Occupied 4-Unit
For Sale
$311,599
938 S 1st St, Louisville, KY 40203
The property is fully occupied and offered in as-is condition.
Property Size4,150 SF
Price / SF$75.08
Days on Market18
Property Features for 938 S 1st St
General Information
Standard status
Active
Size
4,150 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
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 4,150-square-foot multifamily property contains four residential units and was built in 1900. Current occupancy is 100%, and the offering is made on an as-is basis. The asset is classified as a quadplex and provides a four-unit residential configuration.
Located at 938 S 1st St in Louisville, Kentucky, the property is within Old Louisville. It may be purchased individually or included in a portfolio with properties identified at 930, 936, and 938 S. 1st Street.
Located at 938 S 1st St in Louisville, Kentucky, the property is within Old Louisville. It may be purchased individually or included in a portfolio with properties identified at 930, 936, and 938 S. 1st Street.
Key Highlights
- Four‑unit multifamily configuration
- 100% occupied
- 4,150 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
$28,243
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
9.06%
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%
$564,860
$564.9K
Cap Rate 7%
$403,471
$403.5K
Cap Rate 9%
$313,811
$313.8K
Market Conditions
NOI Build-Up for 4,150 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
$54.3K $13.08/SF
− Vacancy
−$2.9K −$0.71/SF
EGI
$51.4K $12.37/SF
− OpEx
−$23.1K −$5.57/SF
NOI
$28.2K $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%
$564,860
Cap Rate 7%
$403,471
Cap Rate 9%
$313,811
Alternative Uses
Best Use
Multifamily LT 5
$498.8K
$436.5K – $582.0K
NOI $34,919 @ 7.0% cap · market cap 11.21%
Second Best
Apartment 5plus
$403.5K
$353.0K – $470.7K
NOI $28,243 @ 7.0% cap · market cap 9.06%
Theoretical Best
Office A
$1.08M
$941.2K – $1.25M
NOI $75,298 @ 7.0% cap · market cap 24.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - The property is fully occupied and offered in as-is condition.
Where is this quadplex located?
The property is located at 938 S 1st St Louisville, KY.
What is the asking price?
The asking price for this property is $311,599.
What are key features of this property?
This property features: Four‑unit multifamily configuration; 100% occupied; 4,150 square feet
