Renovated 4-Plex with Leased
For Sale
$395,000
1361 S Brook St, Louisville, KY 40208
Renovated brick 4-plex with fully leased apartments, in-unit kitchen appliances, and basement coin laundry.
Property Size2,517 SF
Price / SF$156.93
Days on Market151
Property Features for 1361 S Brook St
General Information
Standard status
Active
Size
2,517 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
4
Amenities
kitchen appliances
coin-operated washer and dryer
basement storage
fenced backyard
Building Details
Year Built
1900
Year Renovated
2016
Stories
3
Construction
brick
Tenancy
Multi
Listing Agency:
Ruby Realty
Listed By:
Jesse A Thomas
Source:
Familyrealty
Added: Apr 11
Changed: Sep 8
Last Checked: Sep 8 at 5:39AM
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 Ruby Realty
Investment Insights
Based on property information with market context.
This renovated brick 4-plex offers four income-producing units with a strong rental history. The property was renovated in 2016 and is currently fully leased. The first floor has two bedrooms, while the second floor includes two studio apartments. The third floor features a single studio unit. All units come equipped with kitchen appliances.
A coin-operated washer and dryer are available in the basement for tenant use, along with additional basement storage. The property also includes a fenced backyard. The owner is responsible for water and common area electricity costs.
Showings require 48-hour notice, and buyers and agents must be accompanied by the listing agent with proof of qualification to view. There is no sign on the property.
A coin-operated washer and dryer are available in the basement for tenant use, along with additional basement storage. The property also includes a fenced backyard. The owner is responsible for water and common area electricity costs.
Showings require 48-hour notice, and buyers and agents must be accompanied by the listing agent with proof of qualification to view. There is no sign on the property.
Key Highlights
- Renovated brick 4‑plex with apartments fully leased and strong rental history
- Unit mix: two 1st‑floor 2BR units leased for $800 each; two 2nd‑floor studios leased for $695 and $675
- 3rd‑floor has one studio apartment leased for $725
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
$21,179
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
5.36%
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%
$423,580
$423.6K
Cap Rate 7%
$302,557
$302.6K
Cap Rate 9%
$235,322
$235.3K
Market Conditions
NOI Build-Up for 2,517 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
$32.0K $12.72/SF
− Vacancy
−$1.8K −$0.70/SF
EGI
$30.3K $12.02/SF
− OpEx
−$9.1K −$3.61/SF
NOI
$21.2K $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%
$423,580
Cap Rate 7%
$302,557
Cap Rate 9%
$235,322
Alternative Uses
Best Use
Multifamily LT 5
$302.6K
$264.7K – $353.0K
NOI $21,179 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$244.7K
$214.1K – $285.5K
NOI $17,130 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$652.4K
$570.9K – $761.1K
NOI $45,668 @ 7.0% cap · market cap 11.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Renovated brick 4-plex with fully leased apartments, in-unit kitchen appliances, and basement coin laundry.
Where is this quadplex located?
The property is located at 1361 S Brook St Louisville, KY.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Renovated brick 4‑plex with apartments fully leased and strong rental history; Unit mix: two 1st‑floor 2BR units leased for $800 each; two 2nd‑floor studios leased for $695 and $675; 3rd‑floor has one studio apartment leased for $725
