Turnkey Multifamily Investment
For Sale
Contact for pricing
Pending
1439 THORNBERRY AVE, Louisville, KY 40215
Eight-unit multifamily property, vacant and rent-ready in Louisville, KY.
Property Size7,200 SF
Days on Market111
Property Features for 1439 THORNBERRY AVE
General Information
Standard status
Pending
Size
7,200 SF
Property subtype
Multifamily
Building Details
Year Built
1952
Buildings
1
Stories
2
Units
8
Listing Agency:
WSG Homes
Listed By:
Drew Wisdom · License #KY 221663
Source:
Crexi
Added: May 15
Changed: Aug 8
Last Checked: Jul 24 at 3:50PM
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 WSG Homes
Investment Insights
Based on property information with market context.
This turnkey multifamily property features eight 2-bedroom, 1-bathroom units. The property is located in a strong rental corridor, with comparable nearby rentals supporting monthly rents of approximately $1000 to over $1200, depending on finishes and strategy. The 7,200 square foot property presents an ideal opportunity for investors seeking immediate lease-up potential, strong cash flow upside, and operational flexibility. It is suitable for buy-and-hold investors, BRRRR strategies, or portfolio expansion. The units are currently vacant and rent-ready, allowing investors to lease at current market rents from day one.
Key Highlights
- Turnkey 8‑unit multifamily property with all units vacant and rent‑ready.
- Immediate lease‑up potential at current market rents (estimated $1000-$1,200+ per unit).
- Strong cash flow upside and operational flexibility for investors.
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
$49,000
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
8.91%
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%
$980,000
$980.0K
Cap Rate 7%
$700,000
$700.0K
Cap Rate 9%
$544,444
$544.4K
Market Conditions
NOI Build-Up for 7,200 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
$94.2K $13.08/SF
− Vacancy
−$5.1K −$0.71/SF
EGI
$89.1K $12.37/SF
− OpEx
−$40.1K −$5.57/SF
NOI
$49.0K $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%
$980,000
Cap Rate 7%
$700,000
Cap Rate 9%
$544,444
Alternative Uses
Best Use
Apartment 5plus
$700.0K
$612.5K – $816.7K
NOI $49,000 @ 7.0% cap · market cap 8.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,637 @ 7.0% cap · market cap 23.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
420
Businesses Nearby
Explore this area
Business Placement
Demographics for 40215, KY
21,230
Population
9,070
Households
2.3
Avg Household Size
35
Median Age
13%
College-Educated
79%
High-School Grad
3.5 sq mi
ZIP Area
6,066
Density / Sq Mi
$42,762
Median Household Income
$32,815
Median Earnings
$976
Median Rent
$106,500
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 - Eight-unit multifamily property, vacant and rent-ready in Louisville, KY.
Where is this apartment building located?
The property is located at 1439 THORNBERRY AVE Louisville, KY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Turnkey 8‑unit multifamily property with all units vacant and rent‑ready.; Immediate lease‑up potential at current market rents (estimated $1000-$1,200+ per unit).; Strong cash flow upside and operational flexibility for investors.
