agency:
BellMan Realty LLC
(502) 777-8627
Listed By:
Sharon Y Gazaway-Bell
(502) 777-8627
Source:
Exprealty
Added: Jul 13
Changed: Aug 21
Last Checked: Aug 29 at 11:55AM
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 BellMan Realty LLC
Investment Insights
Based on property information with market context.
This 6-unit apartment building at 1155 S 28th St includes spacious three-bedroom apartments. Gas and electricity are separately metered for each apartment, allowing residents to pay those utility costs directly. On-street parking is available along the building’s frontage.
The property is located in Louisville’s historic Parkland neighborhood, near the Parkland Library, Parkland Medical Plaza, the historic business district, downtown Louisville, restaurants, shopping, and public transportation. The site is also near Norton Full Service hospital, the Goodwill Opportunity Campus, Kroger, and other employment and service destinations. Expressway access connects the property with Louisville and Southern Indiana. The building contains 7,959 square feet and is positioned within an area experiencing neighborhood redevelopment and infrastructure improvements.
The property is located in Louisville’s historic Parkland neighborhood, near the Parkland Library, Parkland Medical Plaza, the historic business district, downtown Louisville, restaurants, shopping, and public transportation. The site is also near Norton Full Service hospital, the Goodwill Opportunity Campus, Kroger, and other employment and service destinations. Expressway access connects the property with Louisville and Southern Indiana. The building contains 7,959 square feet and is positioned within an area experiencing neighborhood redevelopment and infrastructure improvements.
Key Highlights
- 6‑unit apartment building with spacious three‑bedroom apartments
- 7,959‑square‑foot multifamily property
- Separate gas and electric meters serve each apartment
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
$54,165
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
6.78%
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%
$1,083,300
$1.1M
Cap Rate 7%
$773,786
$773.8K
Cap Rate 9%
$601,833
$601.8K
Market Conditions
NOI Build-Up for 7,959 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
$104.1K $13.08/SF
− Vacancy
−$5.6K −$0.71/SF
EGI
$98.5K $12.37/SF
− OpEx
−$44.3K −$5.57/SF
NOI
$54.2K $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%
$1,083,300
Cap Rate 7%
$773,786
Cap Rate 9%
$601,833
Alternative Uses
Best Use
Apartment 5plus
$773.8K
$677.1K – $902.8K
NOI $54,165 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.06M
$1.81M – $2.41M
NOI $144,408 @ 7.0% cap · market cap 18.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
441
Businesses Nearby
Explore this area
Business Placement
Demographics for 40211, KY
21,310
Population
11,450
Households
1.9
Avg Household Size
37
Median Age
11%
College-Educated
86%
High-School Grad
7.3 sq mi
ZIP Area
2,919
Density / Sq Mi
$32,598
Median Household Income
$28,245
Median Earnings
$925
Median Rent
$97,900
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 - Three-bedroom apartments feature separate gas and electric metering, with tenants responsible for those utilities.
Where is this apartment building located?
The property is located at 1155 S 28th St Louisville, KY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 6‑unit apartment building with spacious three‑bedroom apartments; 7,959‑square‑foot multifamily property; Separate gas and electric meters serve each apartment
