Six-Unit Apartment
1224 CHEROKEE RD Louisville, KY 40204
1224 CHEROKEE RD, Louisville, KY, 40204
Contact for pricing
For Sale
Contact for pricing
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 Market52
Property Features for 1224 CHEROKEE RD
General Information
- Standard status
- Active
- Size
- 8,550 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1960
Listing agency
Weichert Commercial Brokerage Inc Louisville
(502) 609-4778
Listed by
William Friel · License #KY 57228
Source
Crexi
Added: Jun 1 Updated: Jul 10 at 1:52PM Checked: Jul 22 at 11:22AM
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $111.8k | $13.08 |
| − Vacancy | −$6.0k | −$0.71 |
| EGI | $105.8k | $12.37 |
| − OpEx | −$47.6k | −$5.57 |
| NOI | $58.2k | $6.81 |
8,550 SF · lease $13.08/SF/yr · vacancy 5.40% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
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
