7-Unit Apartment
For Sale
$1,290,000
1271 Cherokee Rd, Louisville, KY 40204
Historic property includes a separate two-unit carriage house, open parking, and a mix of updated residences.
Property Size6,285 SF
Price / SF$205.25
Days on Market71
Property Features for 1271 Cherokee Rd
General Information
Standard status
Active
Size
6,285 SF
Property subtype
Multifamily
Zoning
R5B
Additional Details
Road Access
Yes
Multifamily Units
7
Amenities
in-unit laundry
on-site parking
Power
Water
Sewer
Natural Gas
Building Details
Year Built
1890
Buildings
2
Tenancy
Multi-Tenant
Listing Agency:
Homepage Realty
Listed By:
Amanda Helfrich · License #222813
(502) 807-7319
Source:
Kcrea.resimplifi
Added: Jun 24
Changed: Aug 31
Last Checked: Aug 31 at 1:07PM
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 Homepage Realty
Investment Insights
Based on property information with market context.
Built in 1890, this 7-unit apartment property combines five residences in the main house with two additional units in a detached carriage house. The carriage house offers both front street and rear alley access, while open on-site parking serves residents and guests. Interior features across the property include updated kitchens, in-unit laundry, multiple bathrooms, spacious living areas, and varied layouts. Original leaded and stained-glass windows contribute architectural character, while improvements in several units add contemporary functionality.
Two apartments are vacant following recent work that included fresh paint, bedroom carpeting, and professional cleaning. The property is located at 1271 Cherokee Rd in Louisville’s Cherokee Triangle, within walking distance of local restaurants, coffee shops, Cherokee Park, and neighborhood amenities. The combination of a substantial main residence, separate carriage house, and existing apartment configuration provides a distinctive multifamily layout in an established residential setting.
Two apartments are vacant following recent work that included fresh paint, bedroom carpeting, and professional cleaning. The property is located at 1271 Cherokee Rd in Louisville’s Cherokee Triangle, within walking distance of local restaurants, coffee shops, Cherokee Park, and neighborhood amenities. The combination of a substantial main residence, separate carriage house, and existing apartment configuration provides a distinctive multifamily layout in an established residential setting.
Key Highlights
- 7 total apartment units: 5 in the main residence and 2 in the separate carriage house
- 1890 construction with original leaded and stained‑glass windows
- Two vacant units recently improved with fresh paint, bedroom carpeting, and professional cleaning
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
$42,773
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
3.32%
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%
$855,460
$855.5K
Cap Rate 7%
$611,043
$611.0K
Cap Rate 9%
$475,256
$475.3K
Market Conditions
NOI Build-Up for 6,285 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
$82.2K $13.08/SF
− Vacancy
−$4.4K −$0.71/SF
EGI
$77.8K $12.37/SF
− OpEx
−$35.0K −$5.57/SF
NOI
$42.8K $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%
$855,460
Cap Rate 7%
$611,043
Cap Rate 9%
$475,256
Alternative Uses
Best Use
Apartment 5plus
$611.0K
$534.7K – $712.9K
NOI $42,773 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,035 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,030
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
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 property includes a separate two-unit carriage house, open parking, and a mix of updated residences.
Where is this apartment building located?
The property is located at 1271 Cherokee Rd Louisville, KY.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: 7 total apartment units: 5 in the main residence and 2 in the separate carriage house; 1890 construction with original leaded and stained‑glass windows; Two vacant units recently improved with fresh paint, bedroom carpeting, and professional cleaning
