Six-Unit Apartment
For Sale
Contact for pricing
Pending
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
Days on Market99
Property Features for 1224 CHEROKEE RD
General Information
Standard status
Pending
Size
8,550 SF
Class
C
Property subtype
Multifamily
Zoning
R7
Additional Details
Multifamily Units
6
Building Details
Year Built
1960
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
Weichert Commercial Brokerage Inc Louisville
Listed By:
William Friel · License #KY 57228
(502) 609-4778
Source:
Crexi
Added: Jun 1
Changed: Aug 19
Last Checked: Aug 19 at 12:21AM
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 Commercial Brokerage Inc Louisville
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 = 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
$58,187
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
5.82%
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%
$1,163,740
$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
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
$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 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%
$1,163,740
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.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,030
Businesses Nearby
Explore this area
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
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 - 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
