Renovated Apartment Building with
For Sale
$2,695,000
1251 S Brook St, Louisville, KY 40203
LIHTC multifamily asset in Old Louisville with controlled access and resident-oriented interior features.
Property Size24,952 SF
Price / SF$108.01
Days on Market145
Property Features for 1251 S Brook St
General Information
Standard status
Active
Size
24,952 SF
Property subtype
Residential Income
Amenities
access control system
private courtyard
dishwashers
washer/dryer hookups
Building Details
Year Renovated
2014
Listing Agency:
Colliers
(502) 645-1729
Listed By:
Jenny Johnston · License #246944
(502) 645-1729
Source:
Exprealty
Added: Apr 9
Changed: Aug 21
Last Checked: Aug 30 at 6:59PM
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 Colliers
Investment Insights
Based on property information with market context.
This apartment building in historic Old Louisville combines a private courtyard setting with improvements completed during a comprehensive 2014 renovation. A majority roof replacement was completed in 2025, and the property includes a state-of-the-art access control system.
Apartment interiors feature dishwashers and washer/dryer hookups. The landlord is transitioning the property to a tenant-paid utility structure, and the asset is subject to a LIHTC program. The property is located at 1251 S Brook St in Louisville, Kentucky.
Apartment interiors feature dishwashers and washer/dryer hookups. The landlord is transitioning the property to a tenant-paid utility structure, and the asset is subject to a LIHTC program. The property is located at 1251 S Brook St in Louisville, Kentucky.
Key Highlights
- Comprehensive renovation completed in 2014
- Majority roof replacement completed in 2025
- Private courtyard setting in historic Old Louisville
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
$169,811
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
6.30%
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%
$3,396,220
$3.4M
Cap Rate 7%
$2,425,871
$2.4M
Cap Rate 9%
$1,886,789
$1.9M
Market Conditions
NOI Build-Up for 24,952 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
$326.4K $13.08/SF
− Vacancy
−$17.6K −$0.71/SF
EGI
$308.7K $12.37/SF
− OpEx
−$138.9K −$5.57/SF
NOI
$169.8K $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%
$3,396,220
Cap Rate 7%
$2,425,871
Cap Rate 9%
$1,886,789
Alternative Uses
Best Use
Apartment 5plus
$2.43M
$2.12M – $2.83M
NOI $169,811 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.47M
$5.66M – $7.55M
NOI $452,729 @ 7.0% cap · market cap 16.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,237
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 - LIHTC multifamily asset in Old Louisville with controlled access and resident-oriented interior features.
Where is this apartment building located?
The property is located at 1251 S Brook St Louisville, KY.
What is the asking price?
The asking price for this property is $2,695,000.
What are key features of this property?
This property features: Comprehensive renovation completed in 2014; Majority roof replacement completed in 2025; Private courtyard setting in historic Old Louisville
