Five-Unit Apartment
For Sale
$599,000
1475 S 3rd St, Louisville, KY 40208
Renovated residences and upgraded building systems support an established multifamily asset in Historic Old Louisville.
Property Size4,786 SF
Price / SF$125.16
Days on Market100
Property Features for 1475 S 3rd St
General Information
Standard status
Active
Size
4,786 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
5
Building Details
Year Built
1919
Buildings
1
Listing Agency:
BERKSHIRE HATHAWAY HomeServices, Parks & Weisberg Realtors
Listed By:
Michael Kearns · License #78847
(502) 802-6044
Source:
Familyrealty
Added: Jul 10
Changed: Oct 9
Last Checked: Oct 7 at 1:21PM
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 BERKSHIRE HATHAWAY HomeServices, Parks & Weisberg Realtors
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Investment Insights
Based on property information with market context.
Built in 1919, this 4,786-square-foot apartment property contains five units and combines historic character with extensive updates. Improvements include a newer roof, exterior painting and trim, a rebuilt deck, upgraded exterior LED lighting, refreshed common areas, and electrical and plumbing work. Apartment renovations feature updated kitchens with modern cabinetry, countertops, and stainless steel appliances, along with remodeled bathrooms, replacement windows, new furnaces and central air systems, updated flooring, fresh finishes, and contemporary lighting. Additional work includes an insulated garage door replacement and added laundry hookups.
The property is located at 1475 S 3rd St in Historic Old Louisville, along Millionaire's Row, with proximity to the University of Louisville, Downtown Louisville, the Medical District, Norton Hospital, Churchill Downs, restaurants, coffee shops, parks, and entertainment. TNZD zoning is identified for the property.
The property is located at 1475 S 3rd St in Historic Old Louisville, along Millionaire's Row, with proximity to the University of Louisville, Downtown Louisville, the Medical District, Norton Hospital, Churchill Downs, restaurants, coffee shops, parks, and entertainment. TNZD zoning is identified for the property.
Key Highlights
- Five‑unit apartment building with 4,786 SF
- Built in 1919 in Historic Old Louisville along Millionaire's Row
- TNZD zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,571
Cap Rate
5.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$651,420
$651.4K
Cap Rate 7%
$465,300
$465.3K
Cap Rate 9%
$361,900
$361.9K
Market Conditions
NOI Build-Up for 4,786 SF
Gross rent
$62.6K $13.08/SF
− Vacancy
−$3.4K −$0.71/SF
EGI
$59.2K $12.37/SF
− OpEx
−$26.6K −$5.57/SF
NOI
$32.6K $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 Rate 5%
$651,420
Cap Rate 7%
$465,300
Cap Rate 9%
$361,900
Alternative Uses
Best Use
Apartment 5plus
$465.3K
$407.1K – $542.9K
NOI $32,571 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,837 @ 7.0% cap · market cap 14.50%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,026
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated residences and upgraded building systems support an established multifamily asset in Historic Old Louisville.
Where is this apartment building located?
The property is located at 1475 S 3rd St Louisville, KY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Five‑unit apartment building with 4,786 SF; Built in 1919 in Historic Old Louisville along Millionaire's Row; TNZD zoning
