Fully Renovated 9-Unit Apartment
For Sale
Contact for pricing
1337 S 4th St, Louisville, KY 40208
Fully renovated 9-unit multifamily property with on-site parking, laundry, and storage units.
Property Size8,932 SF
Price / SF$117.55
Days on Market56
Property Features for 1337 S 4th St
General Information
Standard status
Active
Size
8,932 SF
Property subtype
Multifamily
Zoning
TNZD
Additional Details
Multifamily Units
9
Building Details
Year Built
1890
Year Renovated
2020
Buildings
1
Stories
3
Units
9
Listing Agency:
Hoagland Commercial
Listed By:
Christopher O'Rear · License #N/A
(502) 550-7658
Source:
Crexi
Added: Jul 10
Changed: Aug 28
Last Checked: Sep 1 at 10:48AM
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 Hoagland Commercial
Investment Insights
Based on property information with market context.
This fully renovated 9-unit multifamily property features a unit mix of 1-bedroom and 2-bedroom layouts. Current ownership has completed updates throughout the units and addressed long-term capital items, including the roof, mechanicals, and meters. The property includes on-site parking and laundry, along with large exterior storage units that can be rented separately. Tenant-paid utilities are structured with tenants responsible for their own electricity, while water consumption is allocated on a pro-rata basis per the lease agreements.
The property is located in the heart of Old Louisville, directly across the street from Central Park.
With a residential income configuration, this asset offers an established rental setup with both in-building amenities and additional income potential through separately rentable storage.
The property is located in the heart of Old Louisville, directly across the street from Central Park.
With a residential income configuration, this asset offers an established rental setup with both in-building amenities and additional income potential through separately rentable storage.
Key Highlights
- Fully renovated 9‑unit multifamily property (built 1890) in Old Louisville
- All units renovated plus long‑term Cap‑Ex items including roof, mechanicals, and meters
- Across the street from Central Park, in an historic neighborhood
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
$60,787
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
5.79%
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%
$1,215,740
$1.2M
Cap Rate 7%
$868,386
$868.4K
Cap Rate 9%
$675,411
$675.4K
Market Conditions
NOI Build-Up for 8,932 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
$116.8K $13.08/SF
− Vacancy
−$6.3K −$0.71/SF
EGI
$110.5K $12.37/SF
− OpEx
−$49.7K −$5.57/SF
NOI
$60.8K $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%
$1,215,740
Cap Rate 7%
$868,386
Cap Rate 9%
$675,411
Alternative Uses
Best Use
Apartment 5plus
$868.4K
$759.8K – $1.01M
NOI $60,787 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.32M
$2.03M – $2.70M
NOI $162,062 @ 7.0% cap · market cap 15.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,226
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
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 renovated 9-unit multifamily property with on-site parking, laundry, and storage units.
Where is this apartment building located?
The property is located at 1337 S 4th St Louisville, KY.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Fully renovated 9‑unit multifamily property (built 1890) in Old Louisville; All units renovated plus long‑term Cap‑Ex items including roof, mechanicals, and meters; Across the street from Central Park, in an historic neighborhood
