Renovated Five-Unit Apartment
For Sale
$599,000
1475 S 3rd St, Louisville, KY 40208
Multi Family, Louisville, KY
Property Size4,786 SF
Price / SF$125.16
Days on Market67
Property Features for 1475 S 3rd St
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
10
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 8, Bathroom 1, Bedroom 2, Bedroom 5, Bedroom 1, Basement, Bedroom 6, Bedroom 7, Bedroom 10, Bedroom 9, Bedroom 3, Bedroom 4
Subdivision
OLD LOUISVILLE
Directions
Highway to 3rd St South. Property is on the Eastside prior to Hillside St.
Standard status
Active
APN
12033B00030000
Size
4,786 SF
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1919
Number of units
5
Building materials
Brick, Stone
Roof type
Shingle
Architectural style
Other
Listing Agency:
BERKSHIRE HATHAWAY HomeServices, Parks & Weisberg Realtors
(502) 897-3321
Listed By:
Michael Kearns · License #78847
(502) 802-6044
Added: Jun 25
Changed: Aug 26
Last Checked: Aug 30 at 5:06PM
MLS# 1721583
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This five-unit apartment building contains 4,786 square feet and dates to 1919. The brick-and-stone property has undergone extensive improvements, including a newer shingle roof, exterior painting, trim work, a rebuilt deck, LED exterior lighting, and refreshed common areas. Electrical, plumbing, HVAC, and other building systems have also been upgraded.
Apartment renovations include modernized kitchens with cabinetry, countertops, and stainless steel appliances, along with updated bathrooms, replacement windows, new furnaces, central air systems, flooring, interior finishes, and lighting. Additional work includes an insulated garage door replacement and added laundry hookups.
The property is located on Millionaire’s Row in Historic Old Louisville, with proximity to the University of Louisville, Downtown Louisville, the Medical District, Norton Hospital, Churchill Downs, restaurants, coffee shops, parks, and entertainment. Public water and public sewer serve the building.
Apartment renovations include modernized kitchens with cabinetry, countertops, and stainless steel appliances, along with updated bathrooms, replacement windows, new furnaces, central air systems, flooring, interior finishes, and lighting. Additional work includes an insulated garage door replacement and added laundry hookups.
The property is located on Millionaire’s Row in Historic Old Louisville, with proximity to the University of Louisville, Downtown Louisville, the Medical District, Norton Hospital, Churchill Downs, restaurants, coffee shops, parks, and entertainment. Public water and public sewer serve the building.
Key Highlights
- Five‑unit apartment building with 4,786 square feet
- Built in 1919 with brick and stone construction
- Renovated kitchens and bathrooms with stainless steel appliances
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
$32,571
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
5.44%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
5
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Historic brick-and-stone property with updated interiors, building systems, and laundry hookups.
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 square feet; Built in 1919 with brick and stone construction; Renovated kitchens and bathrooms with stainless steel appliances
