Renovated Louisville Apartments For
For Sale
$1,250,000
401 Kenilworth Road, Louisville, KY 40206
Thirteen fully occupied units in desirable Louisville location.
Property Size10,857 SF
Lot Size0.40 Acres
Days on Market186
Property Features for 401 Kenilworth Road
General Information
Standard status
Active
Size
10,857 SF
Lot size
0.40 Acres
Property subtype
Multifamily
Building Details
Building Size
10,857 SF
Year Built
1963
Listing Agency:
NAI Fortis Group
(502) 643-9908
Listed By:
Clay F. Manley III · License #75527
(502) 643-9908
Source:
Naiglobal
Added: Feb 26
Changed: Aug 15
Last Checked: Aug 30 at 2:37PM
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 NAI Fortis Group
Investment Insights
Based on property information with market context.
Constructed in 1963 and fully renovated between 2016 and 2022, this property features thirteen fully occupied apartments on a 0.4-acre site. The unit mix includes seven 2-bedroom, 1-bathroom apartments and six 1-bedroom, 1-bathroom apartments. The property is situated along lower Brownsboro Rd in Louisville, benefiting from its location in a desirable submarket with proximity to Downtown, Clifton, and NuLu. The area is densely populated with a vacancy rate of less than 6%. Renovations within the past 6-7 years included mechanical and electrical systems, and the roof was replaced in 2019. Current rental rates are less than 75% of comparable assets.
Key Highlights
- Fully renovated between 2016‑2022, including mechanical, electrical, and roof replacement (2019).
- Premier location in the heart of Louisville, a desirable submarket.
- Close proximity to Downtown, Clifton, and NuLu.
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
$73,888
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
5.91%
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%
$1,477,760
$1.5M
Cap Rate 7%
$1,055,543
$1.1M
Cap Rate 9%
$820,978
$821.0K
Market Conditions
NOI Build-Up for 10,857 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
$142.0K $13.08/SF
− Vacancy
−$7.7K −$0.71/SF
EGI
$134.3K $12.37/SF
− OpEx
−$60.5K −$5.57/SF
NOI
$73.9K $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%
$1,477,760
Cap Rate 7%
$1,055,543
Cap Rate 9%
$820,978
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$923.6K – $1.23M
NOI $73,888 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.81M
$2.46M – $3.28M
NOI $196,989 @ 7.0% cap · market cap 15.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
914
Businesses Nearby
Explore this area
Business Placement
Demographics for 40206, KY
20,196
Population
11,637
Households
1.7
Avg Household Size
38
Median Age
55%
College-Educated
95%
High-School Grad
5.8 sq mi
ZIP Area
3,482
Density / Sq Mi
$72,543
Median Household Income
$48,506
Median Earnings
$1,142
Median Rent
$276,100
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 - Thirteen fully occupied units in desirable Louisville location.
Where is this apartment building located?
The property is located at 401 Kenilworth Road Louisville, KY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Fully renovated between 2016‑2022, including mechanical, electrical, and roof replacement (2019).; Premier location in the heart of Louisville, a desirable submarket.; Close proximity to Downtown, Clifton, and NuLu.
