6-Unit Apartment
For Sale
$589,000
1518 W Oak St, Louisville, KY 40210
Three-story multifamily property with residential heating and cooling, tenant parking, and billboard advertising on-site.
Property Size4,800 SF
Price / SF$122.71
Days on Market114
Property Features for 1518 W Oak St
General Information
Standard status
Active
Size
4,800 SF
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
R7
Occupancy
100%
Units
Unit Mix
6 x 3BR/1BA
Multifamily Units
6
Amenities
Power
Water
Sewer
6 Parking Spaces
Building Details
Year Built
2001
Buildings
1
Stories
3
Listing Agency:
Winner Realty
Listed By:
Madison Meredith · License #279604
(502) 974-1401
Source:
Kcrea.resimplifi
Added: May 12
Changed: Aug 29
Last Checked: Sep 1 at 2:47PM
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 Winner Realty
Investment Insights
Based on property information with market context.
This 6-unit apartment property contains 4,800 square feet of living space across three stories. Each residence is configured with 3 bedrooms and 1 bathroom, and heating and cooling serve all units. Constructed in 2001, the building sits on an 8,028-square-foot lot and includes off-street tenant parking. The sale also includes an additional lot at 1522 W Oak.
Located at 1518 W Oak St in Louisville’s Park Hill neighborhood, the property carries R7 Residential Multi-Family zoning. All six units are leased, with existing leases transferring to the purchaser at closing. On-site billboard advertising provides an additional income source. The property is offered as-is with tenants in place, and current leases and rent rolls are available upon request.
Located at 1518 W Oak St in Louisville’s Park Hill neighborhood, the property carries R7 Residential Multi-Family zoning. All six units are leased, with existing leases transferring to the purchaser at closing. On-site billboard advertising provides an additional income source. The property is offered as-is with tenants in place, and current leases and rent rolls are available upon request.
Key Highlights
- 6‑unit apartment property with all units leased
- 4,800 square feet of living space across 3 stories
- Six 3BR/1BA 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
$32,667
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
5.55%
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%
$653,340
$653.3K
Cap Rate 7%
$466,671
$466.7K
Cap Rate 9%
$362,967
$363.0K
Market Conditions
NOI Build-Up for 4,800 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
$62.8K $13.08/SF
− Vacancy
−$3.4K −$0.71/SF
EGI
$59.4K $12.37/SF
− OpEx
−$26.7K −$5.57/SF
NOI
$32.7K $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%
$653,340
Cap Rate 7%
$466,671
Cap Rate 9%
$362,967
Alternative Uses
Best Use
Apartment 5plus
$466.7K
$408.3K – $544.5K
NOI $32,667 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $87,091 @ 7.0% cap · market cap 14.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
438
Businesses Nearby
Explore this area
Business Placement
Demographics for 40210, KY
14,418
Population
7,137
Households
2
Avg Household Size
36
Median Age
10%
College-Educated
81%
High-School Grad
3.2 sq mi
ZIP Area
4,506
Density / Sq Mi
$35,841
Median Household Income
$23,881
Median Earnings
$822
Median Rent
$93,400
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?
Apartment building - Three-story multifamily property with residential heating and cooling, tenant parking, and billboard advertising on-site.
Where is this apartment building located?
The property is located at 1518 W Oak St Louisville, KY.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 6‑unit apartment property with all units leased; 4,800 square feet of living space across 3 stories; Six 3BR/1BA units
