5-Unit Apartment
For Sale
$420,188
930 S 1st St, Louisville, KY 40203
Fully occupied multifamily property offered in its existing condition with established residential income.
Property Size4,096 SF
Price / SF$102.58
Days on Market18
Property Features for 930 S 1st St
General Information
Standard status
Active
Size
4,096 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
5
Building Details
Year Built
1885
Listing Agency:
Mayer Realtors
(502) 389-9920
Listed By:
Kyle Elmore
(502) 389-9920
Source:
Whitepicketky
Added: Aug 12
Changed: Aug 28
Last Checked: Aug 26 at 1:01PM
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 Mayer Realtors
Investment Insights
Based on property information with market context.
This 5-unit multifamily property was built in 1885 and is offered for sale as-is. The building contains 4,096 square feet and is currently 100% occupied, providing an established residential operating profile.
Located at 930 S 1st St in Louisville, the property may be purchased individually or alongside 932, 936, and 938 S. 1st Street as part of a larger portfolio. Financial information is available upon request.
Located at 930 S 1st St in Louisville, the property may be purchased individually or alongside 932, 936, and 938 S. 1st Street as part of a larger portfolio. Financial information is available upon request.
Key Highlights
- 5‑unit multifamily property
- 100% occupied
- 4,096 square feet
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
$27,875
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
6.63%
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%
$557,500
$557.5K
Cap Rate 7%
$398,214
$398.2K
Cap Rate 9%
$309,722
$309.7K
Market Conditions
NOI Build-Up for 4,096 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
$53.6K $13.08/SF
− Vacancy
−$2.9K −$0.71/SF
EGI
$50.7K $12.37/SF
− OpEx
−$22.8K −$5.57/SF
NOI
$27.9K $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%
$557,500
Cap Rate 7%
$398,214
Cap Rate 9%
$309,722
Alternative Uses
Best Use
Apartment 5plus
$398.2K
$348.4K – $464.6K
NOI $27,875 @ 7.0% cap · market cap 6.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$929.0K – $1.24M
NOI $74,318 @ 7.0% cap · market cap 17.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,970
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 - Fully occupied multifamily property offered in its existing condition with established residential income.
Where is this apartment building located?
The property is located at 930 S 1st St Louisville, KY.
What is the asking price?
The asking price for this property is $420,188.
What are key features of this property?
This property features: 5‑unit multifamily property; 100% occupied; 4,096 square feet
