Six-Unit Multifamily
New
For Sale
$699,000
1456 S 4th St, Louisville, KY 40208
Fully occupied apartment property with updated interiors, separately metered utilities, and on-site covered parking.
Property Size7,233 SF
Price / SF$96.64
Days on Market5
Property Features for 1456 S 4th St
General Information
Standard status
Active
Size
7,233 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
6
Amenities
washer/dryer hookups
separately metered utilities
Building Details
Year Built
1900
Listing Agency:
Foundation Real Estate
Listed By:
Steve Hughes · License #215091
(502) 744-5678
Source:
Familyrealty
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 24 at 11:12AM
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 Foundation Real Estate
Investment Insights
Based on property information with market context.
Built in 1900, this 7,233-square-foot apartment building contains six units and is currently 100% occupied. The apartments include updated kitchens and bathrooms, washer/dryer hookups, and separately metered utilities. On-site carports and garages provide off-street parking for residents and visitors.
The property is located at 1456 S 4th St in Louisville’s historic Old Louisville area, near the University of Louisville and downtown Louisville. Its setting provides access to the university, downtown employment centers, and surrounding neighborhood amenities.
The property is located at 1456 S 4th St in Louisville’s historic Old Louisville area, near the University of Louisville and downtown Louisville. Its setting provides access to the university, downtown employment centers, and surrounding neighborhood amenities.
Key Highlights
- Six‑unit apartment building totaling 7,233 square feet
- 100% occupied with established tenancy
- Updated kitchens and bathrooms throughout the units
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
$49,224
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
7.04%
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%
$984,480
$984.5K
Cap Rate 7%
$703,200
$703.2K
Cap Rate 9%
$546,933
$546.9K
Market Conditions
NOI Build-Up for 7,233 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
$94.6K $13.08/SF
− Vacancy
−$5.1K −$0.71/SF
EGI
$89.5K $12.37/SF
− OpEx
−$40.3K −$5.57/SF
NOI
$49.2K $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%
$984,480
Cap Rate 7%
$703,200
Cap Rate 9%
$546,933
Alternative Uses
Best Use
Apartment 5plus
$703.2K
$615.3K – $820.4K
NOI $49,224 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.64M – $2.19M
NOI $131,236 @ 7.0% cap · market cap 18.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied apartment property with updated interiors, separately metered utilities, and on-site covered parking.
Where is this apartment building located?
The property is located at 1456 S 4th St Louisville, KY.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Six‑unit apartment building totaling 7,233 square feet; 100% occupied with established tenancy; Updated kitchens and bathrooms throughout the units
