7-Unit Apartment Building with Carriage
For Sale
$1,290,000
1271 Cherokee Rd, Louisville, KY 40204
Multi Family, Louisville, KY
Property Size6,285 SF
Lot Size0.24 Acres
Price / SF$205.25
Days on Market95
Property Features for 1271 Cherokee Rd
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
8
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 3, Bathroom 6, Bedroom 1, Bathroom 2, Bathroom 8, Bathroom 5, Bathroom 7, Bedroom 6, Bedroom 4, Bedroom 8, Bathroom 9, Bedroom 7, Bedroom 2, Bathroom 4, Bedroom 3, Bedroom 5, Bathroom 10, Basement, Bathroom 1
Patio and Porch features
Porch
Exterior features
Balcony
Subdivision
CHEROKEE TRIANGLE
Directions
Between Longest Ave and Patterson Ave
Standard status
Active
APN
075E00840000
Size
6,285 SF
Lot size
0.24 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
Building Details
Year built
1890
Number of units
7
Building materials
Wood Frame, Stone
Roof type
Composition
Architectural style
Other
Listing Agency:
Homepage Realty
(502) 690-6685
Listed By:
Amanda Helfrich · License #222813
(502) 807-7319
Added: Jun 24
Changed: Sep 16
Last Checked: Sep 26 at 1:06PM
MLS# 1721382
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.
Investment Insights
Based on property information with market context.
Built in 1890, this 6,285-square-foot apartment property includes five units in the main residence and two more in a detached carriage house. The secondary structure offers both front street entry and rear alley access. Property features include wood-frame and stone construction, a composition roof, porch, balcony, forced-air heating, central air, public water, and public sewer. Open on-site parking serves residents and guests.
Two units are vacant and have received fresh paint, new bedroom carpeting, and professional cleaning. Other unit improvements include updated kitchens, in-unit laundry, multiple bathrooms, spacious living areas, and refreshed finishes. Original architectural details include leaded and stained-glass windows and varied unit layouts.
The property occupies 0.24 acres at 1271 Cherokee Rd in Louisville, Kentucky, within the Cherokee Triangle area. Local context described for the property includes walkable access to restaurants, coffee shops, Cherokee Park, and neighborhood amenities.
Two units are vacant and have received fresh paint, new bedroom carpeting, and professional cleaning. Other unit improvements include updated kitchens, in-unit laundry, multiple bathrooms, spacious living areas, and refreshed finishes. Original architectural details include leaded and stained-glass windows and varied unit layouts.
The property occupies 0.24 acres at 1271 Cherokee Rd in Louisville, Kentucky, within the Cherokee Triangle area. Local context described for the property includes walkable access to restaurants, coffee shops, Cherokee Park, and neighborhood amenities.
Key Highlights
- 7 units: five in the main residence and two in a separate carriage house
- 6,285 square feet on 0.24 acres; built in 1890
- Carriage house has front street access and rear alley access
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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic multifamily property with a separate carriage house, open parking, and two recently improved vacant units.
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 units: five in the main residence and two in a separate carriage house; 6,285 square feet on 0.24 acres; built in 1890; Carriage house has front street access and rear alley access
