12-Unit Apartment
For Sale
$895,000
1229 S 4th St, Louisville, KY 40203
Historic multifamily property with individually metered apartments, refinished hardwood floors, dedicated parking, and a two-car garage.
Property Size11,288 SF
Price / SF$79.29
Days on Market108
Property Features for 1229 S 4th St
General Information
Standard status
Active
Size
11,288 SF
Total Parking Spaces
9
Property subtype
Multifamily
Zoning
TNZD
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA, 7 x 1BR/1BA, 3 x studio
Multifamily Units
12
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Encore Realty Group
Listed By:
John Rendeiro · License #266380
(502) 384-4991
Source:
Kcrea.resimplifi
Added: May 18
Changed: Aug 31
Last Checked: Aug 31 at 1:26PM
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 Encore Realty Group
Investment Insights
Based on property information with market context.
Built in 1910, this multifamily property contains 12 apartments across a varied unit mix: two two-bedroom/one-bath units, seven one-bedroom/one-bath units, and three studios. Interior character includes original mantels and refinished hardwood flooring. Each apartment is individually metered, with tenants responsible for utilities. Building systems include two water heaters, 12 furnaces, and 12 central air units. A prorated water billing arrangement is also in place.
The property includes seven dedicated parking spaces, a two-car garage currently used by the owner, and an unfinished basement area configured for storage and an additional unit. Roofing includes a 45-year dimensional shingle roof and a carriage house roof installed in 2025. The parking lot has been newly paved.
Located in Old Louisville near the University of Louisville and Cardinal Towne, the property also offers access to Churchill Downs, downtown Louisville, and I-65. TNZD zoning applies.
The property includes seven dedicated parking spaces, a two-car garage currently used by the owner, and an unfinished basement area configured for storage and an additional unit. Roofing includes a 45-year dimensional shingle roof and a carriage house roof installed in 2025. The parking lot has been newly paved.
Located in Old Louisville near the University of Louisville and Cardinal Towne, the property also offers access to Churchill Downs, downtown Louisville, and I-65. TNZD zoning applies.
Key Highlights
- 12, unit apartment building with two 2‑bedroom/1‑bath units, seven 1‑bedroom/1‑bath units, and three studio units
- Built in 1910 with original mantels and refinished hardwood floors
- Individually metered apartments with tenant‑paid utilities and prorated water usage billing
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
$76,821
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
8.58%
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%
$1,536,420
$1.5M
Cap Rate 7%
$1,097,443
$1.1M
Cap Rate 9%
$853,567
$853.6K
Market Conditions
NOI Build-Up for 11,288 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
$147.6K $13.08/SF
− Vacancy
−$8.0K −$0.71/SF
EGI
$139.7K $12.37/SF
− OpEx
−$62.9K −$5.57/SF
NOI
$76.8K $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%
$1,536,420
Cap Rate 7%
$1,097,443
Cap Rate 9%
$853,567
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$960.3K – $1.28M
NOI $76,821 @ 7.0% cap · market cap 8.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.93M
$2.56M – $3.41M
NOI $204,809 @ 7.0% cap · market cap 22.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,383
Businesses Nearby
Explore this area
Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
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 - Historic multifamily property with individually metered apartments, refinished hardwood floors, dedicated parking, and a two-car garage.
Where is this apartment building located?
The property is located at 1229 S 4th St Louisville, KY.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 12, unit apartment building with two 2‑bedroom/1‑bath units, seven 1‑bedroom/1‑bath units, and three studio units; Built in 1910 with original mantels and refinished hardwood floors; Individually metered apartments with tenant‑paid utilities and prorated water usage billing
