Six-Unit Apartment
For Sale
$1,000,000
1224 Cherokee Rd, Louisville, KY 40204
Apartment building offering separately metered utilities, rear egress to shared yard, and four vacant garages.
Property Size8,550 SF
Price / SF$116.96
Days on Market142
Property Features for 1224 Cherokee Rd
General Information
Standard status
Active
Size
8,550 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
6
Building Details
Year Built
1960
Tenancy
Multi
Listing Agency:
Weichert Realtors - ABG
Listed By:
William M Friel · License #57228
(502) 609-4778
Source:
Familyrealty
Added: Jun 3
Changed: Oct 8
Last Checked: Oct 7 at 12:54PM
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
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Investment Insights
Based on property information with market context.
This property consists of six built-as apartment units, featuring a mix of 2BR/1BA and 3BR/1BA layouts. On-site garages include four vacant garages, which are noted as ready to rent. Utilities are handled with separate metering for LG&E, supporting more individualized billing. The building also provides rear egress to a shared back yard, and select units include in-unit laundry hookups.
The apartments are located at 1224 Cherokee Rd in Louisville, Kentucky, on Cherokee Road within the Cherokee Triangle area.
For buyers and operators seeking a straightforward multi-family configuration, the combination of multiple unit types, separate utility metering, and on-site garage space can simplify day-to-day management and unit turnover planning. Tenants may also benefit from the shared rear egress area and the availability of select laundry hookups, while the vacant garages present a defined opportunity to add rentable space on the property if leased.
The apartments are located at 1224 Cherokee Rd in Louisville, Kentucky, on Cherokee Road within the Cherokee Triangle area.
For buyers and operators seeking a straightforward multi-family configuration, the combination of multiple unit types, separate utility metering, and on-site garage space can simplify day-to-day management and unit turnover planning. Tenants may also benefit from the shared rear egress area and the availability of select laundry hookups, while the vacant garages present a defined opportunity to add rentable space on the property if leased.
Key Highlights
- Six built‑as units apartment building on Cherokee Road (Year built: 1960)
- Separately metered utilities for LG&E (low owner expenses)
- Includes four vacant on‑site garages ready to rent
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,187
Cap Rate
5.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,163,740
$1.2M
Cap Rate 7%
$831,243
$831.2K
Cap Rate 9%
$646,522
$646.5K
Market Conditions
NOI Build-Up for 8,550 SF
Gross rent
$111.8K $13.08/SF
− Vacancy
−$6.0K −$0.71/SF
EGI
$105.8K $12.37/SF
− OpEx
−$47.6K −$5.57/SF
NOI
$58.2K $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%
$1,163,740
Cap Rate 7%
$831,243
Cap Rate 9%
$646,522
Alternative Uses
Best Use
Apartment 5plus
$831.2K
$727.3K – $969.8K
NOI $58,187 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.22M
$1.94M – $2.59M
NOI $155,131 @ 7.0% cap · market cap 15.51%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,030
Businesses Nearby
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Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment building offering separately metered utilities, rear egress to shared yard, and four vacant garages.
Where is this apartment building located?
The property is located at 1224 Cherokee Rd 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: Six built‑as units apartment building on Cherokee Road (Year built: 1960); Separately metered utilities for LG&E (low owner expenses); Includes four vacant on‑site garages ready to rent
