5-Unit Multifamily
For Sale
$469,000
1382 Ouerbacker Ct, Louisville, KY 40208
Five residential units include one 2-bedroom, two 1-bedroom, and two studios in a professionally managed building with coin-operated laundry.
Property Size3,320 SF
Price / SF$141.27
Days on Market151
Property Features for 1382 Ouerbacker Ct
General Information
Standard status
Active
Size
3,320 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
5
Listing Agency:
Colliers
(502) 365-3840
Listed By:
Jenny Johnston · License #246944
(502) 645-1729
Source:
Exprealty
Added: Apr 9
Changed: Aug 31
Last Checked: Sep 5 at 9:16AM
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 Colliers
Investment Insights
Based on property information with market context.
This 5-unit multifamily property offers a mix of unit sizes, including one 2-bedroom unit, two 1-bedroom units, and two studio units. The building includes coin-operated laundry, boiler heat, and window unit air conditioning. It is currently under professional management, providing operational stability for an owner.
The property is located on a quiet walking court in historic Old Louisville. Public remarks note proximity to the University of Louisville, which supports consistent rental demand from area residents.
With a balanced unit mix of studios, one-bedroom, and two-bedroom apartments, the asset is positioned to serve a range of household needs while maintaining a straightforward residential rental operation.
The property is located on a quiet walking court in historic Old Louisville. Public remarks note proximity to the University of Louisville, which supports consistent rental demand from area residents.
With a balanced unit mix of studios, one-bedroom, and two-bedroom apartments, the asset is positioned to serve a range of household needs while maintaining a straightforward residential rental operation.
Key Highlights
- 5‑unit multifamily building in historic Old Louisville
- Unit mix includes one 2‑bedroom, two 1‑bedroom units, and two studios
- Coin‑operated laundry on‑site
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
$22,594
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
4.82%
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%
$451,880
$451.9K
Cap Rate 7%
$322,771
$322.8K
Cap Rate 9%
$251,044
$251.0K
Market Conditions
NOI Build-Up for 3,320 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
$43.4K $13.08/SF
− Vacancy
−$2.3K −$0.71/SF
EGI
$41.1K $12.37/SF
− OpEx
−$18.5K −$5.57/SF
NOI
$22.6K $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%
$451,880
Cap Rate 7%
$322,771
Cap Rate 9%
$251,044
Alternative Uses
Best Use
Apartment 5plus
$322.8K
$282.4K – $376.6K
NOI $22,594 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$860.5K
$753.0K – $1.00M
NOI $60,238 @ 7.0% cap · market cap 12.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
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?
Apartment building - Five residential units include one 2-bedroom, two 1-bedroom, and two studios in a professionally managed building with coin-operated laundry.
Where is this apartment building located?
The property is located at 1382 Ouerbacker Ct Louisville, KY.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: 5‑unit multifamily building in historic Old Louisville; Unit mix includes one 2‑bedroom, two 1‑bedroom units, and two studios; Coin‑operated laundry on‑site
