Improved Fourplex with Off-Street
For Sale
Contact for pricing
1614 S THIRD ST, Louisville, KY 40208
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 Market21
Property Features for 1614 S THIRD ST
General Information
Standard status
Active
Size
4,112 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
4
Amenities
off-street parking
Building Details
Year Built
1893
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
Colliers
(502) 645-1729
Listed By:
Jenny Johnston · License #KY 246944
Source:
Crexi
Added: Jul 23
Changed: Aug 12
Last Checked: Aug 11 at 8:09PM
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
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
$34,600
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
8.89%
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%
$692,000
$692.0K
Cap Rate 7%
$494,286
$494.3K
Cap Rate 9%
$384,444
$384.4K
Market Conditions
NOI Build-Up for 4,112 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
$52.3K $12.72/SF
− Vacancy
−$2.9K −$0.70/SF
EGI
$49.4K $12.02/SF
− OpEx
−$14.8K −$3.61/SF
NOI
$34.6K $8.41/SF
Area
Louisville, KY
Vacancy
5.50%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
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%
$692,000
Cap Rate 7%
$494,286
Cap Rate 9%
$384,444
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
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Highway access
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
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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
