Cherokee Road Apartment
1224 Cherokee Rd, Louisville, KY 40204
New
MULTI_FAMILY - Other - Louisville, KY
Type:Apartment
Property size:
8,550 SFPrice / SF:
$116/SF- Added:
- May 27, 2026
- Days on Market:
- 1
- Last Refresh:
- May 27 at 10:06 pm
Property Features for 1224 Cherokee Rd
General Information
- Property type
- Residential Multi Family
- Property subtype
- Apartment
- Rooms
- Basement
- Patio and Porch features
- Deck
- Standard status
- Active
- APN
- 10075E00440000
- Size
- 8,550 SF
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1960
- Number of units
- 6
- Building materials
- Wood Frame, Brick Veneer
- Roof type
- Shingle
- Architectural style
- Other
Listing agent William M Friel License #57228 (502) 893-1900
Listing office Weichert Realtors - ABG 252 Whittington Pkwy S-A, Louisville, KY (502) 893-1900
Listing date May 27, 2026
MLS# 1718600
Listing URL
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Rare generational acquisition opportunity in the highly desirable Cherokee Triangle.
- Six large units with premium 2BR/1BA and 3BR/1BA layouts featuring historic charm.
- Value‑add potential with four vacant on‑site garages ready to rent.
- Low owner expenses due to separate LG&E metering.
- Tenant amenities include rear egress to a shared backyard and select in‑unit laundry hookups.
- Turnkey potential for institutional portfolios or private wealth builders.
Overview
Located on Cherokee Road in the Cherokee Triangle of Louisville, this property features six units. The Appleton Apartments offer a generational acquisition opportunity in a high-appreciating sub-market. The property includes large two-bedroom, one-bathroom and three-bedroom, one-bathroom units with historic charm. Tenant amenities include rear egress to a shared backyard, plus select in-unit laundry hookups. There are four vacant on-site garages ready to rent. The building is separately metered for LG&E. The property contains 8,550 square feet.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$646.5K
NOI $58,187 @ 9.00% cap · cautious / downside scenario
Moderate
$831.2K
NOI $58,187 @ 7.00% cap · market / base-case scenario
Aggressive
$1.16M
NOI $58,187 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| 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 Use Scenarios
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 Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Louisville
- County
- Jefferson
- State
- Kentucky
- Longitude
- -85.716958
- Latitude
- 38.237372
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Six-unit apartment building in Louisville's Cherokee Triangle.
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: Rare generational acquisition opportunity in the highly desirable Cherokee Triangle.; Six large units with premium 2BR/1BA and 3BR/1BA layouts featuring historic charm.; Value‑add potential with four vacant on‑site garages ready to rent.
