Multifamily Property with Central
1453 S 3rd St Louisville, KY 40208
1453 S 3rd St, Louisville, KY, 40208
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For Sale
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Multifamily building near the University of Louisville with central air and separate gas and electric metering.
Property Size14,282 SF
Price / SF$87.52
Days on Market105
Property Features for 1453 S 3rd St
General Information
- Standard status
- Active
- Size
- 14,282 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1895
Listing agency
Colliers
(502) 645-1729
Listed by
Jenny Johnston · License #KY 246944
Source
Crexi
Added: Apr 9 Updated: Jul 21 at 7:03AM Checked: Jul 21 at 7:03AM
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 multifamily property features a diverse unit mix, with each unit equipped with central air. Tenants benefit from separate gas and electric metering, supporting convenience for both residents and ownership. A spacious basement adds usable area that can support tenant storage or other income opportunities.
Located near the University of Louisville, the property is described as having strong occupancy. The offering is positioned for investors looking to add value, with the benefit of an infill location in a historic Louisville neighborhood.
Additional highlights include separate utility metering throughout the units and a basement designed to provide immediate flexibility for day-to-day operations and potential rent-enhancing uses.
Located near the University of Louisville, the property is described as having strong occupancy. The offering is positioned for investors looking to add value, with the benefit of an infill location in a historic Louisville neighborhood.
Additional highlights include separate utility metering throughout the units and a basement designed to provide immediate flexibility for day-to-day operations and potential rent-enhancing uses.
Key Highlights
- Multifamily building built in 1895 near the University of Louisville
- Unit mix designed for tenant retention, supporting strong occupancy (per remarks)
- Each unit has central air for consistent heating and cooling
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $186.8k | $13.08 |
| − Vacancy | −$10.1k | −$0.71 |
| EGI | $176.7k | $12.37 |
| − OpEx | −$79.5k | −$5.57 |
| NOI | $97.2k | $6.81 |
14,282 SF · lease $13.08/SF/yr · vacancy 5.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.21M – $1.62M
NOI $97,196 @ 7.0% cap · market cap 7.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.70M
$3.24M – $4.32M
NOI $259,133 @ 7.0% cap · market cap 20.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Multifamily property - Multifamily building near the University of Louisville with central air and separate gas and electric metering.
Where is this multifamily property located?
The property is located at 1453 S 3rd St Louisville, KY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Multifamily building built in 1895 near the University of Louisville; Unit mix designed for tenant retention, supporting strong occupancy (per remarks); Each unit has central air for consistent heating and cooling
