Multifamily Property with Central
For Sale
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1453 S 3rd St, Louisville, KY 40208
Multifamily building near the University of Louisville with central air and separate gas and electric metering.
Property Size14,282 SF
Price / SF$80.52
Days on Market150
Property Features for 1453 S 3rd St
General Information
Standard status
Active
Size
14,282 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
14
Building Details
Year Built
1895
Units
14
Listing Agency:
Colliers
Listed By:
Jenny Johnston · License #KY 246944
(502) 645-1729
Source:
Crexi
Added: Apr 9
Changed: Aug 31
Last Checked: Sep 4 at 4:36PM
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
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
$97,196
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
8.45%
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%
$1,943,920
$1.9M
Cap Rate 7%
$1,388,514
$1.4M
Cap Rate 9%
$1,079,956
$1.1M
Market Conditions
NOI Build-Up for 14,282 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
$186.8K $13.08/SF
− Vacancy
−$10.1K −$0.71/SF
EGI
$176.7K $12.37/SF
− OpEx
−$79.5K −$5.57/SF
NOI
$97.2K $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%
$1,943,920
Cap Rate 7%
$1,388,514
Cap Rate 9%
$1,079,956
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.21M – $1.62M
NOI $97,196 @ 7.0% cap · market cap 8.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.70M
$3.24M – $4.32M
NOI $259,133 @ 7.0% cap · market cap 22.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
1,030
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?
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 $1,150,000.
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
