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 Market45
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: Aug 30
Last Checked: Sep 1 at 10:38PM
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
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 = 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
$29,534
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
7.50%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
