Improved Fourplex with Off-Street
1614 S THIRD ST Louisville, KY 40208
New
For Sale
Contact for pricing
Fourplex with off-street rear parking and recent updates including a new roof and sewer line.
Property Size4,112 SF
Price / SF$94.60
Days on Market6
Property Features for 1614 S THIRD ST
General Information
Standard status
Active
Size
4,112 SF
Property subtype
Multifamily
Building Details
Year Built
1893
Listing Agency:
Colliers
(502) 645-1729
Listed By:
Jenny Johnston · License #KY 246944
Source:
Crexi
Added: Jul 23
Changed: Jul 25
Last Checked: Jul 27 at 1:18PM
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 Colliers
Investment Insights
Based on property information with market context.
This fourplex includes Unit 1 as a large 2BR/1BA and three additional 1BR/1BA units. Unit 1 features its own washer/dryer and HVAC system, providing a self-contained setup within the building. The seller has completed numerous improvements, including a new roof in 2022 and a new sewer line.
The property is located in Old Louisville, within blocks of Manual High School and the University of Louisville, with convenient access to Downtown, the airport, and I-65. Off-street parking is available at the rear of the property.
The building offers a straightforward income property configuration across four units, with the opportunity for a new owner to set rents and place tenants in the building.
The property is located in Old Louisville, within blocks of Manual High School and the University of Louisville, with convenient access to Downtown, the airport, and I-65. Off-street parking is available at the rear of the property.
The building offers a straightforward income property configuration across four units, with the opportunity for a new owner to set rents and place tenants in the building.
Key Highlights
- Fourplex built in 1893 with off‑street rear parking
- Recent upgrades include a new roof (2022) and new sewer line
- Unit mix: one 2BR/1BA unit plus three 1BR/1BA units
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $52.3k | $12.72 |
| − Vacancy | −$2.9k | −$0.70 |
| EGI | $49.4k | $12.02 |
| − OpEx | −$14.8k | −$3.61 |
| NOI | $34.6k | $8.41 |
4,112 SF · lease $12.72/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$494.3K
$432.5K – $576.7K
NOI $34,600 @ 7.0% cap · market cap 8.89%
Second Best
Apartment 5plus
$399.8K
$349.8K – $466.4K
NOI $27,984 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$1.07M
$932.6K – $1.24M
NOI $74,608 @ 7.0% cap · market cap 19.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Quadplex - Fourplex with off-street rear parking and recent updates including a new roof and sewer line.
Where is this quadplex located?
The property is located at 1614 S THIRD ST Louisville, KY.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Fourplex built in 1893 with off‑street rear parking; Recent upgrades include a new roof (2022) and new sewer line; Unit mix: one 2BR/1BA unit plus three 1BR/1BA units
