Quadplex with Detached
For Sale
$394,000
1321 S 1st St, Louisville, KY 40208
Renovated four-unit property with varied apartment layouts, tenant laundry facilities, and rear garage storage.
Property Size3,510 SF
Price / SF$112.25
Days on Market91
Property Features for 1321 S 1st St
General Information
Standard status
Active
Size
3,510 SF
Property subtype
Multi-Family
Building Details
Year Built
1890
Listing Agency:
RE/MAX Results
Listed By:
Michael Mawood · License #189931
(502) 445-6914
Source:
Familyrealty
Added: Jul 21
Changed: Oct 12
Last Checked: Oct 7 at 12:57PM
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 RE/MAX Results
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This four-unit residential income property occupies a Victorian-era structure that was substantially rehabilitated with updated plumbing and electrical systems, along with renovated kitchens and bathrooms. The apartment mix includes a 1,200-square-foot two-bedroom first-floor unit, a second-floor studio, a second-floor one-bedroom apartment, and a 1,035-square-foot two-bedroom third-floor unit with a large living room, kitchen, and laundry hookups.
A separate laundry room serves the tenants at the rear of the home. The property also includes an older frame garage measuring 722 square feet, with two doors and substantial storage capacity; the garage has previously been leased separately. The RUBS utility-billing system is used to collect utility expenses. The property is located on S 1st St in Louisville, within a block characterized primarily by single-family homes and condominiums.
A separate laundry room serves the tenants at the rear of the home. The property also includes an older frame garage measuring 722 square feet, with two doors and substantial storage capacity; the garage has previously been leased separately. The RUBS utility-billing system is used to collect utility expenses. The property is located on S 1st St in Louisville, within a block characterized primarily by single-family homes and condominiums.
Key Highlights
- Four‑apartment configuration with studio, one‑bedroom, and two‑bedroom layouts
- 1,200‑square‑foot first‑floor unit with two bedrooms and a full bath
- 1,035‑square‑foot third‑floor unit with two bedrooms and laundry hookups
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,534
Cap Rate
7.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$590,680
$590.7K
Cap Rate 7%
$421,914
$421.9K
Cap Rate 9%
$328,156
$328.2K
Market Conditions
NOI Build-Up for 3,510 SF
Gross rent
$44.6K $12.72/SF
− Vacancy
−$2.5K −$0.70/SF
EGI
$42.2K $12.02/SF
− OpEx
−$12.7K −$3.61/SF
NOI
$29.5K $8.41/SF
Area
Louisville, KY
Vacancy
5.50%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$590,680
Cap Rate 7%
$421,914
Cap Rate 9%
$328,156
Alternative Uses
Best Use
Multifamily LT 5
$421.9K
$369.2K – $492.2K
NOI $29,534 @ 7.0% cap · market cap 7.50%
Second Best
Apartment 5plus
$341.2K
$298.6K – $398.1K
NOI $23,887 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$909.8K
$796.1K – $1.06M
NOI $63,685 @ 7.0% cap · market cap 16.16%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,048
Businesses Nearby
Explore this area
Business Placement
Demographics for 40208, KY
17,048
Population
6,675
Households
2.6
Avg Household Size
27
Median Age
34%
College-Educated
88%
High-School Grad
2.6 sq mi
ZIP Area
6,557
Density / Sq Mi
$37,714
Median Household Income
$17,255
Median Earnings
$914
Median Rent
$153,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Renovated four-unit property with varied apartment layouts, tenant laundry facilities, and rear garage storage.
Where is this quadplex located?
The property is located at 1321 S 1st St Louisville, KY.
What is the asking price?
The asking price for this property is $394,000.
What are key features of this property?
This property features: Four‑apartment configuration with studio, one‑bedroom, and two‑bedroom layouts; 1,200‑square‑foot first‑floor unit with two bedrooms and a full bath; 1,035‑square‑foot third‑floor unit with two bedrooms and laundry hookups
