11-Unit Brick Apartment
For Sale
$1,400,000
1524 S 4th St, Louisville, KY 40208
Historic-district multifamily property near the University of Louisville’s Belknap Campus, with a mix of one- and three-bedroom residences.
Property Size9,648 SF
Lot Size0.18 Acres
Price / SF$145.11
Days on Market17
Property Features for 1524 S 4th St
General Information
Standard status
Active
Size
9,648 SF
Lot size
0.18 Acres
Property subtype
Multifamily
Zoning
TNZD
Units
Unit Mix
10 x 1BR/1BA, 1 x 3BR/1.5BA
Multifamily Units
11
Additional Details
Asking Price
$1,400,000
Amenities
Power
Water
Sewer
Building Details
Year Built
1910
Buildings
1
Construction
brick
Listing Agency:
RE/MAX Premier Properties
Listed By:
James Brown
(502) 889-0122
Source:
Kcrea.resimplifi
Added: Aug 17
Changed: Sep 1
Last Checked: Sep 2 at 1:23PM
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 RE/MAX Premier Properties
Investment Insights
Based on property information with market context.
Built in 1910, this 11-unit apartment property occupies a 7,841-square-foot lot and contains a 9,648-square-foot brick building. The unit mix includes ten one-bedroom, one-bath apartments of approximately 650 square feet each, plus one three-bedroom, 1.5-bath residence measuring approximately 1,100 square feet. Several apartments feature refinished hardwood floors, updated fixtures, granite countertops, and stainless-steel appliances.
The property is located in Old Louisville, three blocks from the University of Louisville’s Belknap Campus and walkable to Central Park and downtown Louisville. Tenants separately pay electricity, gas, and cable expenses. The building is zoned TNZD and currently has no coin-operated laundry or storage income on site, leaving those amenities as potential additions. The property also includes a phased renovation opportunity as units turn over, with existing updates providing a foundation for continued improvements.
The property is located in Old Louisville, three blocks from the University of Louisville’s Belknap Campus and walkable to Central Park and downtown Louisville. Tenants separately pay electricity, gas, and cable expenses. The building is zoned TNZD and currently has no coin-operated laundry or storage income on site, leaving those amenities as potential additions. The property also includes a phased renovation opportunity as units turn over, with existing updates providing a foundation for continued improvements.
Key Highlights
- 11‑unit apartment property with ten one‑bedroom units and one three‑bedroom unit
- 9,648 SF brick building on a 7,841 SF lot
- Unit mix includes ten approximately 650 SF one‑bedroom units and one approximately 1,100 SF three‑bedroom unit
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
$65,660
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
4.69%
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%
$1,313,200
$1.3M
Cap Rate 7%
$938,000
$938.0K
Cap Rate 9%
$729,556
$729.6K
Market Conditions
NOI Build-Up for 9,648 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
$126.2K $13.08/SF
− Vacancy
−$6.8K −$0.71/SF
EGI
$119.4K $12.37/SF
− OpEx
−$53.7K −$5.57/SF
NOI
$65.7K $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%
$1,313,200
Cap Rate 7%
$938,000
Cap Rate 9%
$729,556
Alternative Uses
Best Use
Apartment 5plus
$938.0K
$820.8K – $1.09M
NOI $65,660 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,053 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
911
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-district multifamily property near the University of Louisville’s Belknap Campus, with a mix of one- and three-bedroom residences.
Where is this apartment building located?
The property is located at 1524 S 4th St Louisville, KY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 11‑unit apartment property with ten one‑bedroom units and one three‑bedroom unit; 9,648 SF brick building on a 7,841 SF lot; Unit mix includes ten approximately 650 SF one‑bedroom units and one approximately 1,100 SF three‑bedroom unit
