6-Unit Apartment
For Sale
$699,900
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$87.94
Days on Market62
Property Features for 1155 S 28th St
General Information
Standard status
Active
Size
7,959 SF
Property subtype
Multi-Family
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
6 x 3BR
Multifamily Units
6
Building Details
Year Built
1900
Listing Agency:
BellMan Realty LLC
Listed By:
Sharon Y Gazaway-Bell
(502) 777-8627
Source:
Familyrealty
Added: Aug 15
Changed: Oct 7
Last Checked: Oct 7 at 3:32PM
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 / Yr
$54,165
Cap Rate
7.74%
Suggested Prices Based on Cap Rates
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
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 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 7.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.06M
$1.81M – $2.41M
NOI $144,408 @ 7.0% cap · market cap 20.63%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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 $699,900.
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
