Condominium-Style Apartment
1630 S SECOND ST Louisville, KY 40208
For Sale
Contact for pricing
Condominium-style multifamily community with 24 units, courtyard setting, and private balconies for residents.
Property Size21,243 SF
Price / SF$135.34
Days on Market38
Property Features for 1630 S SECOND ST
General Information
- Standard status
- Active
- Size
- 21,243 SF
- Property subtype
- Multifamily, Land
Building Details
- Year Built
- 1983
Listing Agency:
Marcus & Millichap - Louisville
(502) 329-5900
Listed By:
David Badgett · License #215224
Source:
Crexi
Added: Jun 16
Changed: Jul 23
Last Checked: Jul 23 at 4:02PM
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 Marcus & Millichap - Louisville
Investment Insights
Based on property information with market context.
This multifamily community consists of 24 apartment units in a unique condominium-style layout with a central courtyard setting. Residents have private balconies overlooking the courtyard. The property includes three two-story residential buildings constructed in 1983, with approximately 21,243 square feet of gross building area.
The community is located in Old Louisville and is described as being within walking distance to the University of Louisville. The area is characterized as a dense employment corridor supporting rental demand, and the Old Louisville submarket is noted as supply-constrained.
At the time of listing, the property is reported to be 96 percent occupied, with strong in-place cash flow. The remarks also note potential additional revenue growth through unit renovations, with over $62,000 identified in potential annual revenue growth.
The community is located in Old Louisville and is described as being within walking distance to the University of Louisville. The area is characterized as a dense employment corridor supporting rental demand, and the Old Louisville submarket is noted as supply-constrained.
At the time of listing, the property is reported to be 96 percent occupied, with strong in-place cash flow. The remarks also note potential additional revenue growth through unit renovations, with over $62,000 identified in potential annual revenue growth.
Key Highlights
- 24‑unit condominium‑style multifamily community in Old Louisville
- Built in 1983 with 3 two‑story residential buildings
- Approximately 21,243 SF gross building area
Financial Insights For Apartment 5plus
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 | $277.9k | $13.08 |
| − Vacancy | −$15.0k | −$0.71 |
| EGI | $262.9k | $12.37 |
| − OpEx | −$118.3k | −$5.57 |
| NOI | $144.6k | $6.81 |
21,243 SF · lease $13.08/SF/yr · vacancy 5.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.07M
$1.81M – $2.41M
NOI $144,570 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.51M
$4.82M – $6.42M
NOI $385,433 @ 7.0% cap · market cap 13.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
The Skin Group
Medical Clinic
FAQs
What type of property is this?
Apartment building - Condominium-style multifamily community with 24 units, courtyard setting, and private balconies for residents.
Where is this apartment building located?
The property is located at 1630 S SECOND ST Louisville, KY.
What is the asking price?
The asking price for this property is $2,875,000.
What are key features of this property?
This property features: 24‑unit condominium‑style multifamily community in Old Louisville; Built in 1983 with 3 two‑story residential buildings; Approximately 21,243 SF gross building area
